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Any country may apply for membership to the IMF. The application
will be considered first by the IMF's Executive Board. After its
consideration, the Executive Board will submit a report to the Board
of Governors of the IMF with recommendations in the form of a
"Membership Resolution." These recommendations cover the
amount of quota in the IMF, the form of payment of the
subscription, and other customary terms and conditions of
membership. After the Board of Governors has adopted the
"Membership Resolution," the applicant state needs to take the
legal steps required under its own law to enable it to sign the IMF's
Articles of Agreement and to fulfil the obligations of IMF
membership.
Membership in the World Bank requires membership
in the IMF, and they are both specialized agencies of
the United Nations. The World Bank was given
domain over long-term financing for nations in need,
while the IMF's mission was to monitor exchange
rates, provide short-term financing for balance of
payments adjustments, provide a forum for discussion
about international monetary concerns, and give
technical assistance to member countries.
PURPOSE OF IMF
. The IMF purposes are outlined in Article I of the IMF
Articles of Agreement.
They are the promotion of international monetary
cooperation.
The expansion and balanced growth of international trade.
Exchange rate stability.
The elimination of restrictions on the international flow of
capital.
The orderly adjustment of balance of payment (BOP)
imbalances.
MEMBERS OF IMF
IMF HEADQUATER AT WASHINGTON,DC
FUNCTIONS OF IMF
IMF describes itself as "an organization of 185 countries, working
to foster global monetary cooperation, secure financial stability,
facilitate international trade, promote high employment and
sustainable economic growth, and reduce poverty".
Other
European
29%
Union
31%
South
America
ASEAN+3 6%
13%
United States
Af rica
17%
4%
TECHNICAL ASSISTANCE
IMF offers advices to the member countries regarding
the formulation and implementation of ‘economic
management’.
The fund provided the training course on ‘financial
analysis and policy’,fiscal policy etc.It provides
training on ‘balance of payments methodology’,public
finance,central banking services,organisationand
administration of central bank.
It sends teams of experts to various developing
countries in order to provide training,conducting
surveys,formulation of monetary policy etc.
IMF LENDING
A core responsibility of the IMF is to provide loans to countries
experiencing balance of payments problems.
The financial assistance enables countries to rebuild there
international reserves, continue paying for imports and restore
conditions for strong economic growth.
Unlike development banks,the IMF doesn’t lend for specific
projects.
An IMFloan is usually provided under an arrangement which
stipulates the specific policies and measures a country has agreed
to implement to resolve its balance of payments problems.
Once an arrangement is approved by the board ,the loan is
released in phased installments as the program is carried out.
IMF AND INDIA
Joint india-imf training program (ITP) is established
in pune.
The ITP provides policy-oriented training in
economics and related operational fields to officials in
india.
Courses covers macroeconomics management and
policies,financial programming,monetory
policy,exchange rate policy and foreign exchange
operations.
The cost of running the ITP program is shared by the
IMF,reserve bank of india,government of australia.
From,1970,India no longer appointed its own
executive director, as it lost its place among
the five countries with the largest quota.It was
replased by japan.
IMF gives a lost of recommentations ,when
they visit India,and the Indian government
flush them down the toilet.
CRITICISM REGARDING IMF
The united states is the biggest shareholders in
the IMF,holding nearly 18% in shares,and the
IMF is generally considered a tool of the
U.S.treasury.
IMF steps in and provide money,reform are
not forthcoming.forexample-despite a post-
crisis recovery in some asian
countries,fundamental strutural reform has not
taken place in any of of the asians countries.
IMF says, it makes loans in exachange for
policy reform,it has not been successful in
turning countries to the free market.Instead,the
fund has created loan addicts, “more than 70
nations have depended on imf aid for 20 or
more years,24 countries have received IMF
creidts for 30 or more years.
One of the biggest critiques of the IMF and
world bank is that they hardly ever co-ordinate
their activities
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