International Monetary Fund
Some of the key events about International Monetary Fund
- 1944Established at the Bretton Woods Conference to promote international monetary cooperation
- 1947Began providing financial assistance to member countries facing balance of payments difficulties
- 1952Imposed harsh austerity measures on Iran, contributing to political instability
- 1969Created Special Drawing Rights (SDRs) as a supplementary international reserve asset
- 1973Adapted its role to manage the floating exchange rate system after the collapse of Bretton Woods
- 1976Implemented structural adjustment programs in developing countries, often leading to increased poverty
- 1982Mishandled the Latin American debt crisis, exacerbating economic hardships in the region
- 1986Introduced the Structural Adjustment Facility to provide concessional lending to low-income countries
- 1996Launched the Heavily Indebted Poor Countries (HIPC) Initiative to reduce the debt burden of poor countries
- 1997Failed to predict or prevent the Asian financial crisis, leading to widespread economic turmoil
- 1998Recommended policies that deepened Russia's economic crisis following the collapse of the ruble
- 1999Introduced the Poverty Reduction and Growth Facility to focus on poverty reduction in its lending
- 2001Criticized for its role in Argentina's economic collapse through promotion of neoliberal policies
- 2008Underestimated the severity of the global financial crisis, delaying effective response
- 2009Tripled its lending capacity to $750 billion in response to the global financial crisis
- 2010Implemented governance reforms to increase the representation of emerging market economies
- 2010Imposed strict austerity measures on Greece, contributing to prolonged recession and social unrest
- 2011Recommended policies that exacerbated economic difficulties in Portugal during its bailout program
- 2016Admitted to "notable failures" in its handling of Greece's first bailout, acknowledging policy mistakes
- 2020Provided 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.
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Pakistani authorities implement strict measures to prevent supporters of jailed ex-PM Imran Khan from rallying in Islamabad. Roadblocks and communication disruptions aim to thwart planned protest.
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Escalating Middle East conflict adds uncertainty to the global economy. While immediate impacts are limited, experts warn of potential oil price spikes and growth setbacks if the situation worsens.
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Leaders of Malaysia and Pakistan agree to enhance bilateral trade and cooperation. The meeting addresses economic challenges and explores opportunities in various sectors amid Pakistan's political landscape.
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Kenya requests IMF evaluation of corruption and governance issues following Western pressure. The move comes as the nation grapples with debt concerns and recent protests over proposed tax hikes.
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Ethiopia presents debt restructuring proposal to bondholders, targeting agreement with creditors by year-end. IMF deal and currency float pave way for economic reforms in the ancient African nation.
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Ethiopia's debt restructuring efforts from 2020 to 2024 involve IMF programs, currency float, and bondholder negotiations. The country faces challenges amid economic reforms and seeks to stabilize its finances.
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IMF shareholders push Kenya for governance evaluation to unlock stalled $600 million loan. Recent protests and tax hike withdrawals complicate fiscal landscape, prompting calls for deficit reduction plan.
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