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The Full form of IMF is International Monetary Fund. IMF is an international financial institution that works to promote global economic growth, and high employment in all 190 member countries. Overcoming global poverty is also the aim of this prestigious organization. International Monetary Fund was founded in 1944 but came into existence on 27 December 1945, with 44 member countries including India. The headquarter of IMF is in Washington DC (USA).
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History of IMF
The International Monetary Fund was founded during the Bretton Woods Conference of the United Nations in the year 1944. There were 44 counties in the conference and all of them agreed to create a financial framework to avoid repetition of competitive devaluation and to avoid situations like the 1930s.
Initially, there were only 44 member nations but now 190 countries (189 UN member countries and Kosovo) are members of the IMF. India became a member of the International Monetary Fund on 27 December 1947.
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Objectives of International Monetary Fund
We have mentioned some important objectives of the International Monetary Fund.
- Promote Global Monetary Co-operation
- Maintain International Trade
- Promote High Employment
- Promote Sustainable Economic Growth in its member nations.
- Reduce or minimize the poverty
Notes About IMF
We have mentioned a few important notes about the International Monetary Fund below.
- IMF was founded during Bretton Woods Conference in the year 1944.
- International Monetary Fund is the full form of IMF.
- A total of 190 nations are the members of International Monetary Fund.
- IMF’s headquarter is in Washington DC.
- Kristalina Georgieva is the MD of International Monetary Fund.
- India become a member of the International Monetary Fund on 27 December 1945.
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FAQS
IMF is also known as International Monetary Fund. Its work is to promote high employment, global economic growth, and overcoming global poverty.
Cuba, North Korea, Monaco, Taiwan, Vatican City, and East Timor Liechtenstein are not members of the International Monetary Fund.
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