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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.
(ix) To achieve balanced economic growth and high level of employment in member coun-tries.
Resources
IMF is a pool of central bank reserves and national currencies that are available to member countries under specified conditions. The capital of the IMF consists of the aggregate of the quotas allotted to the member countries member can pay its quota in its national currency. The IMF utilizes its gold holdings to acquire dollars and other currencies for its opera-tions.
Operations:
The IMF has shown great interest in the economic development of under development countries. It has made a steady progress towards the establishment of a multilateral system of payment in respect of current transactions. It has simplified the multiple exchange system. The IMF has promoted exchange rate stability and expansion of world trade. It has provided an excellent forum for the discussion and solution of economic, fiscal and financial problems having an international impact. The IMF has granted undue credit to some countries. Its insistence on devaluation in some cases proved ill advised. It has followed a week policy in the fixation of exchange rate. It has been charged as being partial to developed countries and not helping adequately the under developed countries.
Objectives
The objectives of the ADB are as under: (i) To promote economic cooperation and growth in Asia and the Far East. (ii) To encourage member countries to work both collectively and individually. (iii) To promote economic growth of member countries by reducing poverty. (iv) To provide technical assistance in the planning and execution of projects of member countries. (v) To support human development activities such as education, health, nutrition, popula-tion planning, etc. (vi) To provide support for policy reforms in order to create more opportunities for the poor.
Resources
The World Bank had initially authorised capital of $10 billion subscribed by the member countries in accordance with their economic strength. The United States of America is the largest subscriber. The Bank collects funds from members as well as by issue of international bonds.
(b) the reconversion of productive facilities to peaceful needs; and (c) the encouragement of the development of productive facilities and resources in less developing countries; (ii) To promote private investment by means of guarantee or participation in loans and other investments made by private investors. (iii) When private capital is not available on reasonable terms, to supplement private investment by providing on suitable conditions finance for productive purpose out of its own capital funds raised by it and its other resources. (iv) To promote the long-range balanced growth of international trade and the maintenance of equilibrium in balances of payments by encouraging international investment for the development of the produc-tive resources of members, thereby assisting in raising productivity, the standard of living, and conditions of labour in their territories. (v) To arrange the loans made or guaranteed by it in relation to international loans through other channels so that the more useful and urgent projects, large and small alike, will be dealt with first. (vi) To conduct its operations with due regard to the effect of international investment on business conditions in the territories of members and in the immediate postwar years, to assist in bringing about a smooth transition from a wartime to peacetime economy.