Answer:
(i) The IMF and the
World Bank were designed to meet the financial needs of the industrial
countries.
(ii) They were not
equipped to cope with the challenge of poverty and lack of development in the
former colonies.
(iii) But as
Europe and Japan rapidly rebuilt their economies, they grew less dependent on
the IMF and the World Bank.
Thus from the late
1950s the Bretton Woods Institution began to shift its attention more towards
developing countries.
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