The International Monetary Fund (IMF) was created on December 27, 1945. Twenty nine countries signed its Articles of Agreement in the hopes of preventing a repetition of the economic policies that contributed to the United States Great Depression in the 1930's. Other purposes of the IMF include the promotion of international monetary cooperation, the growth of international trade, and what has become its major purpose, the lending of money to member countries that cannot make loan payments. However, this money is only made available after the country needing the loan has implemented certain structural adjustment programs. The IMF is an international organization of 184 member countries. It was established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth and high levels of employment; and to provide temporary financial assistance to countries to help ease balance of payments adjustment.
The International Monetary Fund (IMF or Fund) and the International Bank for Reconstruction and Development (IBRD or World Bank) were both established at the United Nations Monetary and Financial Conference, held at Bretton Woods, New Hampshire, on July 1-22, 1944. The two were created to oversee stability in international monetary affairs and to facilitate the expansion of world trade. Membership in the World Bank requires membership in the IMF, and they are both specialized agencies of the United Nations. The World Bank was given domain over long-term financing for nations in need, while the IMF's mission was to monitor exchange rates, provide short-term financing for balance of payments adjustments, provide a forum for discussion about international monetary concerns, and give technical assistance to memb ...