What Is the IMF? Power, History and Criticism

The IMF was created in 1944 to stabilise the post-war monetary system and act as a lender of last resort to countries in financial trouble.

Voting power is weighted by money, so the United States holds an effective veto and wealthy creditor nations dominate the decisions.

Its bailout conditions have repeatedly forced austerity, privatisation and spending cuts that fall hardest on workers and the poor.

Britain has felt it directly: the 1976 sterling crisis bailout reshaped UK politics, and the IMF still passes annual judgement on the UK economy.