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International Monetary Fund

Overview#

International Monetary Fund (IMF) is an international organization headquartered in Washington, D.C., consisting of "189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world."

International Monetary Fund was formed in 1944 at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international payment system.

International Monetary Fund now plays a central role in the management of balance of payments difficulties and international financial crises.

Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money.

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