International Monetary Fund


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International Monetary Fund

(IMF), specialized agency of the United Nations, established in 1945. It was planned at the Bretton Woods Conference (1944), and its headquarters are in Washington, D.C. There is close collaboration between it and the International Bank for Reconstruction and DevelopmentInternational Bank for Reconstruction and Development (IBRD)
(IBRD), independent specialized agency of the United Nations, with headquarters at Washington, D.C.; one of five closely associated development institutions (also including the International Center for Settlement of
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. Its primary mission is to ensure stability in the international monetary system. The IMF provides policy advice and financing to member countries with economic problems. The organization, using a fund subscribed by the member nations, purchases foreign currencies on application from its members so as to discharge international indebtedness and stabilize exchange rates. The IMF currency reserve units are called Special Drawing RightsSpecial Drawing Rights
(SDRs), type of international monetary reserve currency established (1968) by the International Monetary Fund (IMF). Created in response to worries concerning the limitations of gold and dollars as the sole means of settling international accounts, SDRs
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 (SDRs); from 1974 to 1980 the value of SDRs was based on the currencies of 16 leading trading nations. Since 1980 it has been reevaluated every five years and based on the relative international economic importance of the British pound sterling, Chinese yuan (added in 2016), the European Union euro (formerly the French franc and German mark), the Japanese yen, and the U.S. dollar. To facilitate international trade and reduce inequities in exchange, the fund has limited power to set the par value of currencies. Members are provided with technical assistance in making monetary transactions.

In 1995 the fund moved to increase disclosure requirements of countries borrowing money and at the same time created an emergency bailout fund for countries in financial crisis. IMF was criticized in 1998 for exacerbating the Asian financial crisis, through the fund's decision to require Asian nations to raise their interest rates to record levels. During the international financial crisis of the early 21st cent., the IMF provided loans and access to credit of more than $100 billion to developing countries that were affected by falling demand for their exports and other financial problems. IMF support and financing was also critical to financial rescue plans for several European Union members in the early 2010s. Changes effective in 2016 raised the status of the four major emerging market nations, Brazil, China, India, and Russia, including them among the IMF's top ten shareholders. The fund is ruled by a board of governors, with one representative from each nation. The board of governors elects an executive board of 24 representatives to direct regular operations; the executive board selects and is chaired by the managing director, who also heads the IMF's staff. There are 189 members in the IMF.

Bibliography

See studies by H. G. Grubel (1970), T. Agmon et al., ed. (1984); R. D. Hormats (1987), T. Ferguson (1988), E. P. McLellan, ed. (2002), D. Vines and C. L. Gilbert, ed. (2004), E. M. Truman, ed. (2006), G. Bird (2003), G. Bird and D. Rowlands, ed. (2 vol., 2007), and E. Conway (2015).

References in periodicals archive ?
A leading financial analyst told The Daily Star on July 8 that Lebanon could eventually be compelled to swallow conditional International Monetary Fund financial aid if the government failed to cut the budget deficit and improve the balance of payments.
Talks between Pakistan and International Monetary Fund (IMF) ended inconclusively on November 20 as Islamabad refused to accept Fund's conditions for bailout package.
A delegation of the International Monetary Fund (IMF) has arrived in Pakistan this morning to hold talks with the government on a possible bailout package.
He will take the nation into confidence over government's decision to approach the International Monetary Fund.
October 5 - Dawn report by Anwar Iqbal states that Pakistan is facing significant economic challenges, with declining growth, high fiscal and current account deficits and low levels of international reserves, says a report the International Monetary Fund (IMF) released on Thursday.
Three of these releases are issued to disseminate monetary data in accordance with the International Monetary Fund's Special Data Dissemination Standard (SDDS).
According to the data released by the International Monetary Fund (IMF) for different countries in the world, Iran's GDP was at $ 1644 billion in 2017 and it ranked 18th biggest economy in the world.
Maurice Obstfeld, Economic Counsellor and Director of the Research Department of the International Monetary Fund (IMF) said, "India's growth remains quite robust into the future.
He met with Arab Finance Ministers and held several meetings with the World Bank Executive Director Merza Hasan and Director of the Middle East and Central Asia Department at the International Monetary Fund Jihad Azour in the presence of the Governor of the Palestinian Monetary Authority, Azzam Al Shawa.
GDP growth failed to meet the government's 5.2 percent budget target last year and the International Monetary Fund is forecasting that Indonesia, Southeast Asia's largest economy, will grow by 5.3 percent in 2018.
Summary: EgyptAaAaAeAeAaAaAeA@'s inflation in November fell to a 2017 low a after the country floated its pound currency as part of a US$ 12 billion International Monetary Fund deal to boost the economy.
Tribune News Network Doha Based on the per capita income of its people, Qatar has been named the world's richest country, according to latest International Monetary Fund (IMF) report.

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