International Monetary Fund

International Monetary Fund
International Monetary Fund logo.svg
Coat of arms
AbbreviationIMF
Formation27 December 1945; 72 years ago (1945-12-27)
TypeInternational financial institution
PurposePromote international monetary co-operation, facilitate international trade, foster sustainable economic growth, make resources available to members experiencing balance of payments difficulties[1]
HeadquartersWashington, D.C. U.S.
Location
Coordinates38°53′56.42″N 77°2′39.21″W / 38.8990056°N 77.0442250°W / 38.8990056; -77.0442250Coordinates: 38°53′56.42″N 77°2′39.21″W / 38.8990056°N 77.0442250°W / 38.8990056; -77.0442250
Region
Worldwide
Membership
190 countries
Official language
English[2]
Managing Director (MD)
Christine Lagarde
Main organ
Board of Governors
Parent organization
United Nations[3][4]
Staff
2,400[1]
Websiteimf.org
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The 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."[1] Formed in 1944 at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes,[5] it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international payment system. It now plays a central role in the management of balance of payments difficulties and international financial crises.[6] Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. As of 2016, the fund had SDR477 billion (about $666 billion).[7]

Through the fund, and other activities such as the gathering of statistics and analysis, surveillance of its members' economies and the demand for particular policies,[8] the IMF works to improve the economies of its member countries.[9] The organisation's objectives stated in the Articles of Agreement are:[10] to promote international monetary co-operation, international trade, high employment, exchange-rate stability, sustainable economic growth, and making resources available to member countries in financial difficulty.[11] IMF funds come from two major sources:quotas and loans. Quotas, which are pooled funds of member nations, generate most IMF funds. The size of a member's quota depends on its economic and financial importance in the world. Nations with larger economic importance have larger quotas. The quotas are increased periodically as a means of boosting the IMF's resources.

The current Managing Director (MD) and Chairwoman of the International Monetary Fund is noted French lawyer and former politician, Christine Lagarde, who has held the post since 5 July 2011.

  1. ^ a b c "About the IMF". IMF. Retrieved 14 October 2012.
  2. ^ Boughton 2001, p. 7 n.5.
  3. ^ "Factsheet: The IMF and the World Bank". IMF. 21 September 2015. Retrieved 1 December 2015.
  4. ^ "About the IMF Overview". www.imf.org. Retrieved 1 August 2017.
  5. ^ Broughton, James (2002). "IMF working paper" (PDF). imf.org.
  6. ^ Cite error: The named reference Explaining Change was invoked but never defined (see the help page).
  7. ^ "The IMF at a Glance". www.imf.org. Retrieved 15 December 2016.
  8. ^ Schlefer, Jonathan. "There is No Invisible Hand". Harvard Business Review. Harvard Business Review.
  9. ^ Escobar, Arturo. 1980. Power and Visibility: Development and the Invention and Management of the Third World. Cultural Anthropology 3 (4): 428–443.
  10. ^ "imf.org: "Articles of Agreement, International Monetary Fund" (2011)" (PDF).
  11. ^ "Articles of Agreement of the International Monetary Fund – 2016 Edition".

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