International Monetary Fund (IMF)

About

The International Monetary Fund (IMF) is a global financial institution aimed at promoting international monetary cooperation, securing financial stability, and fostering sustainable economic growth. Established in 1945 as part of the Bretton Woods agreement, the IMF is headquartered in Washington, D.C. and has 191 member countries. It works to stabilize currency exchange rates, provide financing for countries facing balance-of-payments deficits, and offer policy advice and technical assistance. The IMF achieves its goals through various activities, including monitoring economic conditions, providing loans, and offering capacity development programs. It also issues Special Drawing Rights (SDRs), an international reserve asset, to supplement member countries' official reserves. The IMF's decision-making is based on a quota system, which determines each member's voting power. Despite its critical role in global economic stability, the IMF has faced criticism for its structural adjustment programs, which some argue can exacerbate economic hardship in borrowing countries.