International Monetary Fund

The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 190 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate stability. Its stated mission is "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."
international-monetary-fund

Some of the key events about International Monetary Fund

  • 1944
    Established at the Bretton Woods Conference to promote international monetary cooperation
  • 1947
    Began providing financial assistance to member countries facing balance of payments difficulties
  • 1952
    Imposed harsh austerity measures on Iran, contributing to political instability
  • 1969
    Created Special Drawing Rights (SDRs) as a supplementary international reserve asset
  • 1973
    Adapted its role to manage the floating exchange rate system after the collapse of Bretton Woods
  • 1976
    Implemented structural adjustment programs in developing countries, often leading to increased poverty
  • 1982
    Mishandled the Latin American debt crisis, exacerbating economic hardships in the region
  • 1986
    Introduced the Structural Adjustment Facility to provide concessional lending to low-income countries
  • 1996
    Launched the Heavily Indebted Poor Countries (HIPC) Initiative to reduce the debt burden of poor countries
  • 1997
    Failed to predict or prevent the Asian financial crisis, leading to widespread economic turmoil
  • 1998
    Recommended policies that deepened Russia's economic crisis following the collapse of the ruble
  • 1999
    Introduced the Poverty Reduction and Growth Facility to focus on poverty reduction in its lending
  • 2001
    Criticized for its role in Argentina's economic collapse through promotion of neoliberal policies
  • 2008
    Underestimated the severity of the global financial crisis, delaying effective response
  • 2009
    Tripled its lending capacity to $750 billion in response to the global financial crisis
  • 2010
    Implemented governance reforms to increase the representation of emerging market economies
  • 2010
    Imposed strict austerity measures on Greece, contributing to prolonged recession and social unrest
  • 2011
    Recommended policies that exacerbated economic difficulties in Portugal during its bailout program
  • 2016
    Admitted to "notable failures" in its handling of Greece's first bailout, acknowledging policy mistakes
  • 2020
    Provided emergency financing to 85 countries to address the COVID-19 pandemic's economic impact

Disclaimer: This material is written based on information taken from open sources, including Wikipedia, news media, podcasts, and other public sources.

International Monetary Fund Latest news

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Kenya Urged to Request IMF Corruption Assessment Amid Lending Stalemate

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Sri Lanka to Discuss $2.9 Billion IMF Bailout at Washington Meetings

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Saudi Arabia Projects Wider 2024 Deficit Amid Vision 2030 Investments

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IMF and Ethiopia Agree on Economic Policies for $3.4 Billion Loan Review

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Economics, Politics • September 27 2024, 08:50 PM  •  1280 views
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Senegal's Bonds Tumble as Audit Unveils Higher Debt and Deficit

Senegal's dollar bonds fell after a government audit revealed larger debt and deficit figures. The new administration chose not to request an IMF disbursement in July, as discussions continue on the way forward.

Economics, Politics • September 27 2024, 11:45 AM  •  65 views
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Argentina's Poverty Rate Surges to 53% Amid Economic Reforms

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Economics, Politics • September 27 2024, 11:02 AM  •  17 views
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Senegal Uncovers Financial Discrepancies, Seeks IMF Guidance

Senegal's new government reveals significant budget deficit discrepancies from previous administration. Discussions with IMF underway for corrective measures as audit shows deficit exceeding 10%, contrary to reported 5%.

Economics, Politics • September 27 2024, 10:56 AM  •  15 views
Pakistan Secures Major Financial Backing from China, Saudi Arabia, and UAE

Pakistan Secures Major Financial Backing from China, Saudi Arabia, and UAE

Pakistan obtains significant financial assurances from key allies, surpassing a $12 billion loan rollover. IMF approves a new $7 billion loan program, marking the country's 23rd bailout since 1958.

Economics, Politics • September 27 2024, 10:25 AM  •  46 views
China Mulls Massive Capital Injection into State Banks to Bolster Economy

China Mulls Massive Capital Injection into State Banks to Bolster Economy

China considers injecting 1 trillion yuan into state banks to support its struggling economy. This move, part of broader stimulus measures, aims to boost lending capacity and revitalize markets.

Business, Economics • September 27 2024, 09:39 AM  •  46 views
China's Yuan: Striving for Global Prominence, Not Dominance

China's Yuan: Striving for Global Prominence, Not Dominance

China aims to strengthen the yuan's global role without challenging dollar supremacy. Despite progress, capital controls remain a significant obstacle to full internationalization of the Chinese currency.

Economics, Politics • September 27 2024, 09:20 AM  •  31 views
Sri Lanka's New President Faces Uphill Battle for Reform

Sri Lanka's New President Faces Uphill Battle for Reform

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Economics, Politics • September 27 2024, 09:06 AM  •  14 views
IMF Approves $7 Billion Loan Package for Pakistan's Economic Recovery

IMF Approves $7 Billion Loan Package for Pakistan's Economic Recovery

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Economics, Politics • September 27 2024, 08:58 AM  •  59 views
Pakistan Secures $7 Billion IMF Deal Amid Economic Challenges

Pakistan Secures $7 Billion IMF Deal Amid Economic Challenges

Pakistan's PM welcomes IMF's $7 billion funding approval. The 37-month loan program aims to stabilize the economy after recent crises, with support from China and Saudi Arabia.

Economics, Politics • September 27 2024, 08:43 AM  •  72 views
Kenya Nears $1.5 Billion UAE Loan Deal Amid Budget Challenges

Kenya Nears $1.5 Billion UAE Loan Deal Amid Budget Challenges

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Economics, Politics • September 25 2024, 02:39 PM  •  538 views
Argentina Eyes Streamlined IMF Talks, Potential New Funding Deal

Argentina Eyes Streamlined IMF Talks, Potential New Funding Deal

Argentina considers condensing IMF program reviews before seeking a new agreement. Economy Minister hints at possible additional funding and a 3-6 month negotiation timeline for fresh arrangements.

Economics, Politics • September 25 2024, 12:39 AM  •  251 views
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Xi's Power Play: China's Premature Superpower Ambitions Strain Economy

Xi Jinping's departure from Deng Xiaoping's cautious approach has led China to prioritize global influence over economic development. This strategy faces challenges as growth slows and international tensions rise.

Economics, Politics • September 24 2024, 04:07 PM  •  530 views
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Xi's Power Play: China's Superpower Ambitions Outpace Economic Reality

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Economics, Politics • September 24 2024, 03:15 PM  •  604 views
Sri Lanka's New Leadership: First Female PM in 24 Years Takes Office

Sri Lanka's New Leadership: First Female PM in 24 Years Takes Office

Sri Lanka's newly elected President Anura Kumara Dissanayake appoints Harini Amarasuriya as Prime Minister, marking a significant shift in the country's political landscape. The new leadership faces economic challenges amid public demand for change.

Economics, Politics • September 24 2024, 01:22 PM  •  533 views
Australia Sues Supermarket Giants for Alleged Price Manipulation

Australia Sues Supermarket Giants for Alleged Price Manipulation

Australian government takes legal action against Woolworths and Coles for deceptive pricing practices. The case highlights broader issues of inflation and cost of living pressures in Australia and globally.

Business, Economics • September 24 2024, 09:25 AM  •  463 views
Sri Lanka's New Leader Faces Economic Tightrope Walk Amid IMF Deal Uncertainty

Sri Lanka's New Leader Faces Economic Tightrope Walk Amid IMF Deal Uncertainty

Sri Lanka's newly elected president Anura Kumara Dissanayake confronts the challenge of balancing pro-poor policies with IMF requirements. His victory raises questions about the future of crucial economic reforms and debt restructuring.

Economics, Politics • September 24 2024, 06:57 AM  •  6073 views
Marxist Anura Dissanayake Wins Sri Lankan Presidency, Promising Change

Marxist Anura Dissanayake Wins Sri Lankan Presidency, Promising Change

Anura Dissanayake, a Marxist politician, secured victory in Sri Lanka's presidential election, defeating established candidates. He pledges to address corruption and improve living standards amidst economic challenges.

Economics, Politics • September 23 2024, 11:39 AM  •  1475 views