Under the original scheme IMF, a member country had to obtain the permission of IMF for

Under the original scheme IMF, a member country had to obtain the permission of IMF for any devaluation of its currency. The IMF formally came into existence on 27 December 1945, when the first 29 countries ratified its Articles of Agreement. By the end of 1946 the IMF had grown to 39 members. On 1 March 1947, the IMF began its financial operations, and on 8 May France became the first country to borrow from it.