The Full form of IMF is International Monetary Fund. Headquartered in Washington, D.C., the International Monetary Fund (IMF) is an international organization of 189 countries, working to foster global monetary cooperation, facilitates international trade, secure financial stability, promote high employment and sustainable economic growth, and reduce poverty around the world. Created in 1945, the IMF is governed by and accountable to the 189 countries that make up its near-global membership. The primary purpose of IMFs is to ensure the stability of the international monetary system— focusing in particular on policies that have an impact on the exchange rate and the balance of payments that enables countries (and their citizens) to transact with each other. The Fund’s mandate was updated in 2012 to include all financial sector and macroeconomic issues that bear on global stability. IMF now plays a central role in the management of balance of payments difficulties and international financial crises. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. As of 2016, the fund had SDR 477 billion (about $667 billion). Through the fund, other activities and the demand for particular policies, the IMF works to improve the economies of its member countries.