The International Monetary Fund, also called IMF, is an international organization created for the purpose of standardizing global financial relations and exchange rates. The IMF generally monitors the global economy, and its core goal is to economically strengthen its member countries.

International Monetary Fund (Wikipedia)
"IMF" redirects here. For other uses, see IMF (disambiguation).
International Monetary Fund
International Monetary Fund logo.svg
Coat of arms
Abbreviation IMF
Formation 27 December 1945
Type International financial institution
Purpose Promote international monetary cooperation, facilitate international trade, foster sustainable economic growth, make resources available to members experiencing balance of payments difficulties
Headquarters Washington, D.C., United States
Coordinates 38°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
188 countries
Official language
English
Managing Director
Christine Lagarde
Main organ
Board of governors
Parent organization
United Nations
Staff
2,600
Website www.imf.org

The International Monetary Fund (IMF) is an international organization headquartered in Washington, D.C., of "188 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." Formed in 1944 at the Bretton Woods Conference, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international payment system. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments difficulties can borrow money. As of 2010, the fund had XDR476.8 billion, about US$755.7 billion at then-current exchange rates.

Through the fund, and other activities such as statistics-keeping and analysis, surveillance of its members' economies and the demand for self-correcting policies, the IMF works to improve the economies of its member countries. The organization's objectives stated in the Articles of Agreement are: to promote international monetary cooperation, international trade, high employment, exchange-rate stability, sustainable economic growth, and making resources available to member countries in financial difficulty.

<< Back to Glossary Index