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Imf 1
The IMF is an international organization of 185 member countries established in 1944 at Bretton Woods to promote international monetary cooperation and economic stability. It conducts global economic surveillance, provides temporary loans to countries experiencing economic crises to help stabilize currencies and balance of payments, and offers technical assistance to help countries develop strong economies. The IMF aims to foster conditions for strong, sustainable growth and high employment through collaborative policy assessments and adjustment programs supported by its lending.
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Imf 1
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- 2. What is theIMF? • The IMF is an international organization of 185 member countries. It was established to promote international monetary cooperation, exchange stability, and orderly exchange arrangements; to foster economic growth and high levels of employment; and to provide temporary financial assistance to countries to help ease balance of payments adjustments.
- 3. Why was itcreated? • The IMF was conceived in July 1944, when representatives of 45 governments meeting in the town of Bretton Woods, New Hampshire, in the northeastern United States, agreed on a framework for international economic cooperation.
- 4. What does itdo? • Surveillance • Lending • Technical assistance
- 5. Surveillance It is anassessment of economic and financial developments, which provides a framework that facilitates the exchange of goods, services, and capital among countries and sustains sound economic growth. It consists in: Focusing on assessing whether countries' policies promote external stability It is to be remembered that surveillance is a collaborative, candid, and evenhanded process between the Fund and its members
- 6. Lending - IMF lendingenables countries to rebuild their international reserves; stabilize their currencies; continue paying for imports; and restore conditions for strong economic growth. - IMF does not lend for specific projects. - It eases the adjustment policies and reforms that a country must make to correct its balance of payments problem and restore conditions for strong economic growth.
- 7. Technical assistance • Itsupports the development of the productive resources of member countries by helping them to effectively manage their economic policy and financial affairs. • About 90 percent of IMF technical assistance goes to low and lower-middle income countries, particularly in sub-Saharan Africa and Asia.
- 8. Success of theIMF: Jamaica • • • The IMF praised the government for tackling its huge debt burden and improving investor confidence. It has also laid out plans to reduce the country's debt as a percentage of GDP from its current level of 145% to 100% by 2009. economic growth of up to 4% a year was possible, it said, given a recovery in tourism and mining sectors.
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