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International Monetary Fund

Abstract

One of the IMF's purposes, stated in its Articles of Agreement, is to “promote international monetary cooperation through a permanent institution which provides the machinery for consultation and collaboration on international monetary problems.”

International Monetary Fund

Abstract

The IMF continues to strengthen the quality and effectiveness of its surveillance operations. Its efforts in this area, which have been intense since the emerging market crises of the mid- and late 1990s, are aimed at ensuring that the Fund is as effective as possible in helping member countries improve the performance and resilience of their economies, minimizing adverse international spillovers from problems that arise, and identifying and addressing potential vulnerabilities in the international financial system.

International Monetary Fund

Abstract

The central goal of the IMF's work with its low-income member countries is to help them promote macroeconomic stability and growth, and thereby achieve deep and lasting poverty reduction. The Fund pursues this goal in close collaboration with other development partners—particularly the World Bank. In doing so, the IMF focuses on its core areas of responsibility and expertise, namely, helping member countries achieve stable macro-economic conditions by providing them with policy advice supported by financial and technical assistance.

International Monetary Fund

Abstract

The IMF is a cooperative financial institution that lends to member countries experiencing balance of payments problems. The IMF extends financing to members through three channels:

International Monetary Fund

Abstract

Surveillance is one of the IMF's three main activities, the other two being financial and technical assistance to its member countries. But whereas financial and technical assistance—discussed in Chapters 3 through 6—are provided only to countries that request and need them, the IMF's surveillance applies continuously to the economies of all member countries and to the global economy and financial system. The IMF's responsibilities in this area, set out in Article IV of its Articles of Agreement, are to oversee the international monetary system to ensure its effective operation, and to oversee the compliance of each member country with its obligations to collaborate with the IMF and other members to promote an orderly and stable system of exchange rates, broader financial and economic stability, and sound economic growth. It is mainly through its surveillance operations that the IMF works to help prevent financial and economic crises.

International Monetary Fund

Abstract

The provision of temporary financial support, in the form of loans of foreign exchange, to member countries with balance of payments difficulties is one of the IMF's main responsibilities. Its financial assistance is provided under a variety of policies and lending instruments (Table 3.1). Most forms of IMF financing are made conditional on the adoption by the recipient country of policies of adjustment and reform designed to correct the problems that gave rise to its need for support. Such conditionality is important also to ensure that the IMF's resources are safeguarded for the use of members in future need.

Parmeshwar Ramlogan and Mr. Bernhard Fritz-Krockow

Abstract

This paper describes the functions, policies, and operations of the IMF. The IMF is an independent international organization, and is a cooperative of 185 member countries, whose objective is to promote world economic stability and growth. The member countries are the shareholders of the cooperative, providing the capital of the IMF through quota subscriptions. In return, the IMF provides its members with macroeconomic policy advice, financing in times of balance-of-payments need, and technical assistance and training to improve national economic management.

International Monetary Fund

Abstract

In 2004, the year the IMF marked its 60th anniversary, its Managing Director, Rodrigo de Rato, initiated a broad strategic review of the organization’s operations. A management-staff Committee on the Strategic Review, chaired by First Deputy Managing Director Anne Krueger, was set up, and discussions were held between staff, management, and the Executive Board, as well as with country authorities and outside observers. In September 2005, the Managing Director presented a report1 outlining proposals for a Medium-Term Strategy (MTS) to the International Monetary and Financial Committee (IMFC), the primary advisory committee of the Fund’s Board of Governors, after it had been broadly endorsed by the Executive Board. This report suggested that a central tenet of the Fund’s work should be to help members meet the challenges of globalization. Using that framework, the report identified the Fund’s key tasks as enhancing the effectiveness of surveillance, adapting to new challenges and needs in different member countries, helping member countries build institutions and capacity, addressing the issue of fair quotas and voice, and prioritizing and reorganizing work within a prudent medium-term budget. The IMFC welcomed and supported the broad priorities set forth in the report, and looked forward to specific proposals and timelines on the main tasks identified.

International Monetary Fund

Abstract

During the financial year, the IMF made progress with a range of reforms that followed up on the 2004 Biennial Surveillance Review.1 It sharpened the focus of surveillance, deepened its coverage of exchange rate and financial sector issues, improved its analysis of debt sustain-ability and balance sheet vulnerabilities, paid greater attention to the possibility of regional and global spillovers (see Chapter 3), and enhanced surveillance in low-income countries (Chapter 6). Many of these steps were given added impetus by the Fund’s Medium-Term Strategy (Chapter 2), which was discussed by the International Monetary and Financial Committee (IMFC) at its April 2006 meeting. In its communiqué of April 22, 2006, the IMFC reiterated the importance of making IMF surveillance more effective (see Appendix IV for the full text of the communiqué).