International Monetary Fund
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The International Monetary Fund (IMF) is an international organization formed in 1944, headquartered in Washington, D.C., consisting of 189 countries working for international financial stability & cooperation.
The IMF at a Glance (22 March 2019)
- The International Monetary Fund, or IMF, promotes international financial stability and monetary cooperation. It also facilitates international trade, promotes employment and sustainable economic growth, and helps to reduce global poverty. The IMF is governed by and accountable to its 189 member countries.
- Founding and mission: The IMF was conceived in July 1944 at the United Nations Bretton Woods Conference in New Hampshire, United States. The 44 countries in attendance sought to build a framework for international economic cooperation and avoid repeating the competitive currency devaluations that contributed to the Great Depression of the 1930s. The IMF's primary mission is to ensure the stability of the international monetary system—the system of exchange rates and international payments that enables countries and their citizens to transact with each other.
- Providing loans to member countries that are experiencing actual or potential balance-of-payments problems is a core responsibility of the IMF. Individual country adjustment programs are designed in close cooperation with the IMF and are supported by IMF financing, and ongoing financial support is dependent on effective implementation of these adjustments.
- The IMF provides technical assistance and training to help member countries build better economic institutions and strengthen related human capacities. This includes, for example, designing and implementing more effective policies for taxation and administration, expenditure management, monetary and exchange rate policies, banking and financial system supervision and regulation, legislative frameworks, and economic statistics.
In Conversation with Kristalina Georgieva on Pursuing a Green Economic Recovery" (16 Sep 2020)
- We know that the changing climate is triggering catastrophic weather events. And we know that unless we act decisively to mitigate the causes and adapt to the changes in the climate, we are going to be in very deep trouble. So, why is this relevant for the IMF? The reason is straightforward. Our mandate is stability, growth, employment and improving in living standards. We are not going to have stability unless we address the climate crisis.
- We can address the COVID the recovery that is necessary and we can address the climate crisis... We are committed to support our members with analytical work and through the programs we finance for an accelerated transition to a future of low-carbon climate-resilient growth... In the near term, giving priority to green investment in the recovery packages would support job-rich growth. As the economies recover, a gradual increase in carbon prices, well anchored in forward guidance, would provide much needed revenues and create a virtuous circle of adjustments in consumer behavior and new investments.
- The current crisis is both a risk and an opportunity. It would be short-sighted to go back to the economy of yesterday with its problems of growing inequality. We should look forward and take the opportunity to build a bridge to something better: a world that is fairer and more equitable; greener and more sustainable, smarter and above all more resilient.
- If it is an element of liberation for Latin America, I believe that it should have demonstrated that. Until now, I have not been aware of any such demonstration. The IMF performs an entirely different function: precisely that of ensuring that capital based outside of Latin America controls all of Latin America.
- Che Guevara, Regarding the International Monetary Fund, in an interview for Radio Rivadavia of Argentina (3 November 1959)
- The interests of the IMF represent the big international interests that today seem to be established and concentrated in Wall Street.
- Che Guevara, Regarding the IMF, in an interview for Radio Rivadavia of Argentina (3 November 1959)
- What happens to the political sovereignty of poor countries that do not have the infrastructure that is available in Europe and north America when they are told that, because of the debt crisis, they must open up their economies to multinational capital to do whatever it will, and when the IMF and the World bank tell them that they must cut social expenditure? They are now told that they must pursue free trade policies for farm products. Those policies add up to disaster for poor countries.
- Jeremy Corbyn Speech in the House of Commons (23 November 1990).
- Osama Bin Laden and George Bush were both terrorists. They were both building international networks that perpetrate terror and devastate people’s lives. Bush with the Pentagon, the WTO, the IMF and the World Bank. Bin Laden with Al-Qaeda. The difference is that nobody elected Bin Laden.
- Arundhati Roy in The Shape of the Beast: Conversations with Arundhati Roy (2008)
- Throughout the 1980s and 90s, when many developing countries were in crisis and borrowing money from the International Monetary Fund, waves of protests in those countries became known as the "IMF riots". They were so called because they were sparked by the fund's structural adjustment programmes, which imposed austerity, privatisation and deregulation.
- Being told by the IMF to go easy on austerity is like being told by the Spanish Inquisition to be more tolerant of heretics.
- Ha-Joon Chang quoted in "Watch out, George Osborne: Smith, Marx and even the IMF are after you", The Guardian, 8 May 2013.
- The COVID-19 pandemic wreaked havoc on global supply chains but new International Monetary Fund research shows that more diversification of source countries and inputs can significantly reduce the economic drag from supply disruptions.