The International Monetary Fund's Model Essay

The International Monetary Fund's Model Essay

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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.
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.

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