The International Monetary Fund (IMF) was formed at the Bretton Woods Conference in 1944 and came into operation on the 27th of December 1945. Later, the United Nations organization became responsible for handling its proper functioning and administration. It aimed at the cooperation and reconstruction of world economies that had been crippled during the Great Depression of the 1930s and the World War II. It focused on ensuring a code of conduct for exchange rates, providing financial support (in dollars), and acting as a source of counsel and technical assistance to the poor and developing countries.
IMF: Friend or Foe Related postSince, its establishment was largely steered by the United States of America, and to a lesser extent by the United Kingdom, it is often viewed as a source of promoting US hegemony in the global economy, and ultimately contributing to expanding its influence. Some urge that the IMF as a tool for expanding the reach of Western capitalism........