SSC MTS EXAM

Detailed explanation-1: -The IMF formally came into existence on 27 December 1945, when the first 29 countries ratified its Articles of Agreement. By the end of 1946 the IMF had grown to 39 members. On 1 March 1947, the IMF began its financial operations, and on 8 May France became the first country to borrow from it.

Detailed explanation-2: -Indeed on December 27, 1945, 75 years ago this month, representatives from twenty-one countries convened in Washington, DC to become the Bank’s first members, thereby ratifying the Articles and ushering the Bank into existence.

Detailed explanation-3: -The formation of the IMF was initiated in 1944 at the Bretton Woods Conference. IMF came into operation on 27th December 1945 and is today an international organization that consists of 189 member countries.