International Monetary Fund (IMF)
The (IMF) International Monetary Fund was originally created as part of the Bretton Woods system exchange agreement in 1944. The International Monetary Fund (IMF) is an organization of 188 countries, working to foster global monetary co-operation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
The IMF’s fundamental mission is to help ensure stability in the international system. It does so in three ways: keeping track of the global economy and the economies of member countries; lending to countries with balance of payment difficulties; and giving practical help to members. This led to the devaluation of national currencies and a decline in world trade.
The IMF was formally organized on December 27, 1945, when the first 29 countries signed its Articles of Agreement. The International Monetary Fund was one of the key organizations of the international economic system; its design allowed the system to balance the rebuilding of international capitalism with the maximization of national economic sovereignty and human welfare, also known as embedded liberalism.
The members of the IMF are 188 members of the UN and the Republic of Kosovo. All members of the IMF are also the International Bank for Reconstruction and Development (IBRD) members and vice versa.
Member countries of the IMF have access to information on the economic policies of all member countries, the opportunity to influence other members’ economic policies, technical assistance in banking, fiscal affairs, and exchange matters, financial support in times of payment difficulties, and increased opportunities for trade and investment. The IMF works to foster global growth and economic stability. It provides policy advice and financing to members in economic difficulties and also works with developing nations to help them achieve macroeconomic stability and reduce poverty.
Established: December 27, 1945
Headquarters 1 (HQ1):
International Monetary Fund, 700 19th Street, N.W., Washington, D.C. 20431
Headquarters 2 (HQ2):
International Monetary Fund, 1900 Pennsylvania Ave NW, Washington, DC, 20431
Telephone Operator: + 1 (202) 623-7000 · Fax: + 1 (202) 623-4661