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.
Key facts
- 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 about it
The conference year and place, the two heads, and which body does what are the usual questions.
Pakka yaad trick
Fund fixes (IMF rescues currencies); Bank builds (World Bank funds projects).