International Monetary Fund

The International Monetary Fund (IMF) is an international organization headquartered in Washington, D.C., of "188 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 world." Formed in 1944 at the Bretton Woods Conference, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international payment system. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments difficulties can borrow money. As of 2010, the fund had SDR476.8 billion, about US$755.7 billion at then-current exchange rates.

Through the fund, and other activities such as statistics-keeping and analysis, surveillance of its members' economies and the demand for self-correcting policies, the IMF works to improve the economies of its member countries. The organization's objectives stated in the Articles of Agreement are: to promote international monetary cooperation, international trade, high employment, exchange-rate stability, sustainable economic growth, and making resources available to member countries in financial difficulty.