International Monetary Fund (IMF)

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  • The International Monetary Fund (IMF) was founded in 1944 at the Bretton Woods conference in New Hampshire. The conference was an urgent attempt to deal with the inter regnum problems associated with international trade and exchange-rate instability. John Maynard Keynes of Britain and Harry Dexter White of the United States came up with plans to allow deficit nations to recover from temporary balance-of-payments problems. Regulations of the IMF dealing with the purposes, mem bership, quotas, subscriptions, and exchange-rate arrangements are outlined in Articles I through III of the IMF's Articles of Agreement.

    A major objective of the IMF was to create a pool of resources based on mandatory contributions from its members, which could be drawn by member states to settle balance-of-payments problems. Each member of ...

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