## What is the IMF?

## Source details

**Canonical URL:** [What is the IMF?](https://www.imf.org/en/about/factsheets/imf-at-a-glance)

## Other formats

- [Markdown version](/en/about/factsheets/imf-at-a-glance/index.md)
- [Structured JSON version](/en/about/factsheets/imf-at-a-glance/index.json)
- [Bundle manifest](/en/about/factsheets/imf-at-a-glance/bundle-manifest.json)

## Bibliographic details
- Published: October 21, 2024

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### Mandate and missions
- The International Monetary Fund (IMF) works to achieve sustainable growth and prosperity for all of its 191 member countries.
- The IMF has three critical missions: furthering international monetary cooperation, encouraging the expansion of trade and economic growth, and discouraging policies that would harm prosperity.
- The IMF is governed by and accountable to its member countries, which collaborate with each other and with other international bodies to fulfill these missions.
- The IMF keeps a regular policy dialogue with governments to maintain stability and help prevent crises in the international monetary system by assessing economic conditions and recommending policies that enable sustainable growth.
- This factsheet was last updated in April 2025.

### Core activities and instruments
- Policy advice
  - Monitoring economic and financial developments and advising countries.
- Financial assistance
  - Loans and other financial aid to member countries to restore stability and growth when countries face crises.
- Capacity development
  - Technical assistance and training to help governments implement sound economic policies.
- Special Drawing Rights (SDRs)
  - The IMF issues an international reserve asset known as Special Drawing Rights (SDRs) that can supplement the official reserves of member countries.
  - Total global allocations are currently about SDR 204.2 billion, about $293 billion.
  - IMF members can voluntarily exchange SDRs for currencies among themselves.
- Pandemic response
  - In response to the Covid-19 pandemic, the IMF temporarily increased access to funds overall and to emergency financing.
  - The IMF extended zero interest rates on concessional loans and permanently set the interest rate on emergency financing at zero.

### Funding and financial backstops
- IMF funds come from three sources: member quotas, credit arrangements, and bilateral borrowing agreements.
- Member quotas
  - Member quotas are the primary source of IMF funding and reflect a member country’s size and position in the world economy.
- New Arrangements to Borrow (NAB)
  - New Arrangements to Borrow between the IMF and a group of members and institutions are the main backstop for quotas.
  - In January 2020, the IMF Executive Board agreed to double the size of the NAB to SDR 365 billion, or $504 billion.
- Bilateral Borrowing Agreements (BBAs)
  - Member countries have committed resources through bilateral borrowing agreements.
  - In 2020, the IMF Executive Board approved a new round of BBAs, totaling SDR 138 billion, or $190 billion.

### Governance and institutional structure
- Board of Governors
  - The top of the IMF’s organizational structure is the Board of Governors, consisting of one governor and one alternate governor from each member country, usually the top officials from the central bank or finance ministry.
  - The Board of Governors meets once a year at the IMF–World Bank Annual Meetings.
- International Monetary and Financial Committee (IMFC)
  - Twenty-five of the governors serve on the International Monetary and Financial Committee, which advises the IMF’s Executive Board.
- Executive Board and management
  - The day-to-day work of the IMF is overseen by its 25-member Executive Board, which represents the entire membership and is supported by IMF staff.
  - The Managing Director is the head of the IMF staff and Chair of the Executive Board and is assisted by four Deputy Managing Directors.

### Historical origins
- The IMF was conceived in July 1944 at the United Nations Bretton Woods Conference.
- The conference was attended by 44 countries seeking to build a framework for international economic cooperation and avoid repeating the competitive currency devaluations that contributed to the Great Depression of the 1930 s.

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## References

- [FINANCIAL ASSISTANCE](https://www.imf.org/en/About/Factsheets/IMF-Lending)
- [READ THE BLOG](https://www.imf.org/en/Blogs/Articles/2025/06/25/explainer-how-the-imf-finances-itself-and-why-it-matters-for-the-global-economy)
- [zero interest rates](https://www.imf.org/en/News/Articles/2019/06/26/pr19239-exec-board-modifies-prgt-intr-rate-mech-approve-zero-rate-all-lic-lend-facilities-june-2021)
- [emergency financing](https://www.imf.org/en/About/Factsheets/Sheets/2016/08/02/21/08/Rapid-Credit-Facility)
- [financial assistance](https://www.imf.org/en/Topics/imf-and-covid19/COVID-Lending-Tracker)
- [Special Drawing Rights](https://www.imf.org/en/About/FAQ/special-drawing-right)
- [SDR HUB](https://www.imf.org/en/Topics/special-drawing-right)
- [SDR FACTSHEET](https://www.imf.org/en/About/Factsheets/Sheets/2016/08/01/14/51/Special-Drawing-Right-SDR)
- [IMF regularly reviews quotas](https://www.imf.org/en/About/Factsheets/Sheets/2016/07/14/12/21/IMF-Quotas)
- [Read More](https://www.imf.org/en/About/executive-board/members-quotas)
- [New Arrangements to Borrow (NAB)](https://www.imf.org/en/News/Articles/2021/01/08/pr214-imf-concludes-steps-to-maintain-its-lending-capacity)
- [bilateral borrowing agreements (BBAs)](https://www.imf.org/en/About/Factsheets/Where-the-IMF-Gets-Its-Money)
- [organizational structure](https://www.imf.org/en/About/Organization-Chart)
- [IMF–World Bank Annual Meetings](https://www.imf.org/en/About/Factsheets/Annual-Spring-Meetings)
- [Executive Board](https://www.imf.org/en/About/executive-board/eds-voting-power)
- [IMF staff](https://www.imf.org/en/About/senior-officials)
- [VISIT IMF TIMELINE](https://www.imf.org/en/About/Timeline)

_Source: https://www.imf.org/en/about/factsheets/imf-at-a-glance_