Choose given statement is true/false:

The IMF and World Bank are known as the Bretton Woods twins.

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Detailed Solution

The above statement is True.
The post-Second World War economic system created the IMF and World Bank, known as the Bretton Woods twins. A framework was designed at the United Nations Monetary and Financial Conference to maintain the goals. It was held at Bretton Woods in the USA in July 1944. The International Monetary Fund aimed to deal with the deficits and surpluses of its member nations. The World Bank (or International Bank for Reconstruction and Development) was established to finance post-war reconstruction. As these two institutions were established at the Bretton Woods Conference, they are commonly known as the Bretton Woods twins.

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