The IMF is one of the international organizations established in Washington on February 27th, 1945 according to the Agreement of the International Monetary Fund signed at the Bretton Woods Conference in July, 1944.
The mission of the International Monetary Fund is to provide assistance to countries in serious economic difficulties. For countries with serious fiscal deficits, the fund may provide financial assistance and even help manage national finances. The recipient countries need to carry out reforms.
Purpose of the International Monetary Fund
The purpose of the organization is to promote international monetary cooperation through a permanent institution and provide methods for consultation and cooperation on international monetary issues; Through the expansion and balanced development of international trade, the primary goal of economic policy is to promote and maintain the employment, the development of production resources and the actual income level of member countries; Stabilize the international exchange rate, maintain orderly exchange rate arrangements among member countries, and avoid competitive exchange rate depreciation.
Assist member countries to establish a multilateral payment system for regular transactions and abolish foreign exchange controls that hinder world trade; Under the condition of proper guarantee, the IMF temporarily provides ordinary funds to member countries, so that they are confident to take this opportunity to correct the imbalance of international payments without taking measures that endanger their own or international prosperity; According to the above objectives, we will shorten the time and reduce the imbalance of international payments among member States.