What is the International Monetary Fund?
The International Monetary Fund (IMF), conceived at the Bretton Woods conference in July 1944, is the multilateral organization focused on the international monetary system. Created in 1946 with 46 members, it has grown to include 189 countries.
What is the financial structure of the IMF?
The IMF’s financial structure can best be characterized as that of a credit union (see box). IMF member countries deposit hard currency and some of their own currency, from which they can draw the currencies of other countries if they face significant problems in managing their balance of payments.
What are the Articles of agreement for the IMF and IBRD?
At the Bretton Woods conference, Articles of Agreement for the IMF and the International Bank for Reconstruction and Development (IBRD), later known as the World Bank, were drafted and adopted.
How does the IMF provide low-interest loans?
The IMF currently provides low-interest loans under the Poverty Reduction and Growth Trust (PRGT) (zero interest rate until 2018). Debt relief is provided under the Heavily Indebted Poor Countries (HIPC) Initiative and the Catastrophe Containment and Relief (CCR) Trust Fund.
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