**Answer:**

The International Monetary Fund (IMF) was set up in 1944.

**Background:**

The establishment of the IMF can be traced back to the Bretton Woods Conference held in Bretton Woods, New Hampshire, United States, in July 1944. The conference aimed to create an international monetary system that would promote stability and prevent the recurrence of the economic turmoil experienced during the Great Depression of the 1930s and World War II.

**Bretton Woods Conference:**

During the conference, delegates from 44 nations deliberated on various aspects of international monetary cooperation. They recognized the need for an organization that would oversee the functioning of the proposed international monetary system. As a result, the IMF was conceived and its Articles of Agreement were drafted during the conference.

**Key Decisions and Objectives:**

1. **Exchange Rate Stability:** The IMF was designed to promote exchange rate stability and prevent competitive devaluations that could disrupt global trade and economic stability.
2. **Financial Assistance:** The IMF was entrusted with the task of providing temporary financial assistance to member countries facing balance of payments problems. This assistance was aimed at helping countries stabilize their currencies and restore economic stability.
3. **International Cooperation:** The IMF was envisioned as a forum for international cooperation and policy coordination among member countries. It aimed to facilitate the resolution of economic disputes and promote global economic growth.
4. **Membership and Governance:** The IMF was open to all nations willing to abide by its rules and regulations. Each member country was allocated a certain number of votes based on its economic size, and major decisions required the support of a supermajority.

**Formal Establishment:**

Following the Bretton Woods Conference, the IMF's Articles of Agreement were signed on December 27, 1945, in Washington, D.C. The organization officially came into existence on March 1, 1947, after the required minimum number of member countries had ratified the agreement.

**Conclusion:**

The IMF was set up in 1944 as a result of the Bretton Woods Conference. Its primary objectives were to promote exchange rate stability, provide financial assistance to member countries, and foster international cooperation in economic matters. The organization was formally established in 1945 and began its operations in 1947.

International Monetary Fund set up in
27 December 1945, Bretton Woods, New Hampshire, United States