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Descriptioninternational monetary fund
. The International Monetary Fund was created in 1944, at the height of World War II by 44 nations that met at Bretton Woods, New Hampshire. In this meeting, an agreement was drafted to oversee the international monetary system and to promote both the removal of exchange restrictions relating to trade in goods and services, and the stability of exchange rates. The IMF has 188 member countries.
Function of the IMF
The International Monetary Fund (IMF) is the world's central organization for international monetary cooperation.” The IMF’s main goal is to ensure the stability of the international monetary and financial system. It helps resolve crises, and works with its member countries to promote growth and alleviate poverty. It has three main tools at its disposal to carry out its mandate: surveillance, technical assistance and training, and lending. These functions are underpinned by the IMF’s research and statistics”. (www.imf.org) The IMF also grants short-term loans and promotes free-trade to conserve foreign exchange reserves.
Accountability and Structure
The IMF is accountable to the governments of its member countries. At the top of its organizational structure is the Board of Governors, which consists of one Governor and one Alternate Governor from each member country. The Board of Governors meets once each year at the IMF-World Bank Annual Meetings. Twenty-four of the Governors sit on the International Monetary and Financial Committee (IMFC) and normally meet twice each year. The day-to-day work of the IMF is overseen by a 24-member Executive Board, which represents the entire membership; this work is guided by the IMFC and supported by the IMF staff. In a package of reforms approved by the Governors in December 2010, the Articles of Agreement will be amended so as to facilitate a move to a more representative, all-elected Executive Board. The Managing Director is the head of the IMF staff and Chairman of the Executive Board, and is assisted by four Deputy Managing Directors.
The IMF offers its assistance in the form of surveillance, which it conducts on a yearly basis for individual countries, regions and the global economy as a whole. However, a country may ask for financial assistance if it finds itself in an economic crisis, whether caused by a hit to its economy or poor macroeconomic planning. A financial crisis will result in severe depreciation of the country's currency or a major depletion of the nation's foreign reserves. In return for the IMF's help, a country is usually required to embark on an IMF-monitored economic reform program, otherwise known as Structural Adjustment Policies (SAPs).
The IMF lends its money with "strings attached" in the form of its SAPs, so many people and organizations are ...
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