International Monetary Fund
- = IMFA specialized agency of the United Nations established in 1947 to promote stability and convertibility in the international monetary system. The Fund assists any member experiencing short-term balance of payments difficulties by supplying the amount of foreign currency it wishes to purchase in exchange for the equivalent amount of its own currency. The member repays this amount by buying back its own currency in a currency acceptable to the Fund, usually within three to five years. High levels of borrowing are conditional on the implementation of IMF suggested policies for a country. The Fund is financed by subscriptions from its members, the amount determined by an estimate of their means. The organization has a weighted voting system in which the larger countries have more votes. The day-to-day working of the IMF is carried on by an executive board representing the Fund's 184 members; this is based in Washington.
Accounting dictionary. 2014.
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