It is an international organization that object to promote international trade, financial stability, and global economic growth, promote high employment and reduce poverty around the globe while occasionally depending World Bank for its means. It was formed in 1944 at Bretton Woods Conference primarily by the idea of John Maynard Keynes and Harry Dexter White. It is formally came into existence in 1945 with 29 member nations with a primary goal to inspire international financial corporations by announcing a system of convertible currencies at fixed exchange rate.
International Monetary Fund headquarter is in Washington DC, consisting of 189 member countries. The IMF official website describe its goal as “to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth and reduce poverty around the world.” The International Monetary Fund now play dominant role in international financial crisis and difficulties in balance of payments. The IMF make loans available to countries experiencing economic distress in order to mitigate and prevent financial crisis.