What are IMF and World Bank also known as? Why did they shift their attention to the developing countries?
THE IMF and World Bank are known as the Brettonwoods Twins. The Brettonwood Twins were designed to facilitate the post war reconstruction in the European nations. They were set to meet the financial requirements of industrial countries. These were not equipped to deal with the challenges of poverty and lack of development in the former colonies. Fortunately, Europe and Japan rapidly rebuilt their economies and grew less dependent on the IMF and the World Bank. Although there was unprecedented growth in the West and Japan, nothing was done about the poverty and lack of development in the countries which were earlier colonies. As a result, IMF and World Bank began to shift their attention more towards developing countries.