International Malfunction Fund (IMF)

International Monetary Fund (IMF)

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TERM OF THE DAY International Monetary Fund (IMF) UN specialized agency established in 1944 under Bretton Woods system to help prevent unstable exchange rates and competitive devaluations of pre-Second World War Western economies. It has since evolved into anorganization of 184 countries focused on preventing crises in international monetary system via (1) surveillance through monitoring of national economies and economic policies, (2) medium-term loans to tide over balance-of-paymentproblems, and (3) technical assistance in formulating and administeringmonetary, exchange rate, and taxation policies, central bank operations, etc. Governed by a board of governors drawn from each member country, its day to day decisions are taken by a 24-member board who have voting-power in proportion to ... Learn more about this term Usage Example The International Monetary Fund (IMF) was created after World War II to help ensure exchange rate stability and other monetary policies throughout the world.