The International Monetary Fund (IMF) is an international organization that was conceived on July 22, 1944 and came into existence on December 27, 1945 when 29 countries signed the agreement.It originally had 45 members.The IMF's stated goal was to stabilize exchange rates and assist the reconstruction of the worlds international payment system. Countries contributed money to a pool from which countries with payment imbalances could borrow funds on a temporary basis. Through this activity and others,the IMF worked to improve the economies of its member countries.The IMF today describes itself as an organization of 187 countries (as of July 2010), working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty. The organizations stated objectives are to promote international economic cooperation, international trade, employment, and exchange rate stability, including by making resources available to member countries to meet balance of payments needs.Its headquarters are in Washington, D.C.
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