Introduction

The International Monetary Fund (IMF, also known informally as ‘the Fund’) is one of the most prominent, influential and, at times, contested agencies in contemporary global governance. Following a relatively sleepy existence in the first quarter-century after its creation at the Bretton Woods Conference in 1944, the IMF greatly enlarged its agenda, resources and membership to become a significant architect of accelerated globalisation, especially in the global south and the former Soviet bloc. In particular the Fund has been a crucial provider of balance of payments support during the recurrent crises that have plagued liberalised global finance since the 1980s. In addition, across the world the IMF is a major source of macroeconomic policy advice, technical assistance, training, policy research, and rules in respect of global financial flows.

From its headquarters in Washington, DC and field offices in over 70 countries and regions, the IMF has extensive involvements in governance of the world economy. In 2009 overall lending capacity of the Fund was raised to US$750 billion. During 2008–9, the IMF approved loans for balance of payments support totalling SDR 67.6 billion (around US$107.3 billion) to 43 national governments (IMF 2009a: 10). In addition, the IMF holds so-called ‘Article IV consultations’ with all of its 186 member states, on an annual or biennial basis, to monitor and advise on national macroeconomic policies.