Formation of the International Monetary Fund (IMF)
The formation of the IMF was initiated in 1944 at the Bretton Woods Conference. IMF came into operation later on 27th December 1945. Today, the IMF is an international organization that consists of 189 member nations. IMF is a specialised agency of the United Nations, the headquarters of IMF is situated in Washington D.C.
- IMF aims to encourage global monetary cooperation for attaining financial stability and facilitating and promoting international trade, employment, and economic growth among nations around the world.
- The breakdown of international monetary cooperation during the Great Depression led to the development of the IMF, which aimed at improving economic growth and reducing poverty worldwide. IMF was initiated at the Bretton Woods Conference in 1944 in which 45 government representatives were present to discuss a framework for postwar international economic cooperation.
- Later, IMF came into operation in 1945 with 29 member nations, these nations agreed to found to its treaty. It began its financial operations on March 1st, 1947. Currently, the IMF has 189 member nations.
- IMF is considered a key organization in the international economic system that aims to rebuild international capital along with maximizing national economic sovereignty and human welfare.
International Monetary Fund (IMF)
International Monetary Fund (IMF) is an international financial institution established in 1944 with the primary goal of promoting global monetary cooperation, ensuring exchange rate stability, facilitating the balanced growth of international trade, and providing resources to help member countries facing balance of payments problems.
In this article, we will discuss the International Monetary Fund (IMF), the origin of the IMF, its controlling bodies, its objective, and its functions along with India’s relations with the IMF.
Table of Content
- What is the International Monetary Fund (IMF)?
- Formation of the International Monetary Fund (IMF)
- Organizational Structure of the International Monetary Fund (IMF)
- Objectives of the International Monetary Fund (IMF)
- Functions of the International Monetary Fund (IMF)
- India’s Relations with the International Monetary Fund (IMF)
- Global Inflation due to changes in Monetary Policy
- International Monetary Fund (IMF) UPSC
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