International Monetary Fund (IMF)

An international organization established in 1944 as part of the Bretton Woods Agreement, the IMF has the authority to lend foreign exchange to member countries conditioned on their pursuit of sound economic policies. These loans are to be used to stabilize exchange rates. Member countries are required to make a payment of gold and currency to fund the IMF's lending activities, and their voting privileges in setting IMF policies are proportional to their financial contributions.

Glossary * I