The International Monetary Fund (IMF) was conceived in 1944 and established in 1945 to support stable currency exchange rates and address balance of payments issues. The IMF oversees the global financial system by monitoring member countries' macroeconomic policies, exchange rates, and balance of payments. It provides short-term loans to countries and promotes international cooperation, trade, employment, and economic growth. The IMF collaborates with other international organizations while focusing on its responsibilities in macroeconomics and finance.