What is International Monetary Fund?
[[File:Headquarters_of_the_International_Monetary_Fund_(Washington,_DC).jpg|thumb|The IMF building in Washington]] The '''International Monetary Fund''' ('''IMF''') is an [[international organization]]. 189 countries are members of the International Monetary Fund. It has its headquarters in [[Washington, D.C.]], [[United States|USA]].<ref>{{Cite web|title=Directions and Access to IMF Headquarters|url=https://www.imf.org/external/np/exr/visit/eng/index.htm|access-date=2023-11-23|website=www.imf.org}}</ref> == Origin == In the 1930s, many countries faced economic problems. The [[standard of living]] declined, and a great many people were unemployed. [[International trade]] became much smaller. Some countries reduced the value of their currencies. All these factors combined in the 1930s, and an economic depression resulted. By late 1939, the [[Second World War]] had started. As the Second World War ended, most countries found that international values faced many restrictions and were not smooth. Leaders of many countries thought over these matters and discussed them in meetings and agreed on the [[Bretton Woods system]]. Thus, after the [[Second World War]], many countries felt the need to have an organization to get help in monetary matters between countries. To begin with, 29 countries discussed the matter, and signed an agreement. The agreement was the Articles of Association of the International Monetary Fund. The International Monetary Fund came into being in 29th December 1945. == Membership == Any country may apply to become a member of the IMF. When a country applies for membership, the IMF’s executive board examines the application. If found suitable, the executive board gives its report to IMF’s Board of Governors. After the Board of Governor clears the application, the country may join the IMF. However, before joining, the country should fulfill legal requirements, if any, of its own country. Every member has a different voting right. Likewise, every country has a different right to draw funds. This