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 ?
CONTACT: International Monetary Fund, External Relations Department, 202-623-7100/ CO: International Monetary Fund ST: District of Columbia IN: FIN SU:
The spokesperson said, followed by this repayment, since July 2011 till date Pakistan has repaid the International Monetary Fund SDR 4.
On the eve of the annual Asia-Pacific Economic forum, South Korea announced that it would need about $20 billion in loans from the International Monetary Fund and other sources to stop the free-fall of its markets.
Currently a consultant to the International Monetary Fund, Pamela is helping developing countries establish Anti-money Laundering practices designed to make our world a safer place to live.
She opined, "A staff team of the International Monetary Fund has reached staff level agreement with the Cypriot authorities on an economic program that will be supported by the IMF jointly with the European Union and the European Central Bank.
The statement said that the Minister met with the UN Secretary General Ban Ki-moon on the sidelines of the meeting, which was chaired by World Bank Group President Jim Yum Kim and Director General of the International Monetary Fund Christine Lagarde .
The 2014 Annual Meetings of the International Monetary Fund and the World Bank Group are being held in Washington, D.
3 (SUNA) - The Deputy Director of the African Administration at the International Monetary Fund has explained that the growth rates in most African countries exceeded 5%, which is considered as a qualitative growth if it is compared to the growth rates at the developed countries.
The symposium is being organised by the Middle East and Central Asia Department (MCD) of the International Monetary Fund (IMF).
Washington, Safar 17, 1435, Dec 20, 2013, SPA -- The International Monetary Fund (IMF) praised the outcome and recommendations of a conference entitled Middle East Economies and Private Sector Role, which was held recently in Riyadh and organized by the Council of Saudi Chambers and the International Monetary Fund.
Joomart Otorbaev met with International Monetary Fund Deputy Managing Director Min Zhu, IMF Middle East and Central Asia Department Director Masood Ahmed, Secretary General of the International Center for Settlement of Investment Disputes Meg Kinnear.
Summary: AMMAN - The International Monetary Fund has approved to provide Jordan with $385 million, which is the second installment of a stand-by credit line to the country, to help finance national projects.

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