The washington consensus was made to be the baseline of directions for countries who are in need of assistance from international economic entities for example the international monetary fund and the world bank washington consensus has been referenced many times this has made it a general term of disparagement to those who go against the free market fundamentalism williamson 1989. The washington consensus was created in 1989 by john williamson it was used to depict the 10 policy prescriptions the washington consensus was made to be the baseline of waies for states who are in demand of aid from international economic entities for illustration the international monetary fund and the world bank. Washington consensus a set of economic policy recommendations for developing countries and latin america in particular that became popular during the 1980s the term washington consensus usually refers to the level of agreement between the international monetary fund imf world bank and us department of the treasury on those policy recommendations. How the international monetary fund imf defines and carries out its mandate has evolved considerably since 1944 when it was founded to serve a vital but narrow function in maintaining the global foreign exchange system and thus enabling international trade this note gives an overview of the imfs evolution by describing key phases in its history including the bretton woods system and its