land White advo termed as“Dexter- White Plan.” The British proposal, put forward by ‘3 more ambitious. It emphasised upon the creation of an international clearing union and was termed as “Keynes Plan”. At a meeting of the representatives of 44 countries held at Bretton Woods; New Hampshire in the United States in July 1944 a compromise between the American and the British Plans was agreed ‘upon. This led to the ereation of International Monetary Fund (IMF) in presently ris Objectives Of its Articles of Agreement. Two amendment this Article in 1969 and 1978. In its present form tho objectives of the Fund are as (i Promotion of international monetary co-operation through a permanent institution that provides the machinery for consultation, and collaboration on international monetary matters. (ii) Expansion and balanced growth of global trade and thereby promotion and maintenance of high levels of employment. and real income and the development of productive resources of all the member (iii) Promotion of exchange rate stability and the avoidance of competitive depreciation of exchange rates. (jv) Establishment of multilateral system of payments and national currencies and the elimination of exchange ‘ontrols and exchango' restrictions that hamper the international trade. (v) Re-establishment of multilateral trade among the member countries (vi) Imparting of confidence to the member countries by making available to them the resources of the Pund under adequate thus providing them with opportunity to correct ents in their balance of payments without resorting to measures destructive of national or international prosperity. (vii) Shortening of the duration and lessening of the degree of disequilibrium in the international balance of payments of the members. Organisation ‘The organisation of the IMF consists of a Board of Governors, an Executive Board, a Managing Director, a Council and a staff. The headquarter of the IMF is located in Washington in the United Stat