The International Monetary Fund describes itself as: “an organization of 184 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty.” It is the international organization entrusted with overseeing the global financial system by monitoring exchange rates and balance of payments, as well as offering technical and financial assistance when asked.

Part of IMF’s mission has evolved to provide assistance to countries experiencing serious economic difficulties. Member states with balance of payments problems may request loans and/or organizational management of their national economies. In return, the countries are obliged to launch certain “structural adjustment” reforms designed to promote economic growth to generate income to pay off the debt which the countries have accumulated.

The IMF’s influence in the global economy has steadily increased as it has accumulated more members. The number of IMF member countries has more than quadrupled from the 44 states involved in its establishment, reflecting in particular the attainment of political independence by many developing countries and more recently the collapse of the Soviet bloc.