The IMF and the World Bank (Bretton Woods twins)
Two sister bodies conceived at the 1944 Bretton Woods conference: the IMF for currency crises, the World Bank for development loans.
What the paper can ask
- Bretton Woods Conference: 1 to 22 July 1944, 44 countries; Keynes and Harry Dexter White were the key architects.
- IMF: 191 members; issues SDRs; its Managing Director chairs the Executive Board. (as of 23 Oct 2026)
- World Bank Group: five institutions (IBRD 1944, IFC 1956, IDA 1960, ICSID 1965, MIGA 1988); 189 members; headquarters Washington DC.
- World Bank President: Ajay Banga, the 14th. (as of 23 Oct 2026)
Why exams ask
The conference year and place, the two heads, and which body does what are the usual questions.
The full story
The International Monetary Fund (IMF) and the World Bank were conceived in July 1944 at a conference of 44 nations held at a hotel in the Bretton Woods resort in the United States. The IMF watches over the world's monetary system and lends to countries in balance of payments trouble; the World Bank lends for development. Both are in Washington DC. By convention the World Bank's president is American and the IMF's managing director European.
In the news
Test yourself
1.The Bretton Woods Conference of 1944 led to the creation of:
Correct. Bretton Woods (New Hampshire, 1944) created the IMF and the IBRD (World Bank); GATT came in 1947 and WTO in 1995.
Not quite. Bretton Woods (New Hampshire, 1944) created the IMF and the IBRD (World Bank); GATT came in 1947 and WTO in 1995. It goes into your error book.
2.Which arm of the World Bank Group provides interest-free loans and grants to the poorest countries?
Correct. IDA (1960) lends on concessional terms to the poorest countries; IFC finances the private sector; MIGA insures investments; ICSID settles disputes.
Not quite. IDA (1960) lends on concessional terms to the poorest countries; IFC finances the private sector; MIGA insures investments; ICSID settles disputes. It goes into your error book.
3.The 1944 Bretton Woods Conference that conceived the IMF was held in which US state?
Correct. The conference was at the Mount Washington Hotel in Bretton Woods, New Hampshire, in July 1944.
Not quite. The conference was at the Mount Washington Hotel in Bretton Woods, New Hampshire, in July 1944. It goes into your error book.