International Monetary Fund
IMF is an international monetary organisation. It was established on December 27, 1945 in Washington on the recommendations of Bretton Woods Conference. But it started its operation on March 1, 1947. At present 188 nations are members of the IMF. South Sudan became the newest member in April 2012.
In place of Dominique Strauss-Kahn, Christine Lagarde has been made as new Managing Director of IMF on July 5, 2011. She is serving as 11th MD of IMF.
Bretton woods twins mean the organisations i.e. The International Monetary Fund (IMF) set up along with the World Bank after the Second World War to assist in the reconstruction of war-ravaged countries. Leaders felt that financial stability was best achieved when countries worked in an environment of interdependence.
The two organisations were agreed to be set up at a conference in Bretton Woods in the US. Hence, they are known as the Bretton Woods twins. The Bretton Woods Conference, formally known as the United Nations Monetary and Financial Conference, was the gathering of 730 delegates from all 44 Allied nations at the Mount Washington Hotel, situated in Bretton Woods, New Hampshire, United States, to regulate the international monetary and financial order after the conclusion of World War II. The conference was held from the 1st to 22nd of July, 1944. Agreements were executed that later established the International Bank for Reconstruction and Development (IBRD, which is part of today's (World Bank Group) and the International Monetary Fund (IMF)