International Monetary Fund (IMF)

The IMF was created in 1944 at the Bretton Woods conference, alongside the World Bank, and is based in Washington, DC. It has around 190 member countries.

The IMF has three main roles. It monitors the economic policies of member countries and the global economy, publishing regular assessments and forecasts. It provides loans to countries experiencing financial crises, such as difficulty paying for imports or servicing foreign debts. And it offers technical assistance and training to help countries improve their economic management.

IMF loans often come with conditions, requiring the borrowing country to adopt policies such as reducing budget deficits, reforming its banking system or changing its exchange rate policy. For example, during the European debt crisis, the IMF participated in rescue programmes for countries such as Greece, Ireland and Portugal.

These conditions have been controversial. Critics argue that they have sometimes required harsh austerity that deepened recessions and hurt vulnerable people. Supporters argue that the IMF provides crucial support when no one else will lend, helping to prevent crises from spreading.