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.
The IMF's staff came from more than 140 countries.
The History of the IMF
The IMF has been established in July 1944 in the state of New Hampshire( in U.S.) in Bretton Woods a United Nations Conference in an economic cooperation framework.
The IMF's official emergence was in December 1945 by the signing of the Agreement by 29 members. Founded had started to operations in 1 March 1947. In the same year France took credit from the IMF and France became the first country which has borrowing from the IMF.
Number of the IMF's members started to increased in the late 1950s and 1960s because of many African country declaring their independence and apply to the IMF for membership.
The IMF's Mission
The mission is help to provide stability in international system by 3 ways:
Following global economy and their members' economy
Borrowing money to the countries which have difficulty in the balance of payments
To provide practical assistance to their members.
The IMF's Aims
Secure financial stability
Facilitate international trade
Promote high employment and sustainable economic growth
Reduce the poverty around the world.
The IMF's Memberships and Lending
... middle of paper ...
...ide economic stability; however, this implementation cause to bankrupcty sometimes and when the companies' bankrupcty increase it can led to banks' bankrupcty. This mean is that financial system lose power, the capital outflow increase and the crisis get worse.
Increasing tax rate and devaluation for closing the current account deficit, usually cause to recession and it impover the country.
When the conditions are not appropriate the IMF can cut the help until the conditions becoming appropriate and this process can cause difficulties for the country who borrowed money.
http://tr.wikipedia.org/wiki/Uluslararas%C4%B1_Para_Fonu https://www.imf.org http://www.bilgiustam.com/imf-nedir-gorevleri-nelerdir/ http://file.setav.org/Files/Pdf/20130513102743_turkiye-imf-iliskilerinde-yeni-donem.pdf
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- The World Bank and International Monetary Fund (IMF) are two of the most powerful international financial institutions in the world. They are the major sources of lending to African countries, and use the loans they provide as leverage to prescribe policies and dictate major changes in the economies of these countries. The Problems That the World Bank and IMF Created for Zimbabwe Zimbabwe had agreements with the World Bank in the later 1980s when it signed an arrangement with the IMF in exchange for a $484 million loan.... [tags: World Bank, Economics]
828 words (2.4 pages)
- Perhaps one of the most frequently discussed topics in international relations today is the diminishing power of the nation state and subsequent growth of a global economy. Traditionally, the state is considered to play a leading role in global affairs; however, due to advances in communications technology and the expansion of international trade following the Cold War, the world has seen the establishment of an increasing number of non-state actors in global politics. The shift away from a state-centric model of international government has produced many positive changes to global politics, but has also highlighted many issues and challenges.... [tags: International relations, United Nations]
1605 words (4.6 pages)
- The International Monetary Fund (IMF) The International Monetary Fund (IMF) was established in 1946, along with the World Bank. The IMF was developed to promote all monetary cooperation and remedy economic problems incurred during the post - war reconstruction period (Baylis; 2008: 245). The IMF was therefore considered as the “rule keeper” and an important component in public international management. In the pursuit to stabilise the exchange rate system, the IMF reserves the authority to change exchange rates.... [tags: World Bank, International Monetary Fund]
1780 words (5.1 pages)
- Jamaica is home of the phrase “be happy, don’t worry,” and is a popular tourist spot that foreigners escape to for a temporary slice of paradise. Given the success of the tourist industry, it is easy to mistake Jamaica as a thriving country with the locals living blissfully in paradise; the clip from “Life and Debt” completely dispels these notions and introduces the negative effects that have developed from free trade policies that were recommended by the International Monetary Fund. International Monetary Fund representatives in the clip present globalization and free trade as a form of economic liberation that would bring Jamaica economic success despite its small size.... [tags: International Monetary Fund, Economics]
1077 words (3.1 pages)
- This year, the world is watching as Greece is standing up to economic terrorism coming from all sides, most notably the International Monetary Fund that has wanted the Greek government to implement austerity measures. The Greek people boldly made what Alexis Tsipras, the Prime Minister of Greece, called a "bold choice" ensuring that "democracy won 't be blackmailed". (Cendrowicz, Johnston & Savaricas, 2015) It 's not just the Greeks saying this, French Economy Minister Emmanuel Macron said that the EU couldn 't "crush an entire people", stating that compromises must be made.... [tags: International Monetary Fund, Economics, Greeks]
730 words (2.1 pages)
- 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)
- 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 Impact Of Transnational Industries And Global Financial Institutions Such As The World Bank And International Monetary Fund
- This essay aims to explore and critically analyse the impact of transnational industries and/or global financial institutions such as the World Bank and International Monetary Fund (IMF) in the sub-Sahara Africa. It will explore the impact on health, economic, and environmental, political and cultural determinates on developing countries. A country in the sub-Sahara Africa region will be used as a prime example in dealing with some of the above institutions and their outcomes, and a conclusion given.... [tags: World Bank, International Monetary Fund]
841 words (2.4 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)
- America has had a long history of aiding countries in need, advancing development and promoting democracy all over the world often working with international financial institutions to achieve these various goals. Institutions that collaborate with the U.S. such as the International Monetary Fund (IMF), the World Bank and the International Bank for Reconstruction and Development (IBRD) have long played an integral part in international development goals over the past 60 years. The way in which assistance was distributed greatly changed during the 1940s after WWII and continues to be a major force in internationals relations.... [tags: Finance]
2244 words (6.4 pages)