IMF was the product of a longing. This longing was shared by the developed capitalist economies, has included vanishing of the economical nightmare which was lived between the twos world war lest it happens again. IMF has been created to make international cooperation on financial matters stronger, for providing stable growth of foreign trade and for solving the problems of balance of payment. However, the role of IMF changed because of recent events occurred in the world economies. Fundamentally, IMF made policies in order to solve problems of balance of payment till 1980s, expanded its effectiveness much and more by controlling the applications called structural adjustment programs after 1980s., undertook the role of an international lender of last resort on recent crises occurred because of globalization trend and saw itself as an international lender of last resort and crisis administrator during a financial crisis. This study includes why IMF is needed, what sort of targets IMF has created, what kind of a system it established in international area, what kind of problems were lived in this system, what sort of efforts were spent to solve these problems. Historically, what kind of transformations occurred on the role of IMF were explained and how the developing economies which were affected from this situation were considered in this issue.