Overview of the International Monetary Fund Essay

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The Overview of the International Monetary Fund

The International Monetary Fund is an international organization that was initiated in 1944 at the Bretton Woods Conference and formerly created in 1945 by 29 countries. The International Monetary Fund’s stated goal was to stabilize exchange rates and assist the reconstruction of the world’s international payment system after World War II. The International Monetary Fund works by countries contributing money to a pool through a quota system from which countries with payment imbalances can borrow funds temporarily. Through the surveillance of its member’s economies and policies, International Monetary Fund works to improve the economies of its member countries, they work to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. They also work to keep exchange rate stability, including making financial resources available to member countries to meet balance of payments needs.
During the earlier Great Depression, countries raised barriers to foreign trade in an attempt to improve their failing economies. This led to the devaluation of national currencies and a decline in world trade. This breakdown in international monetary cooperation created a need for oversight. Member countries of the IMF also have access to information on the economic policies of all member countries, the opportunity

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