International Organizations (Part – I)

IMF was conceived in July, 1944 at the United Nations' Bretton Woods Conference in New Hampshire, U.S. (but formally created on 27 December, 1945). The IMF's fundamental mission is to ensure the stability of international monetary system. It does so in three ways: keeping track of global economy and the economies of the member countries, lending to members countries with balance of payments difficulties and giving practical help to members. International Monetary Fund (IMF) loans are meant to help member countries tackle balance of payments problems, stabilize their economies, and restore sustainable economic growth. Any member country, whether rich, middle-income, or poor, can turn to IMF for financing if it has a balance of payments need. At present, the IMF is an organization of 190 member countries.

IMF was conceived in July, 1944 at the United Nations' Bretton Woods Conference in New Hampshire, U.S. (but formally created on 27 December, 1945). The IMF's fundamental mission is to ensure the stability of international monetary system. It does so in three ways: keeping track of global economy and the economies of the member countries, lending to members countries with balance of payments difficulties and giving practical help to members. International Monetary Fund (IMF) loans are meant to help member countries tackle balance of payments problems, stabilize their economies, and restore sustainable economic growth. Any member country, whether rich, middle-income, or poor, can turn to IMF for financing if it has a balance of payments need. At present, the IMF is an organization of 190 member countries.

IMF was conceived in July, 1944 at the United Nations' Bretton Woods Conference in New Hampshire, U.S. (but formally created on 27 December, 1945). The IMF's fundamental mission is to ensure the stability of international monetary system. It does so in three ways: keeping track of global economy and the economies of the member countries, lending to members countries with balance of payments difficulties and giving practical help to members. International Monetary Fund (IMF) loans are meant to help member countries tackle balance of payments problems, stabilize their economies, and restore sustainable economic growth. Any member country, whether rich, middle-income, or poor, can turn to IMF for financing if it has a balance of payments need. At present, the IMF is an organization of 190 member countries.

International Monetary Fund (IMF) loans are meant to help member countries tackle balance of payments problems, stabilize their economies and restore sustainable economic growth. Any member country can turn to the IMF for financing if it has a balance of payments need and unable to pay its international bills. This crisis resolution role is at the core of IMF lending. The IMF is not a development bank and unlike the World Bank and other development agencies, it does not finance projects.

The Bretton Woods Conference, officially known as the 'United Nations Monetary and Financial Conference', was a gathering of delegates from 44 nations that met from 1-22 July, 1944 in Bretton Woods, New Hampshire (USA), to agree upon a series of new rules for the post-World War II international monetary system. The two major accomplishments of the conference were the creation of International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD) or the World Bank.

IMF and IBRD are also called as 'Bretton Woods twins' because both are set up under Bretton Woods Conference.

The Bretton Woods Conference, officially known as the 'United Nations Monetary and Financial Conference', was a gathering of delegates from 44 nations that met from 1-22 July, 1944 in Bretton Woods, New Hampshire (USA), to agree upon a series of new rules for the post-World War II international monetary system. The two major accomplishments of the conference were the creation of International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD) or the World Bank.

IMF and IBRD are also called as 'Bretton Woods twins' because both are set up under Bretton Woods Conference.

The agreements signed in 1944 United Nations Monetary and Financial Conference (Bretten Woods Conference) created two of the most important international economic institutions of the post-war period: the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (the World Bank). The General Agreement on Tariffs and Trade (GATT) was not signed in the Bretten Woods Conference. It was signed by 23 nations in Geneva on 30th October, 1947. However, the origin of GATT can be traced to the Bretten Woods Conference, where the delegates also recommended the establishment of a complementary institution to be known as the International Trade Organization (ITO), which they envisioned as the third leg of the system.

IMF was formally established under Bretton Woods agreement on 27 December, 1945.

Created in 1945, the International Monetary Fund (IMF) is at present an organization of 190 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth and reduce poverty around the world. It is to be noted that Principality of Andorra becomes IMF's 190th Member in October, 2020.

India is among the founding members of IMF and the World Bank. India became the member of IMF and the World Bank on 27 December 1945. Principality of Andorra became Bank 190th member of IMF on October 16, 2020.