The connection between the International Monetary Fund (IMF) and the World Bank is that they were both established in 1944 by the United Nations under the Bretton Woods System. Both institutions were set up to support each other for the main purpose of developing a stronger global economy after World War II. The Bretton Woods system was based on agreements between various nations, such as the United States, the United Kingdom and other nations, for the purpose mentioned. Although both the International Monetary Fund and the World Bank have evolved since their birth, they have remained connected in many ways. For example, staff members from both institutions work together on a regular basis in order to gauge the world economy and offer financial and advisory assistance to countries in need and to promote global economic growth and cooperation.

Both the International Monetary Fund and the World Bank were formed in 1944 at a meeting set up at Bretton Woods, New Hampshire, United States. They were created under cooperative agreements between many nations, which were jointly called the Bretton Woods system. Initially, the International Monetary Fund and the World bank were mainly set up to rebuild Europe after it suffered major destruction in World War II. Also, the two institutions were given different tasks, with the main goal of rebuilding economies and facilitating international trade by setting up necessary systems. Today their scope of operations has markedly widened, and the International Monetary Fund acts an international fund, and the World Bank acts as an international bank.

To effectively reach their common goals, which include creating a prosperous and more cooperative global economy, the International Monetary Fund and the World Bank work together on a regular basis to develop strategies so their objectives can be achieved. They have in place what is called the Joint Management Action Plan (JMAP) on World Bank International Monetary Fund Collaboration, for instance. The JMAP simply sets the terms that the two institutions observe when they work together. For example, under the JMAP, they are meant to share necessary information between each other, and they also can allocate needed work from each institution to help out a particular nation.

Often referred to as sister institutions, the International Monetary Fund and the World Bank complement each other with their respective roles. The IMF provides necessary aid to its member countries to help them with their economies, especially in times of financial hardship. This aid might come in the form of policy advice and/or financial loans. Whereas the IMF's financial support is more short-term, the World Bank plans ways to help countries grow their economies for the long term. For example, poor countries might turn to the World Bank for assistance to help them build their infrastructural facilities and utilities, such as schools, hospitals and water management systems.

Generally, the two institutions collaborate regularly and help each other in many areas. For example, the IMF might take part in a World Bank mission to aid a particular country. It holds annual meetings in which the member nations' representative agents on the boards of the IMF and the World Bank discuss matters regarding the economic and financial state of the world. Also, the director of the IMF and the president of the World Bank meet on a regular basis, make statements together and sometimes write articles together, all regarding international economic and financial issues. In addition, member nations of the World Bank are also members of the IMF.