International Monetary Fund (IMF)
The International Monetary Fund (IMF) : is an international financial institution of 186 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 globe. It was formally established on 27 December 1945 when the first 29 countries signed its articles of Agreement. It became specialized agency of the UN in 1947. It has its headquarters in Washington D.C., USA. The main goal is to ensure the stability of the international monetary and financial system. It helps to resolve crisis, and works with its member countries to promote growth and alleviate poverty.
Objectives
IMF is created to fulfill the following objectives:
- Promote international monetary cooperation,
- Facilitate the expansion and balanced growth of international trade,
- promote high employment and sustainable economic growth,
- Secure financial stability,
- Reduce the degree of disequilibria in the international balance or payment.