IMF

Podcast 1 · Introduction

IMF

A documentary-style narration: origin, meaning, and feel.

Part of speech

noun (proper, acronym)

Pronunciation

eye-em-EF  /ˌaɪ.em.ˈef/

Definition

The International Monetary Fund — an international organisation of 190 member countries, established in 1944, that works to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

Plain meaning

The IMF is a major international financial organisation that helps countries manage their economies and financial crises. If a country runs out of money to pay its debts or import essential goods, it can borrow from the IMF — but usually with conditions attached (called conditionality) requiring economic reforms. The IMF also monitors the global economy and advises governments on economic policy.

Register

Formal. IMF is used in economics, international relations, financial journalism, and policy discussion. The full name International Monetary Fund appears in formal documents. The organisation is sometimes criticised for imposing damaging austerity conditions on borrowing countries.