What are the roles and functions of the IMF?

The
International Monetary Fund was formed in 1944 when representatives of 44 countries met together
in Bretton Woods, New Hampshire, to formulate a new world economic order at the end of World War
II. The IMF was given three initial priorities: to promote monetary cooperation on an
international level, encourage trade and economic growth, and prevent disruptive economic
policies. On December 27, 1945, the original Articles of Agreement were ratified by 29
countries. The IMF had 39 countries by the end of 1946. As of 2019, 189 countries belong to the
IMF.

As part of its overall primary purpose of maintaining worldwide economic
stability, the IMF conducts fiscal surveillance of its member countries looking for possible
risks to stability and suggesting adjustments to strengthen individual economies. This includes
annual visits to member countries and discussions with government officials, bank personnel, and
members of businesses, civil society, and labor unions. The IMF also monitors the world economy
on a global level, watching for changes and trends in the global economy.

Another function of the IMF is the lending of money to member states to help with
domestic or external crises such as balance of payment problems when countries cannot handle
external debt repayments or large financial institutions become insolvent. Usually before the
IMF issues loans, the IMF and the government of the country in question agree on policies and
commitments to improve the economy.

The IMF also provides training and
technical assistance to the finance ministries, central banks, tax authorities, and other
institutions within its member countries. This training usually comes about as the result of
specific requests. It may include helping governments better handle taxes, customs, budgets,
debts, and social safety nets within public financial structures. It may also involve assisting
central banks in modernizing their systems and policies. Additionally, the IMF works with member
countries in optimizing their legal frameworks and financial data collection and
analysis.

The IMF leadership includes a managing director, board of
governors, and executive board. In all, there are 17 departments that handle the IMF's
multifaceted work around the world.

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