Business, Legal & Accounting Glossary
a United Nations agency to promote trade by increasing the exchange stability of the major currencies
The IMF, or International Monetary Fund, was conceived at the Bretton Woods UN conference in July 1944. The purpose of the IMF is to promote the health of the world economy. The IMF pursues this aim through a focus on monetary policies and activities that promote international cooperation, expansion of international trade, and stability of foreign exchange rates. The IMF also provides technical assistance to governments that need help creating better policies, and lends funds in the event of a financial crisis. In addition, the IMF works to alleviate poverty. The IMF is funded by a quota system of contributions from its members. The United States has by far the largest IMF quota. IMF quotas are reviewed every five years. Today, the majority of the world’s countries participate in the IMF. The IMF is headquartered in Washington, DC.
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This glossary post was last updated: 4th April, 2020