The International Monetary Fund (IMF) is a global organization founded in 1944 with 191 member countries. Its mission is to promote international monetary cooperation, financial stability, sustainable economic growth, and poverty reduction worldwide
. The IMF achieves this by:
- Monitoring the global economy and member countries' economic policies to provide advice and early warnings about potential financial crises
- Providing loans and financial assistance to countries facing balance-of-payments problems or economic distress, helping them stabilize their economies
- Offering technical assistance and training to strengthen economic institutions and improve policy-making in areas such as taxation, monetary policy, and financial regulation
The IMF is headquartered in Washington, D.C., and is often described as the global lender of last resort, supporting countries to restore economic stability and growth
. It operates through a quota system where member countries contribute funds that form a pool for lending. The organization also plays a key role in fostering international trade and cooperation among nations
. The current managing director is Kristalina Georgieva, and the IMF is governed by its member countries, ensuring accountability to its near-global membership
