International

Monetary Fund
(IMF)
What is the IMF?

• The International Monetary Fund

(IMF) is an agency of the United Nations
as well as a global financial institution
with its headquarters in Washington,
District of Columbia. This organization is
comprised of 190 different nations.
According to its mission statement, the
organization works to "foster global
monetary cooperation, secure financial
stability, facilitate international trade,
promote high employment and
sustainable economic growth, and
reduce poverty around the world.
 History of the IMF

•In 1945, it came into formal existence with 29

member countries and the objective of
reconstructing the international monetary system.
It was formed in 1944 and started on December 27,
1945, at the Bretton Woods Conference. The ideas
of Harry Dexter White and John Maynard Keynes
were primarily responsible for its inception. It is
now a central role in the management of difficulties
in the balance of payments and international
financial crises. Through the use of a quota system,
nations are able to contribute funds to a pool, from
which other nations who are experiencing
difficulties with their balance of payments can
borrow money. As of the end of 2016, the fund had
a total of approximately 667 billion dollars worth of
XDR. [9]
Purpose of IMF

•The International Monetary Fund

(IMF) provides financial assistance to
nations afflicted by crises so that they
may gain some breathing room and
implement adjustment policies that
will eventually lead to economic
growth and stability. Additionally, it
offers precautionary financing in order
to assist in the prevention of crises
and to provide insurance against their
occurrence. The IMF's lending toolkit
is continually being refined to meet
the ever-evolving demands of
member countries.
 IMF During Covid-19

•The International Monetary Fund (IMF) has provided member

countries with financial assistance at a scale and speed never seen
before in its response to the crisis caused by the coronavirus,
particularly with the goal of protecting those who are most at risk
and laying the groundwork for an inclusive and long-term
recovery. IMF Managing Director Kristalina Georgieva made the
following observation in advance of the April 2021 IMF/World
Bank Annual Meetings: "The global economy is on firmer footing
as a result of the availability of vaccines to millions of people." But
despite the fact that the economy is beginning to improve, a
significant number of countries are falling further behind, and
economic inequality is growing. Strong policy action is required in
order to give everyone a fair chance—a shot in the arm to end the
pandemic everywhere, and a shot at a better future for vulnerable
people and countries. (speech). Despite the challenges that are
currently being faced, the International Monetary Fund (IMF) is
continuing its efforts to assist countries in their efforts to recover
by offering policy advice, financial support, capacity development,
and debt relief for the poorest countries.
References
• https://en.wikipedia.org/wiki/International_Monetary_Fun
d
• https://www.imf.org/en/Home