2. IMF

2.1. About IMF

The International Monetary Fund (IMF) was created in 1945 with an aim to (i) foster global monetary cooperation, (ii) secure financial stability, (iii) facilitate international trade, (iv) promote high employment and (v) sustainable economic growth, and (vi) reduce poverty around the world.

It was established along with the International Bank for Reconstruction and Development at the Conference of 44 nations held at Bretton Woods, New Hampshire, USA in July 1944. It was created out of a need to prevent economic crises like the Great Depression. With its sister organization, the World Bank, the IMF is the largest public lender of funds in the world. It is a specialized agency of the United Nations

Membership is open to any country that conducts foreign policy and accepts the organization's statutes. The IMF membership currently includes 189 countries that make up its near-global membership. India is a founder member of IMF.