Final answer:
The International Monetary Fund (IMF) and the World Bank Group are global institutions aiding countries' economic stability and development. They provide financial assistance, development guidance, and support for sustainable projects, adapting over time to changing global needs.
Step-by-step explanation:
The International Monetary Fund (IMF) and the World Bank Group are two global institutions created primarily to assist nations in becoming and remaining economically viable. The IMF provides a pool of monetary resources to countries facing financial difficulties, while the World Bank raises money on global financial markets to offer loans to less developed countries. Additionally, the World Bank focuses on economic development, poverty reduction, environmental sustainability, and infrastructure projects such as power generation, irrigation, and transportation.
After World War II, the Bretton Woods Conference led to the creation of these institutions, with their role evolving over time. The World Bank initially focused on rebuilding war-torn economies but later shifted to funding development projects worldwide. The group emphasizes community-driven development with a recent push for transparency and support in sustainable development goals, including combating climate change.