History·23 February 2026·4 min read
The IMF — the world's financial firefighter
When a country runs out of foreign currency, it calls the International Monetary Fund. How and why it appeared.
The International Monetary Fund (IMF) was created in 1944, at Bretton Woods, to help countries in currency crisis with emergency loans — in exchange for reforms.
Help with conditions
Romania turned to the IMF several times in hard moments. The loans come with sometimes harsh conditions (austerity), which is why the IMF is both a savior and a controversial institution. It's all about trust and debt again.
