After the war in 1944 delegates from allied nations met in Bretton Woods in New Hampshire USA to discuss the world economy.
The Bretton Woods conference established IMF to deal with external surplus and deficits of its member nations.
The World Bank was set up to finance post war reconstruction.
The IMF and World Bank commenced financial operations in 1947.
The Industrial powers controlled the decision making of institutions.
US has an effective right of veto over IMF and World Bank