The International Monetary Fund (IMF) was created in December 1945 during the Great Depression when 29 countries signed the ‘Articles of Agreement’.

Its initial goal was to stabilize exchange rates and to help reconstruct the world’s international payment system after World War II.

The IMF is based on a quota system whereby countries contribute money to a pooled fund.

Countries with payment imbalances can then borrow funds temporarily to stabilize their economy.

The 188 members of the IMF endeavor to foster global monetary cooperation, facilitate international trade, promote sustainable economic growth and secure financial stability.

Any country can join the IMF as long as they comply with its code of conduct, provide the necessary economical information and fulfill other membership requirements offset by the IMF.