The
International Monetary Fund (
IMF) is an international organization headquartered in
Washington, D.C., of "188 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." Formed in 1944 at the
Bretton Woods Conference, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the
international payment system. Countries contribute
funds to a pool through a quota system from which countries experiencing
balance of payments difficulties can borrow money. , the fund had
SDR476.8 billion, about US$755.7 billion at then-current exchange rates.