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INTERNATIONAL MONETARY FUND (IMF)
INTERNATIONAL MONETARY FUND IS AN ORGANISATION OF 188 COUNTRIES WORKING TO FOSTER GLOBAL MONETARY COOPERATION, SECURE FINANCIAL STABILITY , FACILITATE INTERNATIONAL TRADE, PROMOTE HIGH EMPLOYMENT , SUSTAINABLE ECONOMIC GROWTH AND REDUCE POVERTY AROUND THE WORLD.
IMF WAS CREATED IN 1945.
THE 44 COUNTRIES IN 1944 AT THE CONFERENCE SOUGHT TO BUILD A FRAME WORK FOR ECONOMIC COOPERATION TO AVOID REPETITION OF THE COMPETITIVE DEVALUATION THAT HAD CONTRIBUTED TO THE GREAT DEPRESSION OF THE 1930s.
HEADQUATERS IN WASHINGTON DC.
TOTAL QUOTAS -- US$327 BILLION.
AIMS OF IMF ---
A CORE RESPONSIBILITY OF IMF IS TO PROVIDE LOANS TO MEMBER COUNTRIES EXPERIENCING ACTUAL OR POTENTIAL BALANCE OF PAYMENTS PROBLEMS.
UNLIKE DEVELOPMENT BANKS IMF DOES NOT LEND FOR SPECIFIC PROJECTS.
GOLD REMAINS AN IMPORTANT ASSET IN THE RESERVE HOLDINGS OF SEVERAL COUNTRIES,AND THE IMF IS STILL THE WORLD LARGEST OFFICIAL HOLDER OF GOLD.
IMF WAS CREATED IN 1945.
THE 44 COUNTRIES IN 1944 AT THE CONFERENCE SOUGHT TO BUILD A FRAME WORK FOR ECONOMIC COOPERATION TO AVOID REPETITION OF THE COMPETITIVE DEVALUATION THAT HAD CONTRIBUTED TO THE GREAT DEPRESSION OF THE 1930s.
HEADQUATERS IN WASHINGTON DC.
TOTAL QUOTAS -- US$327 BILLION.
AIMS OF IMF ---
- PROMOTE INTERNATIONAL MONETARY COOPERATION.
- FACILITATE THE EXPANSION AND BALANCED GROWTH OF INTERNATIONAL TRADE.
- PROMOTE EXCHANGE STABILITY.
- ASSIST IN THE ESTABLISHMENT OF A MULTILATERAL SYSTEM OF PAYMENTS.
A CORE RESPONSIBILITY OF IMF IS TO PROVIDE LOANS TO MEMBER COUNTRIES EXPERIENCING ACTUAL OR POTENTIAL BALANCE OF PAYMENTS PROBLEMS.
UNLIKE DEVELOPMENT BANKS IMF DOES NOT LEND FOR SPECIFIC PROJECTS.
GOLD REMAINS AN IMPORTANT ASSET IN THE RESERVE HOLDINGS OF SEVERAL COUNTRIES,AND THE IMF IS STILL THE WORLD LARGEST OFFICIAL HOLDER OF GOLD.
THE INTERNATIONAL MONETARY FUND ADMITTED CHINA'S
YUAN INTO ITS BENCHMARK CURRENCY BASKET , AS EXPECTED, IN A VICTORY
FOR BEIJING'S CAMPAIGN FOR RECOGNITION AS A GLOBAL ECONOMIC POWER.
THE DECISION TO ADD THE YUAN, ALSO KNOWN AS THE RENMINBI, TO THE SPECIAL DRAWING RIGHTS (SDR) BASKET ALONGSIDE THE DOLLAR, EURO, POUND STERLING AND YEN, IS AN IMPORTANT MILESTONE IN CHINA'S INTEGRATION INTO GLOBAL FINANCES AND A NOD TO THE PROGRESS IT HAS MADE WITH REFORMS.
THE DECISION TO ADD THE YUAN, ALSO KNOWN AS THE RENMINBI, TO THE SPECIAL DRAWING RIGHTS (SDR) BASKET ALONGSIDE THE DOLLAR, EURO, POUND STERLING AND YEN, IS AN IMPORTANT MILESTONE IN CHINA'S INTEGRATION INTO GLOBAL FINANCES AND A NOD TO THE PROGRESS IT HAS MADE WITH REFORMS.
THE INTERNATIONAL MONETARY FUND SHOULD WEAR THE HAT OF A REGULATOR OF
GLOBAL CENTRAL BANKS TO HALT THE MONETARY AUTHORITIES OF THE WESTERN WORLD FROM
DESTABILISING THE GLOBAL ECONOMY WITH PROLONGED IMPRUDENT POLICIES TO LIFT
THEIR SAGGING ECONOMIES, SAID RESERVE BANK OF INDIA GOVERNOR RAGHURAM RAJAN.
SUFFERING RICH NATIONS WHICH HAVE DISPROPORTIONATE REPRESENTATIONS IN MULTILATERAL INSTITUTIONS SUCH AS THE WORLD BANK AND THE ASIAN DEVELOPMENT BANK SHOULD NOT BE A STUMBLING BLOCK IN ENHANCING THE FUNDING OF THESE INSTITUTIONS WHICH COULD PROVIDE LONG-TERM CAPITAL TO BUILD INFRASTRUCTURE IN EMERGING MARKETS INSTEAD OF HOT MONEY FLOWS FROM CHEAP MONETARY POLICIES OF THE WEST, HE SAID.
SUFFERING RICH NATIONS WHICH HAVE DISPROPORTIONATE REPRESENTATIONS IN MULTILATERAL INSTITUTIONS SUCH AS THE WORLD BANK AND THE ASIAN DEVELOPMENT BANK SHOULD NOT BE A STUMBLING BLOCK IN ENHANCING THE FUNDING OF THESE INSTITUTIONS WHICH COULD PROVIDE LONG-TERM CAPITAL TO BUILD INFRASTRUCTURE IN EMERGING MARKETS INSTEAD OF HOT MONEY FLOWS FROM CHEAP MONETARY POLICIES OF THE WEST, HE SAID.
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