On 27 December 1945, the first 22 countries signed the final version of an agreement to set up the International Monetary Fund and the International Bank for Reconstruction and Development.
The decision to set up international financial and banking institutions was made at the UN’s monetary-financial conference in Bretton Woods, which took place on 1-22 July 1944.
The INF and IBRD laid the foundation of the new international economic system dubbed the Bretton Woods system of monetary management. American economist Harry White and his British colleague John Keynes are considered to be its founders.
At the Bretton Woods conference, the USSR was represented by Deputy for the People’s Commissar for Foreign Trade Mikhail Stepanov. The USSR signed the initial agreement based on the results of the 1944 conference, but after the end of the war, the Soviet Union refused to ratify the deal and didn’t partake in the work of the new system.
In the following months and years, the agreement was signed by many other countries, with the total number of them currently standing at 189. Russia joined the international financial system in 1992.
Although the IMF and IBRD started to operate in 1947, 27 December 1945 is considered to be the day both organisations were founded on.