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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- ... 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]
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- 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]
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- The International Monetary Fund is an international organization which involves 184 member countries, and it is located in Washington D.C. It was established in 1945 in order to promote international monetary cooperation, exchange stability, and orderly exchange arrangements. It also fosters economic growth and high level of employment. Another propose of the IMF is to provide temporary financial assistance to countries to help ease the balance of payments adjustment. Since the IMF has been established, its purposes haven’t been changed, but its operations such as surveillance, financial assistance, and technical assistance, have been developed in order to meet the needs of the countries th... [tags: IMF surveillance ]
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- Who are the IMF. The International Monetary Fund( IMF) is comprised of 188 member states for increasing global cooperation on monetary matters, ensure financial stability, facilitate international trade, support sustainable economic growth and high employment and working to reduce poverty all over the world. Although, the IMF is one of the specialized agencies of United Nations, they have their own charter, management structure and financial resources. The members are represented through a quota system which is determined based their relative size in the global economy.... [tags: development, monetary matters]
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