The International Monetary Fund (IMF) [opens a new website] was set up in 1945 as a United Nations' specialised agency to help promote the health of the world economy by a system of fixed exchange rates.

The IMF's functions include promoting the balanced expansion of world trade, the stability of exchange rates and the correction of a country's external payments problems. This is done in three main ways:

• monitoring, which involves analysing economic and financial developments, both in member countries and at the global level, and is often accompanied by specific policy advice
• lending, which is exclusively to member countries who have difficulties meeting payments to the rest of the world, known as balance of payment problems
• giving technical assistance to the governments and central banks of its member countries.

The organisation is governed by its 185 member countries [opens a new website]. 

The UK played a central role in the founding of the IMF and has been a committed and leading member throughout the organisation's history. We are the fourth largest shareholder and have a permanent seat on the Executive Board [opens a new website].  

HM Revenue and Customs [opens a new website] is the UK department which leads on IMF matters.