International Monetary Fund
The International Monetary Fund (IMF) is an international financial institution established in July 1944 at the Bretton Woods Conference and came into formal existence in 1945 with 29 member countries to foster global monetary cooperation and reconstruct the international monetary system.[1][2] Headquartered in Washington, D.C., it now comprises 191 member countries and acts as a lender of last resort during balance-of-payments crises while promoting financial stability, international trade, employment, and poverty reduction.[1][5] Following the 1971 collapse of the Bretton Woods fixed exchange rate system, the IMF shifted focus to managing financial crises in the era of globalization.[1][3]
