Question 6 - Past Year Questions - 3 marks - Chapter 3 Class 10 History - The Making of a Global World - History

Mention three reasons for the creation of International Monetary Fund and the World Bank.

Answer: 

Points to Remember 

1. IMF was established to help industrialized nations with their financial demands.
2. Japan and Europe become less dependent on IMF and World Bank 
3. The Bretton Woods Institutions —the World Bank and the IMF—started to focus more on newly developing countries
4. International organizations provided guidance to the newly developing countries struggling with poverty.

* Elaborate on any 3 reasons.

Answer to be written in the exam

1. To help industrialized nations with their financial demands, the World Bank and the I nternational Monetary Fund were established.  
2. When Japan and Europe rapidly rebuilt their economies ,  they became less dependent on the IMF and the World Bank .
3. As a result, starting in the late 1950s , the Bretton Woods Institutions twins —the World Bank and the IMF started to focus more on newly industrializing nations .
4. International organizations headed by former colonial powers provided guidance to the newly independent nations ( developing countries) struggling with poverty.