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Created at the Bretton Woods Conference in 1944, the International Monetary Fund (IMF) was founded 'to help stabilize currency exchange rates and thus promote international trade. More recently, the IMF has focused on providing loans to Third World nations in order to ensure that these countries meet foreign financial obligations and on encouraging other creditors to continue to lend to middle- and low-income countries.' By supplying member states with money to help them to overcome short-term credit crunches, they, along with the World Bank, have created a viscous cycle of debt in which many countries are trapped. [more]

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