International Monetary Fund

International Monetary Fund
AbbreviationIMF
Formation22 July 1944 (1944-07-22)
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, prevent and assist with recovery from international financial crises[1]
Headquarters700 19th Street NW, Washington, D.C., U.S.
Coordinates38°53′56″N 77°2′39″W / 38.89889°N 77.04417°W / 38.89889; -77.04417
Region
Worldwide
Membership191 countries (190 UN countries and Kosovo)[8]
Official language
English[2]
Managing Director
Kristalina Georgieva
First Deputy Managing Director
Gita Gopinath[3]
Chief Economist
Pierre-Olivier Gourinchas[4]
Main organ
Board of Governors
Parent organization
United Nations[5][6]
Budget$1,295 million[7]: 60  (2023)
Staff3,100[1]
Websiteimf.org

The International Monetary Fund (IMF) is an international financial institution and a specialized agency of the United Nations, headquartered in Washington, D.C. It consists of 191 member countries, and its stated mission is "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] The IMF acts as a lender of last resort to its members experiencing actual or potential balance of payments crises.[9]

Established in July 1944 at the Bretton Woods Conference based on the ideas of Harry Dexter White and John Maynard Keynes,[10] the IMF came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international monetary system. For its first three decades, the IMF oversaw the Bretton Woods system of fixed exchange rate arrangements. Following the collapse of this system in 1971, the Fund's role shifted to managing balance-of-payments difficulties and international financial crises, becoming a key institution in the era of globalization.[11]

Through a quota system, countries contribute funds to a pool from which they can borrow if they experience balance-of-payments problems; a country's quota also determines its voting power.[12] As a condition for loans, the IMF often requires borrowing countries to undertake policy reforms, known as structural adjustment.[13] The organization also provides technical assistance and economic surveillance of its members' economies.[14]

The IMF's loan conditions have been widely criticized for imposing austerity measures that can hinder economic recovery and harm the most vulnerable populations.[15] Critics argue that the Fund's policies limit the economic sovereignty of borrowing nations and that its governance structure is dominated by Western countries, which hold a disproportionate share of voting power.[16] The current managing director and chairperson is Bulgarian economist Kristalina Georgieva, who has held the position since 1 October 2019.[17]

  1. ^ a b c "About the IMF". International Monetary Fund. Archived from the original on 16 October 2012. Retrieved 14 October 2012.
  2. ^ Boughton 2001, p. 7 n.5.
  3. ^ "First Deputy Managing Director Geoffrey Okamoto to Leave IMF, Gita Gopinath to Be IMF's New First Deputy Managing Director". International Monetary Fund. Archived from the original on 11 April 2022. Retrieved 28 January 2022.
  4. ^ "IMF Managing Director Names Pierre-Olivier Gourinchas as IMF Economic Counsellor and Head of Research Department". International Monetary Fund. Archived from the original on 11 April 2022. Retrieved 28 January 2022.
  5. ^ "Factsheet: The IMF and the World Bank". International Monetary Fund. 21 September 2015. Archived from the original on 3 June 2004. Retrieved 1 December 2015.
  6. ^ "About the IMF Overview". International Monetary Fund. Archived from the original on 8 September 2020. Retrieved 1 August 2017.
  7. ^ "Download the full report | IMF Annual Report 2023". www.imf.org. Archived from the original on 21 April 2024. Retrieved 21 April 2024.
  8. ^ "IMF Members' Quotas and Voting Power, and IMF Board of Governors". International Monetary Fund. 5 August 2025. Retrieved 6 August 2025.
  9. ^ Isard, Peter (2005). Globalization and the International Financial System: What's Wrong and What Can be Done. New York: Cambridge University Press.
  10. ^ Bordo, M.D. (1993). Bordo, M.D.; Eichengreen, Barry (eds.). "The Bretton Woods International Monetary System: A Historical Overview". A Retrospective on the Bretton Woods System. London. doi:10.7208/chicago/9780226066905.001.0001. ISBN 9780226065878.
  11. ^ Lipscy, Phillip Y. (2015). "Explaining Institutional Change: Policy Areas, Outside Options, and the Bretton Woods Institutions". American Journal of Political Science. 59 (2): 341–356. doi:10.1111/ajps.12130.
  12. ^ Blomberg & Broz 2006.
  13. ^ Buira, Ariel (August 2003). "An Analysis of IMF Conditionality". G-24 Discussion Papers. United Nations Conference on Trade and Development (22).
  14. ^ Schlefer, Jonathan (10 April 2012). "There is No Invisible Hand". Harvard Business Review. Harvard Business Publishing. Archived from the original on 7 August 2023. Retrieved 15 March 2016 – via hbr.org.
  15. ^ Hertz, Noreena. The Debt Threat. New York: Harper Collins Publishers, 2004.
  16. ^ Cite error: The named reference People Before Profit was invoked but never defined (see the help page).
  17. ^ Crutsinger, Martin (25 September 2019). "Economist who grew up in communist Bulgaria is new IMF chief". Associated Press. Archived from the original on 21 April 2022. Retrieved 18 June 2020.
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