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Answer:

The IMF and the World Bank were created in July 1944 at an international conference in the United States (in Bretton Woods, New Hampshire) that established a framework for economic cooperation aimed at creating a more stable and prosperous global economy. While this goal remains central to both institutions, their work constantly evolves in response to economic developments and challenges

Answer:

The Assertion (A) is correct, but the Reason (R) is not satisfy the assertion.

Explanation:

The IMF and World Bank were created in 1944 as part of the Bretton Woods Agreement, with the goal of promoting international economic cooperation and growth.

• The initial focus was on meeting the financial needs of the industrial countries in the aftermath of World War II, rather than addressing poverty and lack of development in former colonies.
• Over time, however, the mandates of the IMF and World Bank have expanded, and they now play a significant role in addressing development challenges, including poverty reduction, in many developing countries.
• The IMF provides loans to countries facing economic difficulties and works to promote stability and growth, while the World Bank provides loans and assistance for development projects and programs.

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