The International Monetary Fund (IMF) was set up in 1948 alongside the World Bank as part of the Bretton Woods agreement. Most A-level economics students have a good understanding of what the World Bank does. Its role is to make loans to governments in the developing world, which are used to finance investment in infrastructure projects. Unfortunately, knowledge of the IMF is less accurate. This is largely due to myths about the IMF that have been propagated by the mainstream media. Many of these myths have found their way into A-level economics.
According to many textbooks, the IMF has two main roles:
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