ABSTRACT
This chapter provides an overview of the history of the international monetary fund (IMF), and a breakdown of its basic governing structure as well as the organization's evolution from a post-war institution to its current and often controversial role as global financial crisis manager. It discusses current debates regarding the organization's expanding global role before considering the key criticisms and challenges it faces today, as well as stakeholders' attempts to push reforms to improve its legitimacy. The global imbalance of savings was coupled with the loss of IMF legitimacy as well as with attempts by developed economies to preserve their remaining power in global economic governance. The institutionalization of the IMF emboldened it to monitor the pulse of the global economic system. The chapter concludes that without continued reforms, the IMF will struggle to fulfill its mandate, to the detriment of global economic growth and financial stability.
