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

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