What is the International Monetary Fund (IMF)?

  • International organisation (HQ in Washington DC) created in 1945 with aim of assisting in reconstruction of the world's international payment system post WWII.
  • 188 member countries (US largest) contribute funds to a pool via a quota system from which members with payment imbalances temporarily borrow.
  • Believed to be losing punch due to US lethargy and Republican refusal to give developing world more say, + China ambivalence.

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