International Monetary Fund

The International Monetary Fund (IMF) is an organization 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.

The IMF currently has a near-global membership of 188 countries. To become a member, a country must apply and then be accepted by a majority of the existing members. In April 2012, Republic of South Sudan joined the IMF, becoming the institution's 188th member.

Key IMF activities The IMF supports its membership by providing policy advice to governments and central banks based on analysis of economic trends and cross- country experiences; research, statistics, forecasts, and analysis based on tracking of global, regional, and individual economies and markets; loans to help countries overcome economic difficulties; concessional loans to help fight poverty in developing countries; and technical assistance and training to help countries improve the management of their economies.

The International Monetary Fund was originally laid out as a part of the Bretton Woods system exchange agreement in During the earlier Great Depression, countries sharply 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 tradeBretton Woods systemGreat Depression

There were two views on the role the IMF should assume as a global economic institution. British economist John Maynard Keynes imagined that the IMF would be a cooperative fund upon which member states could draw to maintain economic activity and employment through periodic crises. This view suggested an IMF that helped governments and to act as the US government had during the New Deal in response to World War II. American delegate Harry Dexter White foresaw an IMF that functioned more like a bank, making sure that borrowing states could repay their debts on time. Most of White's plan was incorporated into the final acts adopted at Bretton Woods.John Maynard KeynesNew DealHarry Dexter White

The International Monetary Fund formally came into existence on 27 December 1945, when the first 29 countries ratified its Articles of Agreement.By the end of 1946 the Fund had grown to 39 members. On 1 March 1947, the IMF began its financial operations, and on 8 May France became the first country to borrow from itratified

IMF "Headquarters " in Washington, D.C.

On 28 June 2011, Christine Lagarde was named managing director of the IMF, replacing Dominique Strauss-Kahn.Christine Lagarde

On 28 June 2011 Christine Lagarde was confirmed as managing director of the IMF for a five-year term starting on 5 July In 2012, Lagarde was paid a salary of US$467,940, and this is automatically increased every year according to inflation. In addition to that, the director receives an allowance of US$83,760, and additional expenses for entertainment. This income is tax-free