The International Monetary Fund (IMF) was formed in 1945 with 29 original member countries. It now has 188 member countries and is headquartered in Washington DC. The IMF aims to promote international economic cooperation, trade, employment, and exchange rate stability. Almost all countries are members except for a few like North Korea, Cuba, and Palestine. Members must make payments and follow IMF rules. In return, members receive economic information and assistance with banking, fiscal policy, exchange rates, and financial issues to increase trade and investment. The current IMF Managing Director is Christine Lagarde.