International Monetary Fund

Syllable breakdown

Dictionary meaning

an international organisation of 190 member countries that works to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world; established at Bretton Woods in 1944 alongside the World Bank, the IMF functions as the world's lender of last resort for countries facing balance of payments crises, providing emergency financing conditional on economic policy reforms — the basis of its controversial structural adjustment programmes; the Fund conducts annual Article IV consultations with member countries, assessing their economic performance and policies; it publishes influential economic research through its World Economic Outlook and Fiscal Monitor reports; the allocation of Special Drawing Rights — the IMF's reserve currency unit — provides member countries with unconditional liquidity; governance is weighted by quota — with the United States holding the largest share and effective veto over major decisions — a structure that developing countries have long argued underrepresents their interests