The International Monetary Fund (IMF) is an international organization that was initiated in 1944 at the Bretton Woods Conference and formally created in 1945 by 29 member countries. The IMF’s stated goal was to stabilize exchange rates and assist the reconstruction of the world’s international payment system post-World War II. Countries contribute money to a pool through a quota system from which countries with payment imbalances can borrow funds temporarily.
About the author
Adetunji Teejay Bolorunduro holds MSc in Economic Development from the prestigious Adam Smith Business School, The University of Glasgow, United Kingdom. He is a China-Africa Engagement Researcher. He is also a co-founder at Africacv and a Senior Researcher at Afriscaper.
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