Imf And Third World Debt


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Presentation on the International Monetary Fund (IMF) and the Third World Debt Crisis for PS 212 Culture and Politics in the Third World at the University of Kentucky, Summer 2007. Dr. Christopher S. Rice, Instructor.

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Imf And Third World Debt

  1. 1. International Monetary Fund Dr. Christopher S. Rice
  2. 2. Bretton Woods
  3. 3. A little history…
  4. 4. Purposes of the IMF: <ul><li>To promote international monetary cooperation through a permanent institution which provides the machinery for consultation and collaboration on international monetary problems. </li></ul><ul><li>To facilitate the expansion and balanced growth of international trade, and to contribute thereby to the promotion and maintenance of high levels of employment and real income and to the development of the productive resources of all members as primary objectives of economic policy. </li></ul><ul><li>To promote exchange stability, to maintain orderly exchange arrangements among members, and to avoid competitive exchange depreciation. </li></ul><ul><li>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 hamper the growth of world trade. </li></ul><ul><li>To give confidence to members by making the general resources of the Fund temporarily available to them under adequate safeguards, thus providing them with opportunity to correct maladjustments in their balance of payments without resorting to measures destructive of national or international prosperity. </li></ul><ul><li>In accordance with the above, to shorten the duration and lessen the degree of disequilibrium in the international balances of payments of members. </li></ul>
  5. 5. Early Ideas
  6. 6. The Basics
  7. 7. Quotas
  8. 8. Special Drawing Rights
  9. 9. Quotas and Member Relationships with the IMF <ul><li>Subscription </li></ul><ul><li>Voting Power </li></ul><ul><li>Access to Financing </li></ul><ul><li>Allocation of SDRs </li></ul>
  10. 10. What does the IMF do, anyway?
  11. 11. 3
  12. 12. Surveillance
  13. 13. Financial Assistance
  14. 14. Technical Assistance
  15. 15. Technical Assistance <ul><li>the design and implementation of fiscal and monetary policy </li></ul><ul><li>institution-building (such as the development of central banks or treasuries) </li></ul><ul><li>the handling and accounting of transactions with the IMF </li></ul><ul><li>the collection and refinement of statistical data </li></ul><ul><li>training officials at the IMF Institute and, together with other international financial organizations, through the Joint Vienna Institute, the Singapore Regional Training Institute, the Middle East Regional Training Program, and the Joint Africa Institute. </li></ul>
  16. 16. The Problem of Debt
  17. 17. Why such a big problem? <ul><li>OPEC </li></ul><ul><li>Dictatorship </li></ul><ul><li>Pressure to Loan </li></ul><ul><li>Modernization Theory </li></ul>
  18. 18. Structural Adjustment Programs
  19. 19. Purposes of SAPs
  20. 20. Conditions
  21. 21. Effects
  22. 22. How are Colonialism and Debt Crisis related?