International Monetary Fund Role Imf - 1275 Words

International Monetary Fund Role According to their website (www.imf.org), the International Monetary Fund (IMF) is an organization of 188 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. The organization was created in 1945 and is governed by and accountable to the 188 that make up its near-global membership. Some notable countries that are part of the IMF are the United States, Japan, and China. Months prior to the crash, reports from the IMF on the developing Asian economies were positive and commended the countries for their ability to operate within the larger scale global economy. Months later, the IMF was forced to develop multibillion dollar emergency packages for the same countries. A year later other countries, such as Russia and Brazil, too required support and billions of dollars. In total, the IMF arranged around $184 billion in an attempt to maintain the global economy. Part of the IMF emergency packages included the enforcement of shutting down failing banks and other financial institutions with significant debts followed by raising domestic interest rates. The idea was to reestablish the confidence that the nations affected by the crisis would be able to repay their long term debts by penalizing the bankrupt companies. Effect on the United States Though the markets didn’t collapse in theShow MoreRelatedThe International Monetary Fund And World Bank Group1644 Words   |  7 PagesThe International Monetary Fund and World Bank Group The International Monetary Fund (IMF) and the World Bank have had enormous impact upon the world’s economies since their inception, after World War II. Although each of these organizations has a similar history, their role, objectives and funding are unique. These Washington DC-based organizations have drawn more than their share fair share of criticism as well as praise. Modern nations require thoroughly understand of these organizations. TheRead MoreThe World Trade Organization Essay1690 Words   |  7 Pagesi will be talking about include the World Bank, International Monetary Fund and the World Trade Organisation. These organisations provide loans, grants and practical assistance to governments, in addition to loaning money to assist private businesses within developing countries. They also play a significant role in the privatisation and overseeing of public utilities and natural resources. The World Bank (WB) and the International Monetary Fund (IMF), often called the Bretton Woods Institutions, areRead MoreWorld War II : The Great Depression Of The 1930s1037 Words   |  5 Pagesthe Allied Powers established the International Monetary Fund or IMF; yet, the International Monetary Fund has more failures than its successes. Origin and Structure of the International Monetary Fund In July 1944, delegates from forty-four countries met in Bretton Woods, New Hampshire for a conference. The meeting established the Bretton Woods System, a series of financial international organizations, such as the World Bank and the International Monetary Fund. In 1945, twenty-nine countries signedRead MoreIMF : The Role Of International Institutions In Economy1045 Words   |  5 PagesRole of International Institutions in Economy: - IMF The IMF, in its 2010 published report, expects an average global growth rate of three percent. This is due to countries such as China, India and Russia. Thanks to them, the financial crisis in rich countries will not lead to a complete economic collapse, but will only slow down growth, experts say. In industrialized countries, stagnation or even recession will occur - in the best case the IMF expects zero growth. 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As the world was still engaged in the Second World War, forty-four nations met at Bretton wood, New HampshireRead MoreRoles of International Financial Institutions1173 Words   |  5 PagesRoles of International Financial Institutions Marcus Jenkins MGT448 January 10, 2011 Paul Bogert Introduction When listening to the latest television report concerning global business news or world economics, names of financial institutions such as World Bank, International Monetary Funds, and Asian Development Bank may be the center of some discussion. A major player on the global forefront, international financial institutions function much differently from local neighborhoodRead MoreDebt Relief: A Review of the HIPC Initiative1521 Words   |  6 Pageswealthy nations through the combined efforts of the IMF and World Bank. This initiative actively seeks the abatement of outside debt through depreciation by official donors. It was made to help the poorest of nations though some criticize it is only offering aid to rich countries with decline in aid to truly needy ones. The IMF or International Monetary Fund was set up as a last resort means of aiding struggling countries. The International Monetary Fund, based in Washington, D.C., is the global economysRead MoreThe Crisis Of Bolivia As Economy1661 Words   |  7 Pageshas now an accumulated valuable amount of rainy-day fund of foreign reserves. Ana Corbacho, the International Monetary Fund’s chief of mission said of Bolivia’s growth: â€Å"Bolivia has in a way been an outlier. The general trend is we have been revising down our growth forecast, except for Bolivia we have been revising upward† (William Neuman Pg.1). Currently, they have received praise from the International Monetary Fund and further international financial institutions. These compliments come as a