The International Monetary Fund was first created in 1944 in what came to be known as the Bretton Woods Agreement. The goal then was to try and maintain stability in currencies and financial markets around the world, in order to avoid repeating the terrible mistakes of the 1930s, with rampant inflation, massive devaluations of currencies and the chaos that followed.

As part of achieving this goal, it lends money to countries that are in danger of collapse or severe hardship, often imposing conditions that effectively give it a role in that country's government. The money for the fund comes largely from the members who subscribe to it - there are altogether 187 countries in the IMF, which in fact is most of the countries in the world. However, the IMF has also had to borrow money to give out to member countries, especially since the 2008 crisis. This crisis has caused the IMF to look at its role again, so there may be changes in the future.