- The International Monetary Fund was conceived in 1944 at the United Nations Bretton Woods Conference in New Hampshire, United States.
- The IMF and the World Bank are called Bretton Woods twins.
- The IMF is a permanent observer at the UN.
- It is an organization of 190 countries. India is a founder member of the IMF.
- The mandate of the IMF as follows:
- To promote international monetary cooperation;
- To facilitate the expansion and balanced growth of international trade;
- To promote exchange stability;
- To assist member countries in correcting maladjustments in their balance of payments without resorting to measures destructive of national or international prosperity;
- To assist in the elimination of foreign exchange restrictions which hamper the growth of world trade.
Why in News?
- International Monetary Fund Chief Kristalina Georgieva has warned that risks to financial stability had increased and stressed the need for vigilance following the recent turmoil in the banking sector.
- She expected 2023 to be another challenging year, with global growth slowing to below 3.0 percent due to the conflict in Ukraine, monetary tightening and scarring from the pandemic.