The International Monetary Fund (IMF) was established in 1944 at the Bretton Woods Conference and began operations in 1947, headquartered in Washington, D.C. Key features: - Founded: 1944 - Members: 190 countries - Purpose: Foster global monetary cooperation and financial stability Main functions: - Providing financial assistance to member countries - Monitoring global economic conditions - Offering technical assistance and policy advice - Promoting international monetary cooperation - Facilitating international trade Governance: - Managing Director: Appointed by Executive Board - Board of Governors: Representatives from all member countries - Quota system: Determines voting power and financial contributions - Weighted voting based on economic size The IMF serves as a crucial institution in the global financial system, providing emergency lending to countries in financial distress while promoting economic stability and growth.