International Monetary Fund

International Monetary Fund

In common with many of the multilaterals, plans were laid for the International Monetary Fund (IMF) in the closing days of World War II. In 1944, a meeting of individuals representing 44 countries was convened in Bretton Woods, New Hampshire, USA to draw up plans to bring order to the economies of the world. The participants were mindful that actions taken at the close of the first world war were largely unhelpful and at least partially responsible for the circumstances that led to the second.  The objective in 1944 was to create an organisation to encourage international monetary cooperation. The IMF's role – now as well as then –  is to help maintain economic stability and shared prosperity in the world. There are currently 189 IMF member countries and the organisation has lending resources of one trillion dollars – with zero interest rates applying to low-income countries. Additionally, funds are available for technical advice and training. The member countries are represented by 24 IMF executive directors and a staff of 150 nationalities. Significantly, in 2012, the IMF mandate was extended to include all macroeconomic and financial sector issues that affect global economic stability. The top post at the IMF is managing director and chairperson and the present (2020) incumbent is Kristalina Georgieva who replaced Christine Lagarde in this role in late 2019. Georgieva was the first representative from an emerging market economy (Bulgaria) to be appointed as head of the IMF. Working for the World Bank since 1993, she eventually became chairperson and later acting president before moving to the IMF. The financial resources of the IMF are, in the main, provided by member countries by way of quotas (which are broadly based on each country’s relative economic strengths). In 1969, the IMF created the Special Drawing Right (SDR) which is an international reserve asset and may be used to bolster member countries' official reserves.

Cyprus on the Mend?

By Delia Velculescu, IMF Mission Chief for Cyprus Speech given at the Economist Conference, Nicosia, November 25, 2013 Much has already been accomplished in the relatively short time since the approval

Global Interconnections and Spillovers

Extracts from a Speech By Christine Lagarde, Managing Director, International Monetary Fund U.S. Chamber of Commerce, September 19, 2013 I. The Global Economy Today I recently returned from the G-20

IMF: Sri Lanka Has the Potential

On July 9, Anoop Singh, Director of the IMF’s Asia Pacific Department, delivered the keynote speech at the inauguration of the 2013 Sri Lanka Economic Summit, held in Colombo. The

IMF: Ireland Approaching Best Practice in Fiscal Reporting & Forecasting

The IMF published on July 16th a Fiscal Transparency Assessment (FTA) report for Ireland, which was carried out at the request of the Irish Government by a Fiscal Affairs Department
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IMF: KSA Is One of The Top G-20 Performers

On July 08, 2013, the Executive Board of the International Monetary Fund (IMF) concluded the Article IV consultation with Saudi Arabia. Saudi Arabia has been one of the best performing

Aid for Trade: Supporting the World’s Poorest

The Heads of Agency of the Enhanced Integrated Framework (EIF) – Aid for Trade in action for Least Developed Countries (LDCs) – met in Geneva on 8 July during the

Italy: IMF Mission Statement

An IMF team visited Italy from June 24 to July 4, 2013, for the annual evaluation of the economy as part of the regular consultations under Article IV of the

Lagarde on the Prerequisites for a Strong Global Economy

Extracts from a Speech to the Washington Foreign Law Society by Christine Lagarde, Managing Director, International Monetary Fund (June 4th 2013). I should start with a brief update on the
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IMF Facility for Mali: And Hopes for a Resumption of Growth

The Executive Board of the International Monetary Fund (IMF) approved a disbursement of an amount equivalent to SDR 10 million (about US$15.1 million) for Mali under the Rapid Credit Facility

The IMF on Prospects for Growth: Latin America & Caribbean

Growth in Latin America and the Caribbean is set to pick up from 3 percent in 2012 to 3½ percent in 2013, supported by stronger external demand, favorable financing conditions,

IMF: Anything that Works to Create Jobs

A broad mix of policies is needed to help put the global economy on a sustained and balanced growth path, the IMF said as it wrapped up the 2013 Spring

IMF on Global Financial Security: Old Risks, New Risks

The global financial system is far more stable than it was six months ago, but a number of challenges remain. The International Monetary Fund’s latest Global Financial Stability Report says
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