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International Monetary Fund (IMF)

International Monetary Fund (IMF). Ms. Sarah Jocelyn Pawlak Mr. Brian Edward Tesser. Roles of the IMF? What is it?. International monetary cooperation Exchange rate stability Balanced growth of international trade Poverty reduction Helps members balance debt Agency of the UN

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International Monetary Fund (IMF)

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  1. International Monetary Fund (IMF) Ms. Sarah Jocelyn Pawlak Mr. Brian Edward Tesser

  2. Roles of the IMF?What is it? • International monetary cooperation • Exchange rate stability • Balanced growth of international trade • Poverty reduction • Helps members balance debt • Agency of the UN • Has its own charter, governing structure, finances

  3. Important Documents • Articles of Agreement • December 27, 1945 • 31 Articles • Have roman numerals attached to them (I-XXXI) • General obligations of members (VIII), Capital transfers (VI), Obligations regarding exchange arrangements (IV) • 13 Schedules • Have letters attached to them (A-M • Quotas (A), Termination of Participation (H), Suspension of Voting Rights (L) • Can be, and has been amended.

  4. Age of IMF • Bretton Woods, New Hampshire, United States • July 1944 • Officially created 1945 • 44 countries were represented. • Avoid economic policies that could create a situation similar to the Great Depression

  5. Changes since 1945 • Increased monetary support during crisis • Greater flexibility regarding loans • Gives advice to member nations • Rectifies flaws after a crisis • Reform of governance

  6. Purpose • WORLD FINANCIAL STABILITY • Provide Economic Cooperation • Trade Growth • Employment Opportunities • Lessened Poverty • Exchange Rate Stability • Open System of International Payment • Monetary Loans

  7. Membership • Currently: 187 Countries • Some countries not included: Cuba, North Korea, Vatican City • Members are represented through a quota system based on their involvement in the global economy • EX: US has more representation than Kenya

  8. Leadership “Who wants the last spoonful of Guac?!” • 24 Member Executive Board • 5 Executive Directors: Appointed by 5 Countries with the largest quotas • 19 Executive Directors: Elected by remaining members • Managing Director- Chairman of the Executive Board • Controls major decisions within the IMF • All member countries appoint a governor to the Board of Governors • All countries are proportionally represented based on economic rank • Meets several times a week • Elections/Appointments occur every 2 years- Can be reelected

  9. Leaders • Managing Director- Christine Lagarde- France • 5 Appointed Executive Director • Meg Lundsager- USA • MitshuiroFurusawa- Japan • Hubert Temmeyer- Germany • AmbroiseFayolle- France • Alexander Gibbs- United Kingdom • Others • Carlos Perez-Verdia- Mexico • Tao Zhang- China • Aleksei V. Mozhin- Russia • JafarMojarrad- Iran

  10. Advantages of Membership • International Monetary Cooperation • Financial Stability • Temporary Financial Help when in debt • Financial Advice • Increased chance of Economic Growth

  11. Disadvantages of Membership • Rich countries have more influence than poorer countries • Only receives loans if a country will agree to conditions • Conditions may lead to increased poverty • Rich countries often dominate foreign resources • Financial advice is not always sound

  12. International Impact: Mexico • Biggest Precautionary Loans • In December, 2011, the Executive Board reviewed Mexico’s request to access Flexible Credit Line resources. • Aid was given to Mexico • Because of the IMF, Mexican credibility in the global economy has increased • Introduced Structural Adjustment programs

  13. International Impact: Nigeria • IMF introduced the concept of Structural Adjustment programs • Nigeria has benefitted from them • Has enabled them to create a free market economy

  14. International Impact: United Kingdom • The UK is one of the top 5 countries involved in the IMF • One of the appointed Executive Directors due to their large quota • Very influential in the IMF

  15. Works Consulted Forbes. Forbes Magazine. Web. 23 Mar. 2012. <http://www.forbes.com/2009/04/02/ mexico-imf-credit-business-oxford.html>. "IMF -- International Monetary Fund Home Page." Document Moved. Web. 23 Mar. 2012. <http://www.imf.org/external/>. "The International Monetary Fund." International Organisations. Web. 23 Mar. 2012. <http://www.oxfam.org.uk/education/resources/milking_it/milkingit/information/international_orgs/international_orgs_imf.htm>. "Structural Adjustment Programs in Nigeria." Structural Adjustment Programs in Nigeria. Web. 23 Mar. 2012. <http://sapnigeria.wordpress.com/>. "Top Ten Reasons to Oppose the IMF." IMF. Web. 23 Mar. 2012. <http:// www.thirdworldtraveler.com/IMF_WB/TenReasons_OpposeIMF.html>.

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