IMF Full Form: IMF stands for International Monetary Fund and is an international organisation established on 27 December 1945. It promotes global economic growth, monetary cooperation, financial stability, and international trade and reduces poverty. A board of governors heads the IMF, each representing one of the organisation’s member countries. It is headquartered in Washington, DC and has 190 member countries. Each member country has its representatives on the IMF’s executive board in proportion to its economic importance.
1 IMF Overview
3 IMF Lending Facts
4 Main Objective of IMF
5 Main Function of IMF
6 Frequently Asked Questions (FAQs)
This section briefly overviews the International Monetary Fund (IMF). Let’s have a look.
|IMF||International Monetary Fund|
|Formation||27 December 1945|
|Parent Organization||United Nations (UN)|
|Main Organ||Board of Governors|
|Managing Director||Kristalina Georgieva|
The IMF was initially placed as a part of the Bretton Woods System Exchange Agreement in 1944. During the Great Depression, countries increasingly increased barriers to trade to repair their failing economies. This led to the devaluation of national currencies and a decline in world trade. This decline in international monetary cooperation created a need for monitoring. Representatives of 45 governments in the United States met at the Bretton Woods Conference at the Mount Washington Hotel in Bretton Woods, New Hampshire, to discuss post-war international economic cooperation and a framework for rebuilding Europe.
What does the IMF do?
The International Monetary Fund (IMF) is a global centre of expertise on economic and financial issues. Over the course of the past 70 years, the IMF has gained world-leading expertise and experience in determining which economic policies are effective in promoting growth, and how best to implement them. Drawing on its experience working with diverse countries at varying stages of development, the IMF provides hands-on advice, training, and peer-to-peer learning to its member countries, sharing its knowledge to build stronger, more sustainable economies.
This helps governments modernize economic policies and institutions. The IMF works on capacity development, tracks global economic developments, and lends to countries experiencing balance-of-payment crises as part of its mandate.
IMF Lending Facts
Main Objective of IMF
The main objective of the IMF is to create a stable international monetary system. It’s a stable exchange rate and global payments system so that countries can transact with each other. It achieves this in three ways:
- Keeps track of the global economies and the economies of member countries
- Lending to countries facing balance of payments issues
- Providing practical help to members
Its mandate was updated in 2012 to include all macroeconomic and financial sector issues and impact global stability.
Main Function of IMF
The primary function of the IMF is as follows:
- Exchange Stability
- BOP Disequilibrium
- Determination of Par Value
- Stabilize Economies
- Balance the Demand and Supply of Currencies
- Maintain Liquidity
- Technical Assistance
Frequently Asked Questions (FAQs)
What is the Full form of IMF?
International Monetary Fund (IMF).
How many countries are in the International Monetary Fund?
There are 190 Countries.
Who is the head of the IMF?
Kristalina Georgieva is the 12th Managing Director of the International Monetary Fund.
Is India a member of the IMF?
India is a founder member of the IMF. India’s current quota in the IMF is SDR (Special Drawing Rights) 5,821.5 million, making it the 13th largest quota-holding country at IMF and giving it shareholdings of 2.44%.