What Is the IMF? – Council on Foreign Relations

Introduction

Since its inception in July 1944, the International Monetary Fund (IMF) has undergone considerable change as chief steward of the worlds monetary system. Officially charged with managing the global regime of exchange rates and international payments that allows nations to do business with one another, the fund recast itself in a broader, more active role following the 1973 collapse of fixed exchange rates, seeking to mitigate debt crises in developing countries from Asia to Latin America. It gained renewed relevance as the European sovereign debt crisis unfolded in 2010, and as the COVID-19 pandemic and the Russian invasion of Ukraine triggered global economic instability a decade later.

The fund has…

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