International Monetary Fund
From SR
Roles
The International Monetary Fund (IMF) is an international organization of 185 member countries.
It was established to:
- promote international monetary cooperation, exchange stability, and orderly exchange arrangements
- foster economic growth and high levels of employment
- provide temporary financial assistance to countries to help ease balance of payments adjustment
The IMF is generally, responsible for promoting the stability of the international monetary and financial system—the system of international payments and exchange rates among national currencies that enables trade and financial transactions to take place between countries. The Fund's job is to promote economic stability, help prevent crises, and help resolve them when they do occur, thereby promoting growth and alleviating poverty. Its three main activites—surveillance, technical assistance, and lending—are intended to meet these goals.
History
The International Monetary Fund was created in 1945 to help promote the health of the world economy through international monetary cooperation. Headquartered in Washington DC, it is governed by and accountable to the governments of the 185 countries that make up its global membership.
Since the IMF was established its purposes have remained unchanged but its operations—which involve surveillance, financial assistance, and technical assistance—have developed to meet the changing needs of its member countries in an evolving world economy.
Funding
The IMF's resources are provided by its member countries, primarily through payment of quotas, which broadly reflect each country's economic size.
