What is the International Monetary Fund?
The IMF is a global organization created to foster economic growth and avert crises. Learn more with the MoneySense Glossary.
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The International Monetary Fund (IMF) is an organization of 190 countries that work together to stabilize the global economy and encourage monetary co-operation. It was founded in 1944 in response to the Great Depression. The fund’s goal is to increase productivity, create jobs and foster economic well-being.
Governments of member countries can receive policy advice, loans and other financial aid from the fund, as well as technical assistance and training to improve their economic policies.
The IMF is financed primarily through capital subscriptions called quotas, money paid into the fund by member countries. The amount each country pays depends on the size of its economy and other factors. Currently, the fund has about USD$1 trillion available to lend to members.
Example: “During the 2008 global financial crisis, the International Monetary Fund loaned about USD$500 billion to 90 countries and injected another USD$250 billion into the global economy. The IMF believes these actions helped avert an economic depression.”
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