International Monetary Fund

The International Monetary Fund (IMF) is an organization of 190 countries dedicated to promoting global financial cooperation, ensuring financial stability, facilitating international trade, promoting high employment and promoting sustainable development, and poverty reduction in the world. The International Monetary Fund (IMF) is an international financial institution based in Washington, DC, in which 200 countries promote global financial cooperation, ensure financial stability, facilitate international trade, promote high employment and sustainable development. the world. It was founded in 1944 and began at the Bretton Woods Congress on December 27, 1945, largely based on the ideas of Harry Dexter White and John Maynard Keynes. It was officially established in 1945 with 29 member states and aimed to rebuild the international monetary system. It currently plays a key role in the management of balance of payments problems and international financial crises. Countries help raise funds through a quota system from which countries with balance of payments problems can borrow money. In 2016, the fund held XDR 477 billion (approximately USD 667 billion). Through financing and other activities, such as data collection and analysis, monitoring of member state economies, and demand-specific policies, the IMF helps improve the economies of its member states. The objectives set out in the statutes of the Agency are: to promote international financial cooperation, international trade, a high employment rate, stability of exchange rates, sustainable development and the availability of resources for the Member States in trouble. IMF funds come from two main sources: quotas and loans. Quotas, the combined resources of member states, constitute the bulk of the IMF’s resources. The size of a member’s quota depends on its economic and financial importance in the world. Countries with greater economic importance generally have higher quotas. The quota will be increased from time to time to increase IMF resources in the form of special drawing rights.