Role of the International Monetary Fund

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I, like many people, have always heard about the International Monetary Fund in the news yet never really knew or understood its inner workings, this report over views what the International Monetary Fund is, how it works, and how it is currently involved internationally. The International Monetary Fund (IMF) is a form of world credit union that has 187 countries involved, a near global involvement. The International Monetary Fund’s was founded in the aftermath of World War II in 1945 along with the International Bank for Reconstruction and Development (IBRD) and the General Agreement on Tariffs and Trade (GATT) as an agency of the United Nations. The International Monetary Fund’s goal is to promote trade and exchange stability globally. The 187 members each pay a monetary amount to the International Monetary Fund based on their individual economic size, the current biggest contributor being the United States of America. Some major crises the IMF is involved in are aiding in rebuilding Haiti, the economic crash of Iceland and the financial problems in Greece.

The IFM was formed after the Second World War in 1944 as an agent of the United Nations, and came into formal existence in 1945 after the signing of the Articles of Agreement. The Articles of Agreement was as follows firstly The International Monetary Fund is established and shall operate in accordance with the provisions of this Agreement as originally adopted and subsequently amended. Secondly, to enable the Fund to conduct its operations and transactions, the Fund shall maintain a General Department and a Special Drawing Rights Department. Membership in the Fund shall give the right to participation in the Special Drawing Rights Department. And lastly, Ope...

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...ing with. The IMF is involved in at what seems all times. The world is a lot less stable than most people take into consideration, researching the IMF has made me realize that greatly. The International Monetary fund is proof of the world’s economic chaos and instability.

Works Cited

www.imf.org

Danielson, J. (2008). The First Global Financial Crisis of the 21st Century VoxEU.org Publication

Lee, S. (2002). New Political Economy: The international Monetary Fund Vol.7 No.2 Carfax Publishing

Lastra, R.M. (2000). The International Monetary Fund in Historical Perspective. Journal of International Economic Law. 507-523

Hashemzadeh, N. & Vehorn, C.L. (2009). The International Monetary Fund: Part of the Problem or Part of the Solution

Americanizing Asia?

Donald K. Emmerson

Foreign Affairs

Vol. 77, No. 3 (May - Jun., 1998), pp. 46-56

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