The International Monetary Fund (IMF) is an international organization headquartered in Washington, D.C.

, consisting of
189 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 while periodically depending on
[1]
the World Bank for its resources. Formed in 1944 at the Bretton Woods Conference primarily by the ideas of Harry Dexter
[6]
White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of
reconstructing the international payment system. It now plays a central role in the management of balance of
[7]
payments difficulties and international financial crises. Countries contribute funds to a pool through a quota system from
which countries experiencing balance of paymentsproblems can borrow money. As of 2016, the fund had XDR 477 billion
[8]
(about US$ 667 billion).
Through the fund and other activities such as the gathering of statistics and analysis, surveillance of its members'
[9]
economies, and the demand for particular policies, the IMF works to improve the economies of its member
[10] [11]
countries. The organization's objectives stated in the Articles of Agreement are: to promote international monetary co-
operation, international trade, high employment, exchange-rate stability, sustainable economic growth, and making
[12]
resources available to member countries in financial difficulty. IMF funds come from two major sources: quotas and loans.
Quotas, which are pooled funds of member nations, generate most IMF funds. The size of a member's quota depends on
its economic and financial importance in the world. Nations with larger economic importance have larger quotas. The quotas
[13]
are increased periodically as a means of boosting the IMF's resources in the form of special drawing rights.

Functions[edit]
According to the IMF itself, it works to foster global growth and economic stability by providing policy advice and financing
[16]
the members by working with developing nations to help them achieve macroeconomic stability and reduce poverty. The
rationale for this is that private international capital markets function imperfectly and many countries have limited access to
financial markets. Such market imperfections, together with balance-of-payments financing, provide the justification for
official financing, without which many countries could only correct large external payment imbalances through measures
[17]
with adverse economic consequences. The IMF provides alternate sources of financing.
Upon the founding of the IMF, its three primary functions were: to oversee the fixed exchange rate arrangements between
[18]
countries, thus helping national governments manage their exchange rates and allowing these governments to prioritize
[19] [18]
economic growth, and to provide short-term capital to aid the balance of payments. This assistance was meant to
prevent the spread of international economic crises. The IMF was also intended to help mend the pieces of the international
[19]
economy after the Great Depression and World War II, as well as provide capital investments for economic growth and
projects such as infrastructure.

Conditionality of loans[edit]
[18]
IMF conditionality is a set of policies or conditions that the IMF requires in exchange for financial resources. The IMF
does require collateral from countries for loans but also requires the government seeking assistance to correct its
[25] [18][26]
macroeconomic imbalances in the form of policy reform. If the conditions are not met, the funds are withheld. The
concept of conditionality was introduced in a 1952 Executive Board decision and later incorporated into the Articles of
Agreement.
Conditionality is associated with economic theory as well as an enforcement mechanism for repayment. Stemming primarily
from the work of Jacques Polak, the theoretical underpinning of conditionality was the "monetary approach to the balance
[19]
of payments".
Structural adjustment[edit]
Further information: Structural adjustment
Some of the conditions for structural adjustment can include:

• Cutting expenditures or raising revenues, also known as austerity.

• Focusing economic output on direct export and resource extraction,
• Devaluation of currencies,
• Trade liberalisation, or lifting import and export restrictions,
• Increasing the stability of investment (by supplementing foreign direct investment with the opening of domestic stock
markets),
• Balancing budgets and not overspending,
• Removing price controls and state subsidies,
• Privatization, or divestiture of all or part of state-owned enterprises,
• Enhancing the rights of foreign investors vis-a-vis national laws,
• Improving governance and fighting corruption.
These conditions are known as the Washington Consensus.

Benefits[edit]
These loan conditions ensure that the borrowing country will be able to repay the IMF and that the country will not attempt
[27][28]
to solve their balance-of-payment problems in a way that would negatively impact the international economy. The
incentive problem of moral hazard—when economic agents maximise their own utility to the detriment of others because
they do not bear the full consequences of their actions—is mitigated through conditions rather than providing collateral;
[28]
countries in need of IMF loans do not generally possess internationally valuable collateral anyway.
Conditionality also reassures the IMF that the funds lent to them will be used for the purposes defined by the Articles of
[28]
Agreement and provides safeguards that country will be able to rectify its macroeconomic and structural imbalances. In
the judgment of the IMF, the adoption by the member of certain corrective measures or policies will allow it to repay the
[26]
IMF, thereby ensuring that the resources will be available to support other members.
As of 2004, borrowing countries have had a very good track record for repaying credit extended under the IMF's regular
lending facilities with full interest over the duration of the loan. This indicates that IMF lending does not impose a burden on
creditor countries, as lending countries receive market-rate interest on most of their quota subscription, plus any of their
[17]
own-currency subscriptions that are loaned out by the IMF, plus all of the reserve assets that they provide the IMF.

Member countries[edit]
Not all member countries of the IMF are sovereign states, and therefore not all "member countries" of the IMF are members
[57]
of the United Nations. Amidst "member countries" of the IMF that are not member states of the UN are non-sovereign
areas with special jurisdictions that are officially under the sovereignty of full UN member states, such as Aruba, Curaçao,
[58][59]
Hong Kong, and Macau, as well as Kosovo. The corporate members appoint ex-officio voting members, who are listed
below. All members of the IMF are also International Bank for Reconstruction and Development (IBRD) members and vice
[citation needed]
versa.
[60]
Former members are Cuba (which left in 1964), and the Republic of China (Taiwan), which was ejected from the UN in
1980 after losing the support of then United States President Jimmy Carter and was replaced by the People's Republic of
[61] [62]
China. However, "Taiwan Province of China" is still listed in the official IMF indices.
Apart from Cuba, the other UN states that do not belong to the IMF are Andorra, Liechtenstein, Monaco and North Korea.
The former Czechoslovakia was expelled in 1954 for "failing to provide required data" and was readmitted in 1990, after the
[63]
Velvet Revolution. Poland withdrew in 1950—allegedly pressured by the Soviet Union—but returned in 1986.
Qualifications[edit]
Any country may apply to be a part of the IMF. Post-IMF formation, in the early postwar period, rules for IMF membership
were left relatively loose. Members needed to make periodic membership payments towards their quota, to refrain from
currency restrictions unless granted IMF permission, to abide by the Code of Conduct in the IMF Articles of Agreement, and
to provide national economic information. However, stricter rules were imposed on governments that applied to the IMF for
[19]
funding.
The countries that joined the IMF between 1945 and 1971 agreed to keep their exchange rates secured at rates that could
[64]
be adjusted only to correct a "fundamental disequilibrium" in the balance of payments, and only with the IMF's agreement.
Benefits[edit]
Member countries of the IMF have access to information on the economic policies of all member countries, the opportunity
to influence other members' economic policies, technical assistance in banking, fiscal affairs, and exchange matters,
[65]
financial support in times of payment difficulties, and increased opportunities for trade and investment.
 [5]
The World Bank (French: Banque mondiale) is an international financial institution that provides loans and grants to the
[6]
governments of poorer countries for the purpose of pursuing capital projects. It comprises of five institutions:
the International Bank for Reconstruction and Development(IBRD), and the International Development Association (IDA).
The World Bank is a component of the World Bank Group.
[7]
The World Bank's most recent stated goal is the reduction of poverty. As of November 2018, the largest recipients of World
[8][9]
Bank loans were India ($859 million in 2018) and China ($370 million in 2018), through loans from IBRD.
Fairness of assistance conditions[edit]
[84]
Some critics, most prominently the author Naomi Klein, are of the opinion that the World Bank Group's loans and aid
have unfair conditions attached to them that reflect the interests, financial power and political doctrines (notably
the Washington Consensus) of the Bank and, by extension, the countries that are most influential within it. Among other
allegations, Klein says the Group's credibility was damaged "when it forced school fees on students in Ghana in exchange
for a loan; when it demanded that Tanzania privatise its water system; when it made telecom privatisation a condition of aid
for Hurricane Mitch; when it demanded labour 'flexibility' in Sri Lanka in the aftermath of the Asian tsunami; when it pushed
for eliminating food subsidies in post-invasion Iraq"

Criteria[edit]
Various developments had brought the Millennium Development Goals targets for 2015 within reach in some cases. For
the goals to be realized, six criteria must be met: stronger and more inclusive growth in Africa and fragile states, more effort
in health and education, integration of the development and environment agendas, more as well as better aid, movement
[25]
on trade negotiations, and stronger and more focused support from multilateral institutions like the World Bank.

1. Eradicate Extreme Poverty and Hunger: From 1990 through 2004 the proportion of people living in extreme
poverty fell from almost a third to less than a fifth. Although results vary widely within regions and countries, the
trend indicates that the world as a whole can meet the goal of halving the percentage of people living in poverty.
Africa's poverty, however, is expected to rise, and most of the 36 countries where 90% of the world's
undernourished children live are in Africa. Less than a quarter of countries are on track for achieving the goal of
halving under-nutrition.
2. Achieve Universal Primary Education: The percentage of children in school in developing countries increased
from 80% in 1991 to 88% in 2005. Still, about 72 million children of primary school age, 57% of them girls, were
not being educated as of 2005.
3. Promote Gender Equality: The tide is turning slowly for women in the labor market, yet far more women than men-
worldwide more than 60% – are contributing but unpaid family workers. The World Bank Group Gender Action Plan
was created to advance women's economic empowerment and promote shared growth.
4. Reduce Child Mortality: There is some improvement in survival rates globally; accelerated improvements are
needed most urgently in South Asia and Sub-Saharan Africa. An estimated 10 million-plus children under five died
in 2005; most of their deaths were from preventable causes.
5. Improve Maternal Health: Almost all of the half million women who die during pregnancy or childbirth every year
live in Sub-Saharan Africa and Asia. There are numerous causes of maternal death that require a variety of health
care interventions to be made widely accessible.
6. Combat HIV/AIDS, Malaria, and Other Diseases: Annual numbers of new HIV infections and AIDS deaths have
fallen, but the number of people living with HIV continues to grow. In the eight worst-hit southern African countries,
prevalence is above 15 percent. Treatment has increased globally, but still meets only 30 percent of needs (with
wide variations across countries). AIDS remains the leading cause of death in Sub-Saharan Africa (1.6 million
deaths in 2007). There are 300 to 500 million cases of malaria each year, leading to more than 1 million deaths.
Nearly all the cases and more than 95 percent of the deaths occur in Sub-Saharan Africa.
7. Ensure Environmental Sustainability: Deforestation remains a critical problem, particularly in regions of biological
diversity, which continues to decline. Greenhouse gas emissions are increasing faster than energy technology
advancement.
8. Develop a Global Partnership for Development: Donor countries have renewed their commitment. Donors have
to fulfill their pledges to match the current rate of core program development. Emphasis is being placed on the
Bank Group's collaboration with multilateral and local partners to quicken progress toward the MDGs' realization.
To make sure that World Bank-financed operations do not compromise these goals but instead add to their realisation,
environmental, social and legal safeguards were defined. However, these safeguards have not been implemented entirely
yet. At the World Bank's annual meeting in Tokyo 2012 a review of these safeguards has been initiated, which was
[26]
welcomed by several civil society organisations.

The Organisation for Economic Co-operation and Development (OECD; French: Organisation de coopération et
de développement économiques, OCDE) is an intergovernmental economic organisation with 36 member
countries,[1] founded in 1961 to stimulate economic progress and world trade. It is a forum of countries describing
themselves as committed to democracy and the market economy, providing a platform to compare policy experiences,
seek answers to common problems, identify good practices and coordinate domestic and international policies of its
members. Most OECD members are high-income economies with a very high Human Development Index (HDI) and
are regarded as developed countries. As of 2017, the OECD member countries collectively comprised 62.2% of global
nominal GDP (US$49.6 trillion)[3] and 42.8% of global GDP (Int$54.2 trillion) at purchasing power parity.[4] The OECD
is an official United Nations observer.[5]
In 1948, the OECD originated as the Organisation for European Economic Co-operation (OEEC),[6] led by Robert
Marjolin of France, to help administer the Marshall Plan (which was rejected by the Soviet Unionand its satellite
states).[7] This would be achieved by allocating United States financial aid and implementing economic programs for
the reconstruction of Europe after World War II. (Similar reconstruction aid was sent to the war-torn Republic of
China and post-war Korea, but not under the name "Marshall Plan".)[8]
In 1961, the OEEC was reformed into the Organisation for Economic Co-operation and Development by
the Convention on the Organisation for Economic Co-operation and Development and membership was extended to
non-European states.[9][10] The OECD's headquarters are at the Château de la Muette in Paris, France.[11] The OECD
is funded by contributions from member countries at varying rates and had a total budget of €374 million in 2017.[2]

Taxation[edit]
The OECD publishes and updates a model tax convention that serves as a template for allocating taxation rights between
countries. This model is accompanied by a set of commentaries that reflect OECD-level interpretation of the content of the
model convention provisions. In general, this model allocates the primary right to tax to the country from which capital
investment originates (i.e., the home, or resident country) rather than the country in which the investment is made (the host,
or source country). As a result, it is most effective as between two countries with reciprocal investment flows (such as among
the OECD member countries), but can be unbalanced when one of the signatory countries is economically weaker than the
other (such as between OECD and non-OECD pairings). Additionally, the OECD has published and updated the Transfer
Pricing Guidelines since 1995. The Transfer Pricing Guidelines serve as a template for profit allocation of intercompany
transactions to countries. The latest version, of July 2017, incorporates the approved Actions developed under the Base
Erosion and Profit Shifting (BEPS) project initiated by the G20.

Publishing[edit]
The OECD publishes books, reports, statistics, working papers and reference materials. All titles and databases published
since 1998 can be accessed via OECD iLibrary.
The OECD Library & Archives collection dates from 1947, including records from the Committee for European Economic
Co-operation (CEEC) and the Organisation for European Economic Co-operation (OEEC), predecessors of today's OECD.
External researchers can consult OECD publications and archival material on the OECD premises by appointment.

Books[edit]
The OECD releases between 300 and 500 books each year. The publications are updated accordingly to the OECD iLibrary.
[vague]
Most books are published in English and French. The OECD flagship titles include:

• The OECD Economic Outlook, published twice a year. It contains forecast and analysis of the economic situation of the
OECD member countries.
• The Main Economic Indicators, published monthly. It contains a large selection of timely statistical indicators.
• The OECD Factbook, published yearly and available online, as an iPhone app and in print. The Factbook contains
more than 100 economic, environmental and social indicators, each presented with a clear definition, tables and graphs.
 The Factbook mainly focuses on the statistics of its member countries and sometimes other major additional countries.
It is freely accessible online and delivers all the data in Excel format via StatLinks.
• The OECD Communications Outlook and the OECD Internet Economy Outlook (formerly the Information Technology
Outlook), which rotate every year. They contain forecasts and analysis of the communications and information
technology industries in OECD member countries and non-member economies.
• In 2007 the OECD published Human Capital: How what you know shapes your life, the first book in the OECD
Insightsseries. This series uses OECD analysis and data to introduce important social and economic issues to non-
specialist readers. Other books in the series cover sustainable development, international trade and international
migration.
[n 1]
All OECD books are available on the OECD iLibrary, the online bookshop or OECD Library & Archives.

Magazine[edit]
[n 2] [37]
OECD Observer, an award-winning magazine launched in 1962. The magazine appeared six times a year until 2010,
[n 3]
and became quarterly in 2011 with the introduction of the OECD Yearbook, launched for the 50th anniversary of the
[38] [39]
organisation. The online and mobile editions are updated regularly. News, analysis, reviews, commentaries and data
on global economic, social and environmental challenges. Contains listing of the latest OECD books, plus ordering
[40] [41]
information. An OECD Observer Crossword was introduced in Q2 2013.

Statistics[edit]
The OECD is known as a statistical agency, as it publishes comparable statistics on a wide number of subjects. In July
2014, the OECD publicly released its main statistical databases through the OECD Data Portal, an online platform that
[42][43]
allows visitors to create custom charts based on official OECD indicators.
OECD statistics are available in several forms:

• as interactive charts on the OECD Data Portal,

• as interactive databases on iLibrary together with key comparative and country tables,
• as static files or dynamic database views on the OECD Statistics portal,
• as StatLinks (in most OECD books, there is a URL that links to the underlying data).