Discuss some important features of the International Monetary Fund and the World Bank. -SST 10th

Discuss some important features of the International Monetary Fund and the World Bank. -SST 10th
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Role : The IMF was to deal with external surpluses and deficits of its member nations. The World Bank was an international bank for reconstruction and development aimed to finance the post-war reconstruction. The IMF and the World Bank commenced financial operations in 1947. Features : (i) The western powers and especially the USA controlled the decision-making provisions such as the right to veto. (ii) The international monetary system was to link national currencies and monetary system. (iii) The Bretton Woods system was based on a fixed exchange rate whereby national currencies were pegged to the American dollar at a fixed rate. The dollar was anchored to gold at a fixed price of $35 per ounce of gold.
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