International Monetary Fund
The International Monetary Fund, long known as the IMF, is a global financial firm located in the United States. The firm was established in 1944 by Harry Dexter White and John Maynard Keynes with 190 members initially and is headquartered in Washington, DC. The IMF majorly focuses on accelerating international monetary cooperation by ensuring financial stability. The platform promotes high employment and long-term economic growth while reducing poverty across the globe.
The major goal of the IMF is to guarantee the stability of the international payment and exchange system, which allows nations and their citizens to conduct business with each other. The company is planning to increase the total funding by 720 million special drawing rights, or approximately $940 million, and enhance the bailout plan by one year. As of 2016, nearly US$667 billion or XDR 477 billion, where countries donate funds to a pool via a quota system that can be utilized as a way of borrowing for nations with balance of payments issues.
In 2020, the International Monetary Fund executive board approved a new round of BBAs, which is a total of SDR 139 billion to $185 billion. Moreover, the firm also declared that Sri Lanka would get a loan of approximately USD 2.9 billion over the course of a four-year time period.
