It was set up along with the World Bank after the II World War to aid reconstruction of war ravaged countries. Leaders felt that financial stability was best achieved when countries worked in an environment of interdependence. The idea to create the two bodies came about in a conference in Bretton Woods in the US. Hence, they are known as the Bretton Woods twins. The IMF was supposed to oversee and monitor the economic performance of member countries and warn them of any developing economic crisis. There are 147 members of the IMF as of now. If any crisis does develop and the concerned country approaches the IMF for help, the organization chalks out a recovery plan, including the imposition of conditions for keeping the economy on a particular path.