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International Monetary Fund

World Encyclopedia | 2005 | © World Encyclopedia 2005, originally published by Oxford University Press 2005. (Hide copyright information) Copyright

International Monetary Fund (IMF) Specialized, intergovernmental agency of the United Nations (UN), and administrative body of the international monetary system. Established by the Bretton Woods Conference (1944), its main function is to provide assistance to member states troubled by balance of payments problems and other financial difficulties. The IMF does not actually lend money to member states; rather, it exchanges the member state's currency with its own Special Drawing Rates (SDR) (a ‘basket’ of other currencies) in the hope that this will alleviate balance of payment difficulties. These exchanges are usually conditional upon the recipient country agreeing to pursue prescribed policy reforms. The organization is based in Washington, D.C.

http://www.imf.org

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