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International Monetary Fund

International Monetary Fund

The largest financial organization in the world that provides financial assistance to countries during macroeconomic crises.

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Contents

imf.org
imf.org/%20-%2032k
Is a
Organization
Organization

Organization attributes

Location
United States
United States
Washington, D.C.
Washington, D.C.
Industry
Economics
Economics
0
Financial economics
Financial economics
Research and development
Research and development
Financial services
Financial services
‌
Monetary system
Financial inclusion
Financial inclusion
Spectrum management
Spectrum management
...
Legal Name
INTERNATIONAL MONETARY FUND
Parent Organization
United Nations
United Nations
Founded Date
December 27, 1945
Also Known As
INTERNATIONAL MONETARY FUND

Other attributes

Affiliated With
ORCID
ORCID
AngelList URL
angel.co/company/in...netary-fund
B2X
B2C
B2C
0
B2B
B2B
0
CEO
Kristalina Georgieva
Kristalina Georgieva
Country
United States
United States
Founder
John Maynard Keynes
John Maynard Keynes
Harry Dexter White
Harry Dexter White
Founder of
‌
PARIS21
Headquarters
Washington, D.C.
Washington, D.C.
Number of Employees
2,400
Number of Employees (Ranges)
1,001 – 5,000
Wellfound ID
international-monetary-fund
Wikidata ID
Q7804

The International Monetary Fund (IMF) is an organization of 190 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 was formed in 1944 at the Bretton Woods conference in the United States as a response to the economic crisis of the Great Depression of the 1930s. The main task is to provide short-term and medium-term loans to countries that are experiencing an economic crisis.

Today, 190 countries are members of the IMF. The organization employs more than 2,700 people from 150 countries. Unlike the World Bank, which focuses on developing only the fear of the poor, the IMF can lend to any country. Typically, the issuance of loans is accompanied by a set of certain conditions and recommendations. The loan itself is provided in the form of tranches - parts. If the state, having accepted the first tranche of the loan, does not comply with the conditions and recommendations of the IMF, then the organization has the right to refuse to provide the second tranche to the country.

Primary aims:
  • Promote international monetary cooperation;
  • Facilitate the expansion and balanced growth of international trade;
  • Promote exchange stability;
  • Assist in the establishment of a multilateral system of payments; and
  • Make resources available (with adequate safeguards) to members experiencing balance-of-payments difficulties.
IMF Lending facts:
  • Amount available for lending: 1 trillion US dollars
  • Current lending arrangements: 34
  • Recipients countries of emergency pandemic financing: 76
  • The largest borrowers: Argentina, Egypt, Ukraine, Pakistan
  • The largest precautionary loans: Mexico, Chile, Colombia
Criticism:

The IMF is often criticized for its pro-American nature of the actions and the ineffectiveness of its recommendations for overcoming economic crises. Most often, the recommendations of the IMF when issuing loans provide for the freedom of movement of capital, privatization (including transport infrastructure and utilities), and the elimination of social programs. All this creates ideal conditions for economic annexation by big corporations and other governments. The state economy, weakened by the crisis, in most cases cannot withstand such pressure and becomes dependent on outside influence.

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