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Critics of the IMF have noted instances of massive corruption on the part of recipient governments that resulted in IMF funds being stolen and/or wasted.
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WHO established IMF?
The IMF (International Monetary Fund) was conceived at the Bretton Woods Conference in Bretton Woods New Hampshire in 1944, as part of an Allied plan to organize the post-World War II economic system (the meeting took place prior to the end of the war). It's initial and strongest proponent was John Maynard Keynes. Keynes recognized the role of globalization in spreading the Depression of the 1930's across the world and leading to World War II (through the rise of fascism in Germany). He envisioned an organization that could alleviate economic crises where markets failed. The IMF underwent a serious shift in policy under the Reagan and Thatcher administrations of the 1980's. Whereas Keynes advocated its creation out of a recognition that market failures happen, and policy interventions can help to alleviate them, more recent IMF policy has pursued pre-Depression era laissez-faire policies that have pushed governments into contractionary policies that critics argue have exacerbated many crises. Some argue that IMF policies are ideologically driven and informed by overly simplistic economic models that fail to account for structural differences in the economies of different countries. In any case, the mission and scope of the IMF have been altered dramatically.
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