The International Monetary Fund was created at the 1944 Bretton Woods Conference to promote global monetary cooperation.
The IMF began operations in 1945, after its Articles of Agreement entered into force. Its founding purpose was to support exchange-rate stability, facilitate international payments, and provide temporary financial assistance to countries facing balance-of-payments problems.
The IMF is headquartered in Washington, D.C., and is governed by member countries whose voting power broadly reflects their financial contributions. It lends to governments under economic programs and monitors national and global economic conditions.
The IMF is often confused with the World Bank. The IMF focuses mainly on monetary stability and macroeconomic crises, while the World Bank concentrates on long-term development and poverty reduction. Both institutions emerged from Bretton Woods but have different mandates.