2. The International Monetary Fund was conceived in July
1944 originally with 45 members and came into existence
in December 1945 when 29 countries signed the
agreement.
IMF started to make service with IBRD in 1947.
The IMF works to improve the economies of its member
countries.
The conference culminated in the creation of the famous.
“twins”-IMF & World bank.
3. IMF is the intergovernmental organization that oversees
the global financial system by following the macroeconomic
policies of its member countries, in particular those with
an impact on exchange rate and the balance of payments.
It is an organization formed with a stated objective of
stabilizing international exchange rates and facilitating
development through the enforcement of liberalising
economic policies on other countries as a condition for
loans, restructuring or aid.
4. The IMF was created to support orderly international
currency exchanges and to help nations having balance of
payment problems through short term loans of cash.
Its headquarters are in
Washington,
United States.
5. Help establish multilateral system of Payments and
eliminate foreign exchange restrictions.
Shorten the duration and lessen the degree of
disequilibrium in international balances of payment.
Foster economic growth and high levels of employment.
Temporary financial assistance to countries to help the
balance of payments adjustments
6. Promote international monetary cooperation.
Expansion and balanced growth of international trade.
Promote exchange rate stability.
The elimination of restrictions on the international flow of
capital.
Make resources of the Fund available to members
7. Promoting research in various areas of international
economics and monetary economics.
Providing a forum for discussion and consultation among
member countries. Being in the center of competence.
Focusing on its core macroeconomic and financial areas of
responsibility.
Working in a complementary fashion with other
institutions established.
8. Surveillance (like a doctor) Gathering data and assessing
economic policies of countries.
Technical Assistance (like a teacher) Strengthening
human skills and institutional capacity of countries.
Financial Assistance (like a banker) Lending to countries
to support reforms
9. The IMF collaborates with
the World Bank,
the regional development banks,
the World Trade Organization,
United Nations agencies, and
other international bodies.
Each of these institutions has its own area of
responsibility
and specialization and its particular contribution to
11. 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.
