An international organization established in 1947 to enhance stability and convertibility in the international monetary system. The Fund assists any member experiencing short-term balance of payments difficulties by supplying the amount of foreign currency it wishes to purchase in exchange for the equivalent amount of its own currency. The member repays this amount by buying back its own currency in a currency acceptable to the Fund, usually within three to five years. High levels of borrowing are conditional on the implementation of IMF suggested policies for a country. The Fund is financed by subscriptions from its members, the amount determined by an estimate of their means. Voting power is related to the amount of the subscription. The head office of the IMF is in Washington. See also conditionality.
http://www.imf.org/external/index.htm Website of the IMF
Subjects: Social Sciences.