IMF is an important topic for the UPSC exam. It forms a part of the international relations and economy sections.
The International Monetary Fund or the IMF is a global organization with its headquarters at Washington, D.C. to promote international monetary cooperation, enable international trade, achieve financial stability, stimulate high employment, diminish poverty in the world and sustain economic growth. IMF was formed at the Bretton Woods Conference in 1944 and it was formally established a year later. Initially, there were 29 countries with a goal of redoing the global payment system. Today, the organization has 189 members.
The IMF offers policy advice and financing to its members and works with developing countries to assist them in attaining macroeconomic stability and overcoming poverty. The logic for this is that private global capital markets operate imperfectly and many nations do not have enough access to financial markets.