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Regarding the founding institutions of the Bretton Woods system, which is correct?

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1. Regarding the founding institutions of the Bretton Woods system, which is correct?

The IBRD was created to provide long-term finance, while the IMF was created to solve short-term balance of payments problems

Both the IBRD and IMF were created solely for short-term lending

The IBRD handles short-term problems, while the IMF handles long-term finance

Neither institution addresses balance of payments at all

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