In the context of the Second World War, countries recognized that global cooperation was an important component of achieving world peace, politically, economically and socially. The aim was to harmonize the conditions of commercial competition and reduce economic divergences, as inequalities in these areas could lead to more serious conflicts. Nations have agreed to cooperate to promote free trade and have concluded bilateral and multilateral agreements with the help of important international organizations such as the World Trade Organization. The IMF works to promote global growth and economic stability. It provides political advice and financing to members in economic difficulty and also works with developing countries to help them achieve macroeconomic stability and reduce poverty. The reason for this is that international private capital markets function imperfectly and many countries have limited access to financial markets. Such market imperfections, combined with balance of payments financing, justify public financing, without which many countries could only correct large external payment imbalances through measures detrimental to national and international economic prosperity. . . .