Why in News? 

Recently, the International Monetary Fund (IMF) approved the immediate disbursement of $1 billion to Pakistan under its Extended Fund Facility (EFF). 

About International Monetary Fund (IMF) 

• The IMF is a specialized agency of the United Nations, established in 1944 at the Bretton Woods Conference to maintain global monetary stability after the Great Depression. 
• It promotes monetary cooperation, ensures financial stability, facilitates international trade, supports high employment, and aims to reduce poverty worldwide. 
• The IMF has 190 member countries, each contributing a quota based on economic size, which determines their voting power and funding access. 
• Head Quarters: Washington, D.C., United States 

India and IMF 

• India became a member of the IMF on December 27, 1945, prior to gaining independence. 
• It is one of the founding members of the International Monetary Fund (IMF). 
• India’s Executive Director at the IMF also represents Bangladesh, Sri Lanka, and Bhutan within its constituency.