TheInternational Monetary Fund(IMF) is aninternational organizationthat was initiated in 1944 at theBretton Woods Conferenceand formally created in 1945 by 29 member countries. The IMF's stated goal was to assist in the reconstruction of the world'sinternational payment systempostWorld War II. Countries contributefundsto a pool through a quota system from which countries with payment imbalances temporarily can borrow money and other resources. As of the14th General Review of Quotasin late 2010 the fund stood atSDR476.8bn, or about US$755.7bn at then-current exchange rates.Through this fund, and other activities such as surveillance of its members' economies and the demand for self-correcting policies, the IMF works to improve the economies of its member countries.
