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What was the primary focus of the IMF and the World Bank at their inception?
- a)Addressing poverty in developing countries
- b)Meeting the financial needs of industrial countries
- c)Supporting agricultural development
- d)Promoting free trade among nations
Correct answer is option 'B'. Can you explain this answer?
Verified Answer
What was the primary focus of the IMF and the World Bank at their ince...
The IMF and the World Bank were initially established to support the financial needs of industrial countries, focusing on post-war recovery and stability.
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What was the primary focus of the IMF and the World Bank at their ince...
Primary Focus of the IMF and the World Bank
The International Monetary Fund (IMF) and the World Bank were established in 1944 during the Bretton Woods Conference, primarily aimed at addressing the economic challenges following World War II.
IMF's Focus
- The IMF was created to ensure the stability of the international monetary system.
- Its primary role was to provide financial assistance to countries facing balance of payments problems, particularly industrial nations recovering from the war.
- By offering short-term loans and policy advice, the IMF aimed to stabilize currencies and promote international economic cooperation.
World Bank's Focus
- The World Bank, on the other hand, was established to support long-term economic development and reduce poverty, especially in developing nations.
- Its initial focus was on funding infrastructure projects in industrial countries that were essential for rebuilding their economies post-war.
- By providing capital for projects such as roads, schools, and hospitals, the World Bank aimed to stimulate economic growth in these countries.
Conclusion
- While both institutions later expanded their roles to include poverty alleviation and support for developing countries, their initial focus was indeed on meeting the financial needs of industrial countries.
- This historical context is crucial to understanding their evolving missions and the global economic landscape today.
The International Monetary Fund (IMF) and the World Bank were established in 1944 during the Bretton Woods Conference, primarily aimed at addressing the economic challenges following World War II.
IMF's Focus
- The IMF was created to ensure the stability of the international monetary system.
- Its primary role was to provide financial assistance to countries facing balance of payments problems, particularly industrial nations recovering from the war.
- By offering short-term loans and policy advice, the IMF aimed to stabilize currencies and promote international economic cooperation.
World Bank's Focus
- The World Bank, on the other hand, was established to support long-term economic development and reduce poverty, especially in developing nations.
- Its initial focus was on funding infrastructure projects in industrial countries that were essential for rebuilding their economies post-war.
- By providing capital for projects such as roads, schools, and hospitals, the World Bank aimed to stimulate economic growth in these countries.
Conclusion
- While both institutions later expanded their roles to include poverty alleviation and support for developing countries, their initial focus was indeed on meeting the financial needs of industrial countries.
- This historical context is crucial to understanding their evolving missions and the global economic landscape today.
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What was the primary focus of the IMF and the World Bank at their inception?a) Addressing poverty in developing countriesb) Meeting the financial needs of industrial countriesc) Supporting agricultural developmentd) Promoting free trade among nationsCorrect answer is option 'B'. Can you explain this answer? for Class 10 2025 is part of Class 10 preparation. The Question and answers have been prepared according to the Class 10 exam syllabus. Information about What was the primary focus of the IMF and the World Bank at their inception?a) Addressing poverty in developing countriesb) Meeting the financial needs of industrial countriesc) Supporting agricultural developmentd) Promoting free trade among nationsCorrect answer is option 'B'. Can you explain this answer? covers all topics & solutions for Class 10 2025 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for What was the primary focus of the IMF and the World Bank at their inception?a) Addressing poverty in developing countriesb) Meeting the financial needs of industrial countriesc) Supporting agricultural developmentd) Promoting free trade among nationsCorrect answer is option 'B'. Can you explain this answer?.
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