International Monetary Fund was formally established by 29 member countries

International Monetary Fund was formally established by 29 member countries featured image - on that day

Date : 1945-December-27

Country/Region : United States of America (USA)

Description :

The International Monetary Fund (IMF) is an international organization headquartered in Washington, D.C. It is currently composed of 190 member countries. This organization is an agency of the United Nations and an international financial institution. Its' mission is "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."

On December 27, 1945, the International Monetary Fund was formally established by 29 member countries. It was formed in 1944 at the Bretton Wood Conference primarily based on the ideas of Harry Dexter White and John Maynard Keynes and came to formal existence in 1945 with 29 member countries. This organization was established to reconstruct the international payment system. Funds of the IMF provide from two major sources. These sources are quotas and loans. Countries with greater economic significance have larger quotas. The IMF currently plays a leading role in the management of balance of payments difficulties and global financial crises.

Category : Economic

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