The IMF is an intergovernmental organization that offers financial advice and assistance to its member states. It was conceived at the end of World War II, in July 1944 with forty five member states in a meeting held in Bretton Woods, New Hampshire, United States of America (International Monetary Fund) In the meeting, the members agreed to establish a framework for international economic cooperation that would prevent economic crises such as the Great Depression from happening again (Digital films, 2009). Although the IMF was conceived in 1944, it came into formal existence in 1945 and started its operations in March 1947 after the signing of its Articles of Agreement by its first 29 members.
The members of the IMF started increasing in the late 1950s and 1960s when most African countries applied for membership after receiving independence. Today, the organization is comprised of 186 member states (Digital films, 2009). The membership to the organization is open to any state so long as it accepts the statutes of the organization and conducts foreign policy. The organization rece...
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- Introduction It is 35 degrees Celsius on what is shaping out to be one of the hottest Summer days on record. Thirsty, you open the fridge to quench your thirst with a tall glass of filtered water. To your surprise, there is no water in the fridge. Feeling defeated, your older brother comes along holding a 2-litre jug of ice-cold water. Noticing how thirsty you are, your brother offers you 1-litre of his ice-cold water on the condition that you complete his chores for a week. You agree without hesitation, failing to consider the consequences of the deal you just entered because of your fragile state.... [tags: World Bank, International Monetary Fund]
1413 words (4 pages)
- The IMF is an intergovernmental organization that offers financial advice and assistance to its member states. It was conceived at the end of World War II, in July 1944 with forty five member states in a meeting held in Bretton Woods, New Hampshire, United States of America (International Monetary Fund) In the meeting, the members agreed to establish a framework for international economic cooperation that would prevent economic crises such as the Great Depression from happening again (Digital films, 2009).... [tags: International Economic Cooperation]
537 words (1.5 pages)
- International Monetary Fund (IMF)/World Bank IMF is collectively called the International Financial Institutions (IFIs) and has three main activities which are surveillance, financial assistance and technical assistance. This a 187 member-countries organisation that was formed just after world war 2 in late July 1944 at Bretton Woods in Hampshire with the aim of stabilizing global economic markets (international currency market and contraction of international trade) and resuscitating economies of different countries that had been affected by world wide depression that was caused by world war 2.... [tags: Poverty, World Bank, International Monetary Fund]
923 words (2.6 pages)
- The International Monetary Fund (IMF) was created in 1944 to strengthen the world economy and to equal the level playing field of poorer nations. Investopedia states that the intention of the IMF is to “promote global monetary… facilitate the expansion and balanced growth of international trade and assist in the establishment of a multilateral system of payments for current transactions.” Although the initial aims of the IMF may have had positive intentions in mind, over the last few decades elements of the IMF have proved to fail nations in their attempt to become economically viable.... [tags: Economics, United States, Debt, Latin America]
784 words (2.2 pages)
- Introduction In the statement of the 2015 Article IV Consultation Mission to China, the International Monetary Fund (IMF) concluded that the Chinese economy was transitioning to a safer and higher-quality growth. In particular, IMF highlighted that China had made good progress in recent years in reducing its large current account surplus and its huge accumulation of foreign exchange reserves. Although undervaluation of the yuan was a major factor causing the large imbalances in the past, appreciation of the yuan over the past few years had brought the exchange rate to a level that was no longer undervalued.... [tags: Foreign exchange market, Bretton Woods system]
1605 words (4.6 pages)
- ... It consist of one governor and one alternate governor from each member state. The Executive Board is responsible “for conducting the day-to-day business of the IMF” ; and it consist of 24 directors, who are also elected by member states. There are only 24 directors representing all the members of the IMF because each director represents a group of countries, yet countries like the United States and China are not part of any group therefore, they each have a director representing them at the Executive Board.... [tags: currency, community, economic, policies]
2389 words (6.8 pages)
- International Monetary Fund (IMF) The international monetary fund or IMF, basically promotes international monetary harmony to simplify the expansion of international trade. In a more detailed view, it advocates global monetary understanding, monitors the exchange rate and financial policies of member nations, and provides credit for member countries that are experiencing a temporary unbalance of payments. Contrary to popular belief, It is not a world central bank which exists to help the economic development of poor, undeveloped countries, nor does it have any authority over its member’s domestic policies and regulations.... [tags: IMF Economics Economy]
1244 words (3.6 pages)
- The International Monetary Fund (IMF) International Monetary Fund (IMF), international economic organization whose purpose is to promote international monetary cooperation to facilitate the expansion of international trade. The IMF operates as a United Nations specialized agency and is a permanent forum for consideration of issues of international payments, in which member nations are encouraged to maintain an orderly pattern of exchange rates and to avoid restrictive exchange practices. The IMF was established along with the International Bank for Reconstruction and Development The IMF's Main Business: Macroeconomic and Financial Sector Policies In its oversight of member count... [tags: International Economics Organizations essays]
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- “If you owe your bank a hundred pounds, you have a problem; but if you owe it a million, it has.(1)” In the year of 1327, Kind Edward III of England defaulted on his Italian debts. This caused the banks of Bardi and Peruzzi in Florence to collapse. Who would know that over 650 years later, the world would still have these types of problems. After World War II, the need for an organization like the IMF was finally realized. After the war, politicians and economists began to work on blue prints for a postwar world.... [tags: essays research papers]
2037 words (5.8 pages)
- IMF International Monetary Fund The International Monetary Fund—also known as the “IMF” or the “Fund”—was conceived at a United Nations conference convened in Bretton Woods, New Hampshire, U.S. in July 1944. The 45 governments represented at that conference sought to build a framework for economic cooperation that would avoid a repetition of the disastrous economic policies that had contributed to the Great Depression of the 1930s. ==►IMF describes itself as "an organization of 184 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty".... [tags: Economics Economy]
1544 words (4.4 pages)