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The International Monetary Fund (IMF) and the World Bank are two of the world's most important economic and political institutions.
The IMF and World Bank were conceived in 1944 as part of the Bretton Woods agreement, with the aim of financing the rebuilding of Europe after the Second World War and saving the world from economic depressions, such as those that had happened before in the 1930s. The Bretton Woods Conference in 1944 saw 730 delegates from all 44 Allied nations gathered at the Mount Washington Hotel, situated in Bretton Woods, New Hampshire, United States. The purpose of the conference was to organise and regulate the international monetary and financial order following the conclusion of World War II.
Click the tabs below to learn quick facts about the IMF and the World Bank.
The International Monetary Fund (IMF)
- Founded in 1945, the IMF is based in Washington D.C
- The IMF is a specialised agency which is independent from, but has a close working relationship with the United Nations
- Currently, the IMF has 189 members from across the world
- The organisation is managed by an executive board of 24 directors and run by 2700 staff from 148 countries
- Additionally, a managing director is appointed for a five-year renewable term to manage the organisation
The IMF's original role was to maintain global economic stability. The IMF has provided loans to help states restart their economies and prevent mass unemployment. Today, the IMF 'monitors the economic and financial policies' of its 189 member countries. The IMF also provides loans for countries which may need help stabilizing their currencies, and the IMF works to modernise economic policies and institutions existing in the world today.
The IMF and the World Bank are highly significant institutions but both have their critics. While the IMF and the World Bank have played a large role in the maintenance of a strong monetary system, their loans, in particular, have been criticised at times for their conditions and records in tackling poverty and inequality.
