Bretton Woods Institutions

The International Monetary Fund – IMF and The International Bank for Reconstruction and Development – IBRD also called The World Bank were established by more than 40 countries, including former Czechoslovakia, during the "Bretton Woods Conference", officially called the United Nations Monetary and Financial Conference held in Bretton Woods, New Hampshire on July 1-22, 1944.

The purpose of the conference was, on the one hand, to promote international monetary cooperation through a permanent institution which provides the machinery for consultation and collaboration on international monetary problems. On the other hand, it was to assist in the reconstruction and development of territories of members by facilitating the investment of capital for productive purposes, including the restoration of economies destroyed or disrupted by second world war, the reconversion of productive facilities to peacetime needs and the encouragement of the development of productive facilities and resources in less developed countries

The IMF and the World Bank are sister institutions and specialized agencies of the United Nations.