The International Monetary Fund is a global organisation established in 1944 to promote international monetary cooperation and exchange rate stability. It operates as a lender of last resort for countries facing balance of payments difficulties, providing financial assistance and policy advice conditional on reforms. Key functions include: providing financial resources to member countries experiencing actual or potential balance of payments problems; offering technical assistance and training to strengthen institutional capacity; and conducting surveillance of the global financial system through regular monitoring of member economies. IMF membership is nearly universal, with 190 member countries, and it plays a significant role in supporting economic stabilisation in developing and emerging economies.