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Coordinates: 38°53′56″N, 77°2′33″W Map of Earth showing lines of latitude (horizontally) and longitude (vertically), Eckert VI projection; large version (pdf, 1. ...
The International Monetary Fund (IMF) is an international organization that oversees the global financial system by observing exchange rates and balance of payments, as well as offering financial and technical assistance. Its headquarters are located in Washington, D.C., USA. Image File history File links Emblem-important. ...
IMF, abbreviation: Intelligent Message Filter, server-side message filtering, heuristics-based message analysis. ...
Image File history File links International_Monetary_Fund_logo. ...
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For other uses, see Washington, D.C. (disambiguation). ...
Managing director is the term used for the chief executive of many limited companies in the United Kingdom, Commonwealth and some other English speaking countries. ...
Dominique Strauss-Kahn (born 25 April 1949 in Neuilly-sur-Seine; often referred to as DSK) is a French economist, lawyer, and politician, member of the social-democrat Socialist Party (PS). ...
A website (alternatively, Web site or web site) is a collection of Web pages, images, videos or other digital assets that is hosted on one or several Web server(s), usually accessible via the Internet, cell phone or a LAN. A Web page is a document, typically written in HTML...
For the political science journal, see International Organization. ...
The Global Financial System refers to those financial institutions and regulations that act on the international level, as opposed to those that act on a national or regional level. ...
The balance of payments is a measure of the payments that flow from one exports and imports of goods, services, and financial capital, as well financial transfers. ...
For other uses, see Washington, D.C. (disambiguation). ...
[edit] Organization and purpose This organisation was established in 2007 from Brazenose House ICT room by the mentally unstable Kelham Cooke. The International Monetary Fund (IMF)''''Bold text''''Bold text''''Bold text''''''' was established in 1944, with certain goals in mind. One of these was to stabilize exchange rates and supervise the reconstruction of the worlds international payment system. Countries contributed to a pool which could be borrowed from, on a temporary basis, by countries with payment imbalances. (Condon, 2007) Image File history File links IMF_HQ.jpg‎ File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): International Monetary Fund User:GeeJo/Gallery ...
Image File history File links IMF_HQ.jpg‎ File links The following pages on the English Wikipedia link to this file (pages on other projects are not listed): International Monetary Fund User:GeeJo/Gallery ...
Aerial photo (looking NW) of the Washington Monument and the White House in Washington, DC. Washington, D.C., officially the District of Columbia (also known as D.C.; Washington; the Nations Capital; the District; and, historically, the Federal City) is the capital city and administrative district of the United...
The IMF describes itself as "an organization of 185 countries (Montenegro being the 185th, as of January 18, 2007), working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty". With the exception of North Korea, Cuba, Andorra, Monaco, Liechtenstein, Tuvalu, and Nauru, all UN member states participate directly in the IMF. Some are represented by other member states on a 24-member Executive Board but all member countries are members of the IMF's Board of Governors.[citation needed] This article is about the country in Europe. ...
is the 18th day of the year in the Gregorian calendar. ...
Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ...
There are currently 191 member states in the United Nations. ...
[edit] History The IMF came into life on December 27, 1945, when the first 29 countries signed its Articles of Agreement. The statutory purposes of the IMF today are the same as when they were formulated in 1944 (see #Assistance and reforms) December 27 is the 361st day of the year in the Gregorian calendar (362nd in leap years). ...
Year 1945 (MCMXLV) was a common year starting on Monday (link will display the full calendar). ...
From the end of World War II until the late-1970s, the capitalist world experienced unprecedented growth in real incomes. (Since then, the integration of China and Eastern and Central Europe into the capitalist system has added substantially to the growth of the system.) Within the capitalist system, the benefits of growth have not flowed equally to all (either within or among nations) but overall there has been an increase in prosperity that contrasts starkly with the conditions within capitalist countries during the interwar period. The lack of a recurring global depression is probably due to improvements in the conduct of international economic policies that have encouraged the growth of international trade and helped smooth the economic cycle of boom and bust. Combatants Allied powers: China France Great Britain Soviet Union United States and others Axis powers: Germany Italy Japan and others Commanders Chiang Kai-shek Charles de Gaulle Winston Churchill Joseph Stalin Franklin Roosevelt Adolf Hitler Benito Mussolini Hideki TÅjÅ Casualties Military dead: 17,000,000 Civilian dead: 33,000...
Real income is the income of individuals or nations after adjusting for inflation. ...
For other uses, see Europe (disambiguation). ...
In the decades since World War II, apart from rising prosperity, the world economy and monetary system have undergone other major changes that have increased the importance and relevance of the purposes served by the IMF, but that has also required the IMF to adapt and reform. Rapid advances in technology and communications have contributed to the increasing international integration of markets and to closer linkages among national economies. As a result, financial crises, when they erupt, now tend to spread more rapidly among countries.
The IMF's influence in the global economy steadily increased as it accumulated more members. The number of IMF member countries has more than quadrupled from the 44 states involved in its establishment, reflecting in particular the attainment of political independence by many developing countries and more recently the collapse of the Soviet bloc. The expansion of the IMF's membership, together with the changes in the world economy, have required the IMF to adapt in a variety of ways to continue serving its purposes effectively.
During April 2007 Ecuador announced its intention to withdraw from the IMF, followed by Venezuela which made this step public on April 30, 2007. As of October 2007, Ecuador continued its membership status. On October 24, 2007 Venezuela announced its withdrawal decision was on hold. is the 120th day of the year (121st in leap years) in the Gregorian calendar. ...
Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ...
[edit] Data Dissemination Systems
 IMF Data Dissemination Systems participants: IMF member using SDDS IMF member, using GDDS IMF member, not using any of the DDSystems non-IMF entity using SDDS non-IMF entity using GDDS no interaction with the IMF In 1995, the International Monetary Fund (IMF) began work on data dissemination standards with the view of guiding IMF member countries to disseminate their economic and financial data to the public. The International Monetary and Financial Committee (IMFC) endorsed the guidelines for the dissemination standards and they were split into two tiers: The General Data Dissemination System (GDDS) and the Special Data Dissemination Standard (SDDS). Image File history File links Size of this preview: 800 × 370 pixel Image in higher resolution (1357 × 628 pixel, file size: 48 KB, MIME type: image/png) based on [1] I, the creator of this work, hereby grant the permission to copy, distribute and/or modify this document under the...
Image File history File links Size of this preview: 800 × 370 pixel Image in higher resolution (1357 × 628 pixel, file size: 48 KB, MIME type: image/png) based on [1] I, the creator of this work, hereby grant the permission to copy, distribute and/or modify this document under the...
The IMF executive board approved the SDDS and GDDS in 1996 and 1997 respectively and subsequent amendments were published in a revised “Guide to the General Data Dissemination System”. The system is aimed primarily at statisticians and aims to improve many aspects of statistical systems in a country. It is also part of the World Bank Millennium Development Goals and Poverty Reduction Strategic Papers.
The IMF established a system and standard to guide members in the dissemination to the public of their economic and financial data. Currently there are two such systems: General Data Dissemination System (GDDS) and its superset Special Data Dissemination System (SDDS), for those member countries having or seeking access to international capital markets. Economics (deriving from the Greek words οίκω [okos], house, and νÎμω [nemo], rules hence household management) is the social science that studies the allocation of scarce resources to satisfy unlimited wants. ...
FINANCIAL is the weekly English-language newspaper with offices in Tbilisi, Georgia and Kiev, Ukraine. ...
A is a subset of B, and B is a superset of A. In mathematics, especially in set theory, a set A is a subset of a set B, if A is contained inside B. The relationship of one set being a subset of another is called inclusion. ...
The capital market is the market for securities, where companies and the government can raise long-term funds. ...
The primary objective of the GDDS is to encourage IMF member countries to build a framework to improve data quality and increase statistical capacity building. This will involve the preparation of metadata describing current statistical collection practices and setting improvement plans. Upon building a framework, a country can evaluate statistical needs, set priorities in improving the timeliness, transparency, reliability and accessibility of financial and economic data.
Some countries initially used the GDDS, but lately upgraded to SDDS.
Some entities that are not themselves IMF members also contribute statistical data to the systems:
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“Palestinian government†redirects here. ...
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Headquarters Coordinates , , Established 1 January 1998 President Jean-Claude Trichet Central Bank of Austria, Belgium, France, Finland, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Slovenia, Spain Currency Euro ISO 4217 Code EUR Reserves €43bn directly, €338bn through the Eurosystem (including gold deposits). ...
The Eurozone (also called Euro Area, Eurosystem or Euroland) refers to the European Union member states that have adopted the euro currency union. ...
The Statistical Office of the European Communities (Eurostat) is the statistical arm of the European Commission, producing data for the European Union and promoting harmonisation of statistical methods across the member states. ...
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[edit] Membership qualifications 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. A quota is a prescribed number or share of something. ...
A member's quota in the IMF determines the amount of its subscription, its voting weight, its access to IMF financing, and its allocation of Special Drawing Rights (SDRs). A member state cannot unilaterally increase its quota — increases must be approved by the Executive Board and are linked to formulas that include many variables such as the size of a country in the world economy. For example, in 2001, China was prevented from increasing its quota as high as it wished, ensuring it remained at the level of the smallest G7 economy (Canada).[1] In September 2005, the IMF's member countries agreed to the first round of ad hoc quota increases for four countries, including China. A second round of increases for a larger number of countries is currently under negotiation with the aim of redistributing voting power to raise the voice of developing countries. These negotiations are targeted for completion in the autumn of 2008. Special Drawing Rights (SDRs) is a potential claim on the freely usable currencies of International Monetary Fund members. ...
Examples of press coverage of the discussions regarding changes to the voting formula to increase equity:IMF Seeks Role in Shifting Global Economy
[edit] IMF Members' Quotas and Voting Power, and IMF Board of Governors Table showing the top 20 member countries in terms of voting power:[2] Special Drawing Rights (SDRs) is a potential claim on the freely usable currencies of International Monetary Fund members. ...
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Peter Howard Costello (born 14 August 1957) is an Australian politician. ...
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Guy Quaden (Liège, Belgium, 5 August 1945) is a Belgian economist and since 1 March 1999 Governor of the National Bank of Belgium. ...
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James Michael Jim Flaherty, PC, BA, LL.B, MP (born December 30, 1949) is Canadas Minister of Finance; he had formerly served as Ontarios Minister of Finance. ...
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Christine Lagarde (born 1 January 1956) is the current Minister of Finance of France, appointed in June 2007. ...
Christian Noyer (born 6 October 1950 in Soisy-sous-Montmorency, Val-dOise) is a French higher civil servant, current governor of the Bank of France (since 2003), and former vice-president of the Executive Board of the European Central Bank (1998-2002). ...
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Palaniappan Chidambaram (Tamil: ) is an Indian politician. ...
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Tommaso Padoa-Schioppa, born July 23, 1940, is an Italian banker and a former member of the European Central Bank Executive Board. ...
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KÅji Omi , b. ...
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This article is about the Korean civilization. ...
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AgustÃn Carstens Carstens (b. ...
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Alexei Leonidovich Kudrin (Russian: ÐлекÑей Леонидович Кудрин) (born 12 October 1960) is a Russian statesman, and the Russian Minister of Finance. ...
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Pedro Solbes. ...
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Alistair Maclean Darling (born November 28, 1953) is a British politician and Chancellor of the Exchequer since June 28, 2007. ...
Mervyn Allister King (born 1948) is Governor of the Bank of England. ...
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Henry Merritt Hank Paulson, Jr. ...
Ben Shalom Bernanke[1] (born December 13, 1953) (pronounced ber-NAN-kee, bər-nan-kē or ), is an American economist and current Chairman of the Board of Governors of the United States Federal Reserve. ...
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[edit] Assistance and reforms The primary mission of the IMF is to provide financial assistance to countries that experience serious financial difficulties. Member states with balance of payments problems may request loans and/or organizational management of their national economies. In return, the countries are usually required to launch certain reforms, which have often been dubbed the "Washington Consensus". These reforms are generally required because countries with fixed exchange rate policies can engage in fiscal, monetary, and political practices which may lead to the crisis itself. For example, nations with severe budget deficits, rampant inflation, strict price controls, or significantly over-valued or under-valued currencies run the risk of facing balance of payment crises in their future. Thus, the structural adjustment programs are at least ostensibly intended to ensure that the IMF is actually helping to prevent financial crises rather than merely funding financial recklessness. The balance of payments is a measure of the payments that flow from one exports and imports of goods, services, and financial capital, as well financial transfers. ...
Structural adjustment is a term used by the International Monetary Fund for the changes it recommends for developing countries. ...
The Washington Consensus is a phrase initially coined in 1987-88 by John Williamson to describe a relatively specific set of ten economic policy prescriptions that he considered to constitute a standard reform package promoted for crisis-wracked countries by Washington-based institutions such as the International Monetary Fund, World...
Structural adjustment is a term used by the International Monetary Fund for the changes it recommends for developing countries. ...
However, this approach is not without its critics, as described below. Many supporters of the IMF contend that some criticisms are the result of the fact that many people are not familiar with the operations and objectives of the IMF, and blame a lack of transparency within the IMF for this, as well as the dense nature of international finance in general. Suggestions for improving these understandings have included greater community outreach efforts, tighter accounting standards, possible regulatory oversight, and changes in the organizational structure of the IMF to include fewer economists, whom many fear are attempting to use developing countries as nothing more than lab rats. Some fear, however, that some of these reforms to the IMF itself introduce political considerations rather than economic considerations, many of which may have resulted in the financial crises in the first place. According to Ulrich Beck, the International Monetary Fund is an international risk community combating the threat of a global financial crisis. International finance is the branch of economics that studies the dynamics of exchange rates, foreign investment, and how these affect international trade. ...
Ulrich Beck Dr. Ulrich Beck (b. ...
[edit] IMF/World Bank support of Military Dictatorships The role of the Bretton Woods institutions has been controversial to some since the late Cold War period. Critics claim that IMF policy makers deliberately supported military dictatorships friendly to American and European corporations. Critics also claim that the IMF is generally apathetic or hostile to their views of democracy, human rights, and labor rights. The controversy has helped spark the anti-globalization movement. Others claim the IMF has little power to democratize sovereign states, although that is not its stated objective, which is to advise and promote financial stability. Arguments in favor of the IMF say that economic stability is a precursor to democracy, however critics highlight various examples in which IMF investment drastically reduces as a countries become democratic.[3] Wikipedia does not have an article with this exact name. ...
For other uses, see Cold War (disambiguation). ...
A military dictatorship is a form of government wherein the political power resides with the military; it is similar but not identical to a stratocracy, a state ruled directly by the military. ...
For other uses, see Corporation (disambiguation). ...
This article does not cite any references or sources. ...
Human rights are rights which some hold to be inalienable and belonging to all humans. ...
Labor rights or workers rights are a group of legal rights and claimed human rights having to do with labor relations between workers and their employers, usually obtained under labor and employment law. ...
Anti-WEF grafiti in Lausanne. ...
Countries that are members of the IMF/World Bank whilst under a Military dictatorship (support from various sources in $ Billion):[4] A military dictatorship is a form of government wherein the political power resides with the military; it is similar but not identical to a stratocracy, a state ruled directly by the military. ...
Billion may mean: 1,000,000,000 (one thousand million; ), used by most English-speaking countries (American and usual modern British meaning) 1,000,000,000,000 (one million million; ), used by most other countries outside Asia (older British meaning). ...
Notes: Debt at takeover by dictatorship; earliest data published by the World Bank is for 1970. Debt at end of dictatorship (or 1996, most recent date for World Bank data). Pakistan had two periods of military dictatorship. Forms of government Part of the Politics series Politics Portal This box: A dictatorship is an autocratic form of government in which the government is ruled by a dictator. ...
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A military dictatorship is a form of government wherein the political power resides with the military; it is similar but not identical to a stratocracy, a state ruled directly by the military. ...
Image File history File links Flag_of_Bolivia. ...
A military dictatorship is a form of government wherein the political power resides with the military; it is similar but not identical to a stratocracy, a state ruled directly by the military. ...
Image File history File links Flag_of_Brazil. ...
A military dictatorship is a form of government wherein the political power resides with the military; it is similar but not identical to a stratocracy, a state ruled directly by the military. ...
Image File history File links Flag_of_Chile. ...
Augusto José Ramón Pinochet Ugarte[1] (November 25, 1915 – December 10, 2006) was President of Chile as a military dictator [2] from 1974 to 1990, and head of the military junta from 1973 to 1974. ...
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A military dictatorship is a form of government wherein the political power resides with the military; it is similar but not identical to a stratocracy, a state ruled directly by the military. ...
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Mengistu Haile Mariam (IPA: //) (born 1937[3][4]) was the most prominent officer of the Derg, the military junta that governed Ethiopia from 1974 to 1987, and the president of the Peoples Democratic Republic of Ethiopia. ...
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Jean-Claude Duvalier (nicknamed Bébé Doc or Baby Doc) (born July 3, 1951) succeeded his father, François Papa Doc Duvalier as the ruler of Haiti from his fathers death in 1971 until his overthrow by a popular uprising in 1986. ...
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Suharto GCB (born June 8, 1921) is a former Indonesian military and political leader. ...
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Daniel Toroitich arap Moi (born September 2, 1924) was the President of Kenya from 1978 until 2002. ...
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Master Sergeant Samuel Kanyon Doe (May 6, 1951 – September 9, 1990) was the President of Liberia from 1980 to 1990. ...
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Hastings Kamuzu Banda (1896? – 25 November 1997) was the President of Malawi, from 1966 to 1994. ...
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This article or section does not cite its references or sources. ...
Sani Abacha General Sani Abacha (Kano, 20 September 1943 – Abuja, 8 June 1998) was a Nigerian politician and military leader. ...
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General Muhammad Zia-ul-Haq (Urdu: ) (b. ...
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A military dictatorship is a form of government wherein the political power resides with the military; it is similar but not identical to a stratocracy, a state ruled directly by the military. ...
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Alfredo Stroessner Matiauda, whose name is also spelled Strössner or Strößner, (November 3, 1912, Encarnación - August 16, 2006, BrasÃlia) served as President of Paraguay from 1954 to 1989. ...
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Ferdinand Emmanuel EdralÃn Marcos (September 11, 1917 – September 28, 1989) was President of the Philippines from 1966 to 1986. ...
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Mohamed Siad Barre (Somali: Maxamed Siyaad Barre) (1919 – January 2, 1995) was the Head of State of Somalia from 1969 to 1991. ...
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A segregated beach in South Africa, 1982. ...
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Gaafar Muhammad an-Nimeiry (otherwise known as Jaafar Nimeiry, Gaafar Nimeiry or Gafar Muhammad an-Numayri; born 1 January 1930) (Arabic: جعÙر Ù…Øمد النميري) was the President of Sudan from 1971 to 1985. ...
Sadiq al Mahdi became Prime Minister of Sudan in 1986, when he formed a coalition government comprised of the Umma party (which he led); the National Islamic Front (led by his brother-in-law, Hassan al-Turabi); the Democratic Unionist Party; and four small Southern parties. ...
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Dr Bashar al-Assad (Arabic: , ) (born 11 September 1965) is the President of the Syrian Arab Republic, Regional Secretary of the Baath Party, and the son of former President Hafez al-Assad. ...
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A military dictatorship is a form of government wherein the political power resides with the military; it is similar but not identical to a stratocracy, a state ruled directly by the military. ...
Image File history File links Flag_of_Zaire. ...
Mobutu Sese Seko Nkuku Ngbendu wa Za Banga (October 14, 1930 – September 7, 1997), known commonly as Mobutu, or Mobutu Sese Seko, born Joseph-Désiré Mobutu, was the President of Zaire (now the Democratic Republic of the Congo) for 32 years (1965–1997), in which he rose to power...
The World Bank logo The World Bank (the Bank) is a part of the World Bank Group (WBG), is a bank that makes loans to developing countries for development programs with the stated goal of reducing poverty. ...
A military dictatorship is a form of government wherein the political power resides with the military; it is similar but not identical to a stratocracy, a state ruled directly by the military. ...
[edit] Criticism Two criticisms from economists have been that financial aid is always bound to so-called "Conditionalities", including Structural Adjustment Programs. Conditionalities, which are the economic performance targets established as a precondition for IMF loans, it is claimed, retard social stability and hence inhibit the stated goals of the IMF, while Structural Adjustment Programs lead to an increase in poverty in recipient countries.[5] A conditionality in international development is a condition attached to a loan or to debt relief, typically by the International Monetary Fund or World Bank. ...
Structural adjustment is a term used by the International Monetary Fund for the changes it recommends for developing countries. ...
Typically the IMF and its supporters advocate a Keynesian approach. As such, adherents of supply-side economics generally find themselves in open disagreement with the IMF. The IMF frequently advocates currency devaluation, criticized by proponents of supply-side economics as inflationary. Secondly they link higher taxes under "austerity programmes" with economic contraction. Keynesian economics (pronounced kainzian, IPA ), also called Keynesianism, or Keynesian Theory, is an economic theory based on the ideas of the 20th-century British economist John Maynard Keynes. ...
Supply-side economics is a school of macroeconomic thought that argues that economic growth can be most effectively created using incentives for people to produce (supply) goods and services, such as adjusting income tax and capital gains tax rates. ...
Devaluation is a reduction in the value of a currency with respect to other monetary units. ...
For the concept in cosmology, see cosmic inflation. ...
Austerity is a term from economics that describes a policy where nations reduce living standards, curtail development projects, and generally shift the revenue stream out of the physical economy, in order to satisfy the demands of creditors. ...
An economic contraction is a reduction in goods and services for sale in the market place. ...
Currency devaluation is recommended by the IMF to the governments of poor nations with struggling economies. Supply-side economists claim these Keynesian IMF policies are destructive to economic prosperity.
That said, the IMF sometimes advocates "austerity programmes," increasing taxes even when the economy is weak, in order to generate government revenue and balance budget deficits, which is the opposite of Keynesian policy. These policies were criticised by Joseph E. Stiglitz, former chief economist and Senior Vice President at the World Bank, in his book Globalization and Its Discontents.[6] He argued that by converting to a more Monetarist approach, the fund no longer had a valid purpose, as it was designed to provide funds for countries to carry out Keynesian reflations. “Taxes†redirects here. ...
A budget deficit occurs when an entity (often a government) spends more money than it takes in. ...
Joseph Stiglitz (born February 9, 1943) is an American economist and a member of the Columbia University faculty. ...
Stiglitz (bearded, in coat and tie) talking about his book at the University of Michigan in 2005 Globalization and Its Discontents is a book written in 2002 by the 2001 Nobel laureate Joseph E. Stiglitz. ...
Complaints are also directed toward International Monetary Fund gold reserve being undervalued. At its inception in 1945, the IMF pegged gold at US$35 per Troy ounce of gold. In 1973 the Nixon administration lifted the fixed asset value of gold in favour of a world market price. Hence the fixed exchange rates of currencies tied to gold were switched to a floating rate, also based on market price and exchange. This largely came about because Petrodollars outside the United States were more than could be backed by the gold at Fort Knox under the fixed exchange rate system. The fixed rate system only served to limit the amount of assistance the organization could use to help debt-ridden countries. Current IMF rules prohibit members from linking their currencies to gold. International Monetary Fund gold reserve refers to 3,217 tonnes of gold held by IMF. It is currently priced at a range of $40 and $50 an ounce, a price that was fixed in the 1970s before Nixion government stopped pegging the US dollar to the gold and instead allowed...
USD redirects here. ...
Troy weight is a system of units of mass customarily used for precious metals, black powder, and gemstones. ...
A floating exchange rate is a type of exchange rate regime wherein a currencys value is allowed to fluctuate according to the foreign exchange market. ...
A petrodollar is a dollar earned by a country through the sale of oil. ...
This article is about United States Army post. ...
Argentina, which had been considered by the IMF to be a model country in its compliance to policy proposals by the Bretton Woods institutions, experienced a catastrophic economic crisis in 2001 , which some believe to have been caused by IMF-induced budget restrictions — which undercut the government's ability to sustain national infrastructure even in crucial areas such as health, education, and security — and privatization of strategically vital national resources.[citation needed] Others attribute the crisis to Argentina's maldesigned fiscal federalism, which caused subnational spending to increase rapidly.[7] The crisis added to widespread hatred of this institution in Argentina and other South American countries, with many blaming the IMF for the region's economic problems.[8] The current — as of early 2006 — trend towards moderate left-wing governments in the region and a growing concern with the development of a regional economic policy largely independent of big business pressures has been ascribed to this crisis. This article does not adequately cite its references or sources. ...
Another example of where IMF Structural Adjustment Programmes aggravated the problem was in Kenya. Before the IMF got involved in the country, the Kenyan central bank oversaw all currency movements in and out of the country. The IMF mandated that the Kenyan central bank had to allow easier currency movement. However, the adjustment resulted in very little foreign investment, but allowed Kamlesh Manusuklal Damji Pattni, with the help of corrupt government officials, to siphon off billions of Kenyan shillings in what came to be known as the Goldenberg scandal, leaving the country worse off than it was before the IMF reforms were implemented. Kamlesh Mansukhlal Damji Pattni (born 1962) is a controversial Kenyan businessman. ...
ISO 4217 Code KES User(s) Kenya Inflation 10. ...
The Goldenberg scandal was a scam where the Kenyan government subsidised exports of gold, paying exporters in Kenyan Shillings 35% over their foreign currency earnings. ...
Overall the IMF success record is perceived as limited. While it was created to help stabilize the global economy, since 1980 critics claim over 100 countries (or reputedly most of the Fund's membership) have experienced a banking collapse that they claim have reduced GDP by four percent or more, far more than at any time in Post-Depression history. The considerable delay in the IMF's response to any crisis, and the fact that it tends to only respond to rather than prevent them, has led many economists to argue for reform. In 2006, an IMF reform agenda called the Medium Term Strategy was widely endorsed by the institution's member countries. The agenda includes changes in IMF governance to enhance the role of developing countries in the institution's decision-making process and steps to deepen the effectiveness of its core mandate, which is known as economic surveillance or helping member countries adopt macroeconomic policies that will sustain global growth and reduce poverty. On June 15, 2007, the Executive Board of the IMF adopted the 2007 Decision on Bilateral Surveillance, a landmark measure that replaced a 30-year-old decision of the Fund's member countries on how the IMF should analyse economic outcomes at the country level. is the 166th day of the year (167th in leap years) in the Gregorian calendar. ...
Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ...
Whatever the feelings people in the Western world have for the IMF, research by the Pew Research Center shows that more than 60 percent of Asians and 70 percent of Africans feel that the IMF and the World Bank have a positive effect on their country.[9] This may largely be due to the fact that the media and textbooks in developing countries' schools describe the IMF as having a positive role in their countries, despite claims that there has been an increase in poverty, increase in the debt-burden, and a reduction of economic growth that IMF opponents argue its policies have resulted in.[citation needed] In 2005, the IMF was the first multilateral financial institution to implement a sweeping debt-relief program for the world's poorest countries known as the Multilateral Debt Relief Initiative. By year-end 2006, 23 countries mostly in sub-Saharan Africa and Central America had received total relief of debts owed the IMF. This article or section does not cite any references or sources. ...
The World Bank logo The World Bank (the Bank) is a part of the World Bank Group (WBG), is a bank that makes loans to developing countries for development programs with the stated goal of reducing poverty. ...
The documentary Life and Debt deals with the IMF's policies' influence on Jamaica and its economy from a critical point of view. In 1978, one year after Jamaica first entered a borrowing relationship with the IMF, the Jamaican dollar was still worth more on the open exchange than the US dollar; by 1995, when Jamaica terminated that relationship, the Jamaican dollar had eroded to less than 2 cents US. Such observations lead to skepticism that IMF involvement is necessarily helpful to a third world economy. Life and Debt is a 2001 documentary film directed by Stephanie Black. ...
[edit] Past managing directors An unwritten rule establishes that the IMF's managing director must be European and that the president of the World Bank must be from the United States. This established practice is now increasingly being questioned and competition for these two posts may soon open up to include other qualified candidates from any part of the world. Executive Directors, who confirm the managing director are voted in by Finance Ministers from countries they represent. The First Deputy Managing Director of the IMF, the second-in-command, has traditionally been (and is today) an American. The World Bank logo The World Bank (the Bank) is a part of the World Bank Group (WBG), is a bank that makes loans to developing countries for development programs with the stated goal of reducing poverty. ...
The IMF is for the most part controlled by the major Western Powers, with voting rights on the Executive board based on a quota derived from a monetary stake in the institution. Rarely does the board vote and pass issues contradicting the will of the US or Europeans. There have been some exceptions in the past. Dr. Mohamed Finaish from Libya, the Executive Director representing the majority of the Arab World and Pakistan, was a tireless defender[citation needed] of the developing nations' rights at the IMF. He stood steadfast in his beliefs and principles[citation needed] for fourteen years until his defeat in the 1992 elections to an Egyptian IMF Staff Member. For alternative meanings for The West in the United States, see the U.S. West and American West. ...
Mr Rodrigo Rato became the ninth Managing Director of the IMF on June 7, 2004 and he is expected to resign his post at the end of October, 2007, citing personal reasons. His replacement will once again come from Europe, although Europeans have signalled that they may be open to relinquishing their hold on the post in the future. Rodrigo Rato Rodrigo de Rato y Figaredo (born March 18, 1949) was Spains Economy Minister and Vice President serving with the Peoples Party (PP) between 1996 and 2004. ...
is the 158th day of the year (159th in leap years) in the Gregorian calendar. ...
Year 2004 (MMIV) was a leap year starting on Thursday of the Gregorian calendar. ...
EU ministers agreed on the candidacy of Dominique Strauss-Kahn as managing director of the IMF at the Economic and Financial Affairs Council meeting in Brussels on July 10, 2007. On September 28, 2007, the International Monetary Fund's 24 executive directors elected Mr. Strauss-Kahn as new managing director, with broad support including from the United States and the 27-nation European Union. Strauss-Kahn will replace Spain's Rodrigo de Rato, who will retire after the IMF's Annual Meetings, at the end of October. [10] The only other nominee was Josef Tosovsky, a late candidate proposed by Russia. Strauss-Kahn said: "I am determined to pursue without delay the reforms needed for the IMF to make financial stability serve the international community, while fostering growth and employment." [11] Dominique Strauss-Kahn (born 25 April 1949 in Neuilly-sur-Seine; often referred to as DSK) is a French economist, lawyer, and politician, member of the social-democrat Socialist Party (PS). ...
is the 191st day of the year (192nd in leap years) in the Gregorian calendar. ...
Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ...
is the 271st day of the year (272nd in leap years) in the Gregorian calendar. ...
Year 2007 (MMVII) is the current year, a common year starting on Monday of the Gregorian calendar and the AD/CE era in the 21st century. ...
Generally a director is a person or one of a body of persons appointed to manage the affairs of a government agency, company, corporation, group or project. ...
Managing director is the term used for the chief executive of many limited companies in the United Kingdom, Commonwealth and some other English speaking countries. ...
Rodrigo Rato was the former Spanish Economy minister serving with the party Partido Popular between 1996 and 2004. ...
Josef Tošovský (born September 28, 1950 in Náchod, then Czechoslovakia, now the Czech Republic) was Prime Minister of the Czech Republic from December 17, 1997 to July 17, 1998. ...
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