International monetary fund
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International monetary fund






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International monetary fund Presentation Transcript

  • 2. INTRODUCTION • The International Monetary Fund is an international organization that was initiated in 1944 at the Bretton Woods Conference. • It was established by 45 countries . • Its headquarter is in Washington, D.C., United States. • The IMF currently has 188 members.
  • 3. HISTORY The IMF has played a part in shaping the global economy since the end of World War II. o Cooperation and reconstruction after second world war. o The end of the Bretton woods system. o Debt and painful reforms. o Societal change for Eastern Europe and Asian upheaval. o Globalization and the crisis.
  • 4. IMF BODIES • The Board of Governors is the highest decision-making body of the IMF. • The International Monetary and Financial Committee meets twice a year. • The Development Committee. • The Executive Board. • The Managing Director.
  • 5. IMF WORK The IMF's fundamental mission is to help ensure stability in the international system. It does so in three ways: keeping track of the global economy and the economies of member countries; lending to countries with balance of payments difficulties; and giving practical help to members. SURVEILLIANCE LENDING TECHNICAL ASSITANCE
  • 6. GOALS • To promote international monetary cooperation and facilitate a balanced growth of international trade • To promote exchange stability, to maintain exchange agreements among members, and to avoid competitive exchange depreciation • To assist in the establishment of a multilateral system of payments in respect of current transactions between members and in the elimination of foreign exchange restrictions which hampers the growth of world trade. • To make the general resources of the IMF temporarily available to member countries, under adequate safeguard.
  • 7. RELEVANCE OF IMF IN INTERNATIONAL RELATIONS • • • • • IMF describe itself as an organ of 188 countries . It works to foster global monetary corporation . Secure financial stability . Facilitate international trade . Promote high employment & sustainable economic growth . • Reduce poverty around the world .
  • 8. MERITS 1. Provision of short term loans to solve balance of payment problems 2. Offers special aids to member countries to aid them in solving their economic problem. 3. Offers technical advice on how to solve balance of payment problem.
  • 9. CRITICISM 1. Exacerbates Economic Problems. It is argued that the conditions of IMF loans cause more harm than good. 2. One Size Fits All. The IMF frequently argues for the same economic policies regardless of the situation. 3. Takes away political autonomy. Countries such as Jamaica, argue that the IMF take away the ability for countries to decide national policy. 4. Moral Hazard. The IMF has also been criticised by free market economists arguing that they do to much.
  • 10. CONCLUSION Institutions such as IMF perform economic surveillance over most of the world's economy, a valuable task that no other international or private organization could perform with such skill. IMF also serve as a store of expert knowledge and wisdom for countries throughout the world that lack trained specialists. IMF has almost failed in meeting the lofty goals of their founders.
  • 11. REFERENCES    The international monetary fund and the developing countries: A critical evaluationSebastian Edwards A Critical Assessment of IMF Concerns -Sanjay Dhar
  • 12. CONTD…… A Critical Review of the IMF's Tools for Crisis Prevention-Roberto Marino / Ulrich Volz