Mysore-born Gita Gopinath has joined International Monetary Fund as its Chief Economist, becoming the first woman to occupy the top IMF post.

LEARNING WITH TIMES

The IMF, was conceived at a UN conference in Bretton Woods, New Hampshire, United States, in July 1944. The 44 countries at that conference sought to build a framework for economic cooperation to avoid a repetition of the competitive devaluations that had contributed to the Great Depression of the 1930s.
The IMF’s responsibilities: The IMF’s primary purpose is to ensure the stability of the international monetary system—the system of exchange rates and international payments that enables countries (and their citizens) to transact with each other. The Fund’s mandate was updated in 2012 to include all macroeconomic and financial sector issues that bear on global stability.
Headquarters: Washington, D.C.
CEO: Christine Lagarde
The IMF works hand-in-hand with the World Bank. Both are also known as Bretton Woods twins. and although they are two separate entities, their interests are aligned, and they were created together. While the IMF provides only shorter-term loansthat are funded by member quotas, the World Bank focuses on long-term economic solutions and the reduction of poverty and is funded by both member contributions and bonds. The IMF is more focused on economic policy solutions, while the World Bank offers assistance in such programs as building necessary public facilities and preventing disease.