When did the IMF start functioning ?

A. 1945
B. 1946
C. 1947
D. 1948

Submitted by: Areesha Khan

The formation of the IMF was initiated in 1944 at the Bretton Woods Conference.
The IMF officially began operating on March 1, 1947, when the first 29 countries signed its Articles of Agreement.
Headquartered in Washington, D.C.,
IMF focuses on fostering global monetary cooperation, securing financial stability, facilitating and promoting international trade, employment, and economic growth around the world.
The IMF is a specialized agency of the United Nations.
The IMF became operational on 27th December 1945 with 29 member countries that agreed to bound to this treaty.
It began its financial operations on 1st March 1947.
Countries were not eligible for membership in the International Bank for Reconstruction and Development (IBRD) unless they were members of the IMF.
Structure of the International Monetary Fund (IMF):

Objectives of the IMF:
IMF was developed as an initiative to promote international monetary cooperation, enable international trade, achieve financial stability, stimulate high employment, diminish poverty in the world, and sustain economic growth.
Initially, there were 29 countries with the goal of redoing the global payment system.
Today, the organization has 189 members.
The main objectives of the International Monetary Fund (IMF) are mentioned below:
To improve and promote global monetary cooperation of the world.
To secure financial stability by eliminating or minimizing the exchange rate stability.
To facilitate a balanced international trade.
To promote high employment through economic assistance and sustainable economic growth.
To reduce poverty around the world.

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