Meaning of International Monetary Fund (IMF)
What is the International Monetary Fund (IMF):
The International Monetary Fund, known by its acronym IMF, is an institution created with the objective of guaranteeing the stability of the international monetary system within the framework of a cooperation agreement between nations.
Currently, the IMF has 189 member countries. Its main headquarters are in Washington D.C. Its executive board is made up of 24 directors who can represent a country or group of countries.
The IMF's resources come from the quotas paid by member countries, proportional to the size of the countries in economic terms and their impact on the world economy.
The IMF was founded in 1944, after a meeting of the United Nations that took place in Bretton Woods, New Hampshire, United States.
The motivation for creating the IMF was anchored in preventing a repetition of a process similar to that of the Great Depression, the consequences of which had been tragic and regrettable for the international community.