What is IMF?

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What is IMF

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).

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.

  1. Promote Global Monetary Co-operation
  2. Maintain International Trade
  3. Promote High Employment
  4. Promote Sustainable Economic Growth in its member nations.
  5. 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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What is the Full Form of IMF and explain its work?

IMF is also known as International Monetary Fund. Its work is to promote high employment, global economic growth, and overcoming global poverty.

Which countries are not members of International Monetary Fund?

Cuba, North Korea, Monaco, Taiwan, Vatican City, and East Timor Liechtenstein are not members of the International Monetary Fund.

We hope you have collected information about IMF and its history. If you want to binge on more facts like this, you can turn to our general knowledge page. Alternatively, you can also check out our blog on general knowledge for competitive exams here! Keep learning!   

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