The IMF is an intergovernmental organization that offers financial advice and assistance to its member states. It was conceived at the end of World War II, in July 1944, with forty-five member states at a meeting held in Bretton Woods, New Hampshire, United States of America (International Monetary Fund). In the meeting, members agreed to establish a framework for international economic cooperation that would avoid the recurrence of economic crises such as the Great Depression (Digital Films, 2009). Although the International Monetary Fund was conceived in 1944, it formally came into force in 1945 and began its operations in March 1947 after its charter was signed by its first 29 members. IMF membership began to increase in the late 1950s and 1960s, when most African countries applied for membership after gaining independence. Today the organization includes 186 member states (Digital Films, 2009). Membership of the organization is open to any state as long as it accepts the organization's statutes and conducts foreign policy. The reception organization...