‘The IMF works to foster global growth and economic stability. It provides policy advice and financing to members in economic difficulties and also works with developing nations to help them achieve macroeconomic stability and reduce poverty.’
History Created on July 22, 1944. Came into existence on December 27, 1945 when 29 countries signed the Articles of Agreement. The IMFs stated goal was to stabilize exchange rates and assist the reconstruction of the world’s international payment system post World War II. In 1947, France became the first country to borrow from the IMF
More history… As of January 2012, the largest borrowers from the fund in order are Greece, Portugal, Ireland, Romania and Ukraine. John Maynard Keynes imagined that the IMF would be a cooperative fund upon which member states could draw to maintain economic activity and employment through periodic crises. American delegate Harry Dexter White foresaw an IMF that functioned more like a bank, making sure that borrowing states could repay their debts on time.
Member states Started with 29 countries. Now has 188 members, including 187 members from the UN and the Republic of Kosovo. Cuba left in 1964. Czechoslovakia was expelled in 1954 for "failing to provide required data" and was readmitted in 1990.
Recent Activity IMF Executive Board Completes First and Second Reviews Under Extended Fund Facility Arrangement for Greece and Approves €3.24 Billion Disbursement. January 16, 2013 http://www.imf.org/external/np/sec/pr/2013/pr1313 .htm
The IMF’s Executive Board has approved the renewal of Mexico’s Flexible Credit Line (FCL) for $73 billion. In its latest assessment of the Mexican economy, the IMF said growth has remained resilient, noting the country’s strong fundamentals and sound policy frameworks and management. December 11, 2012 http://www.imf.org/external/pubs/ft/survey/so/201 2/car121112a.htm
IMF and the UK http://www.telegraph.co.uk/finance/financialcrisis/9 824337/George-Osborne-rejects-IMF-call-for-Plan- B.html This is a great article released on the 24th January 2013 all about the IMF wanting to change the strategy of George Osbourne and David Cameron concerning the UK economic performance. Worth a read,