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." Established on December 27, 1945 at the Bretton Woods Conference, primarily according to the ideas of Harry Dexter White and John Maynard Keynes, it started with 29 member countries and the goal of reconstructing the international monetary system after World War II. It now plays a central role in the management of balance of payments difficulties and international financial crises. Through a quota system, countries contribute funds to a pool from which countries can borrow if they experience balance of payments problems. As of 2016, the fund had SDR 477 billion.
The United Nations Economic and Social Council is one of the six principal organs of the United Nations, responsible for coordinating the economic and social fields of the organization, specifically in regards to the fifteen specialised agencies, the eight functional commissions, and the five regional commissions under its jurisdiction.
The IMF and World Bank meet each autumn in what is officially known as the Annual Meetings of the International Monetary Fund and the World Bank Group and each spring in the Spring Meetings of the International Monetary Fund and the World Bank Group. Names of the two groups are alternated each year so a different one has top billing.
The global financial system is the worldwide framework of legal agreements, institutions, and both formal and informal economic action that together facilitate international flows of financial capital for purposes of investment and trade financing. Since emerging in the late 19th century during the first modern wave of economic globalization, its evolution is marked by the establishment of central banks, multilateral treaties, and intergovernmental organizations aimed at improving the transparency, regulation, and effectiveness of international markets. In the late 1800s, world migration and communication technology facilitated unprecedented growth in international trade and investment. At the onset of World War I, trade contracted as foreign exchange markets became paralyzed by money market illiquidity. Countries sought to defend against external shocks with protectionist policies and trade virtually halted by 1933, worsening the effects of the global Great Depression until a series of reciprocal trade agreements slowly reduced tariffs worldwide. Efforts to revamp the international monetary system after World War II improved exchange rate stability, fostering record growth in global finance.
Paris Club is a group of officials from major creditor countries whose role is to find co-ordinated and sustainable solutions to the payment difficulties experienced by debtor countries. As debtor countries undertake reforms to stabilize and restore their macroeconomic and financial situation, Paris Club creditors provide an appropriate debt treatment.
The G20 or Group of 20 is an intergovernmental forum comprising 19 sovereign countries, the European Union (EU), and the African Union (AU). It works to address major issues related to the global economy, such as international financial stability, climate change mitigation and sustainable development.
Youssef Raouf Boutros-Ghali or YBG is an Egyptian economist who served in the government of Egypt as Minister of Finance from 2004 to 2011. He was succeeded by Samir Radwan on 31 January 2011.
The Monterrey Consensus was the outcome of the 2002 Monterrey Conference, the United Nations International Conference on Financing for Development. in Monterrey, Mexico. It was adopted by Heads of State and Government on 22 March 2002. Over fifty Heads of State and two hundred Ministers of Finance, Foreign Affairs, Development and Trade participated in the event. Governments were joined by the Heads of the United Nations, the International Monetary Fund (IMF), the World Bank and the World Trade Organization (WTO), prominent business and civil society leaders and other stakeholders. New development aid commitments from the United States and the European Union and other countries were made at the conference. Countries also reached agreements on other issues, including debt relief, fighting corruption, and policy coherence.
The Asia/Pacific Group on Money Laundering (APG) is a FATF style regional inter-governmental (international) body, the members of which are committed to effectively implementing the international standards against money laundering, the combating the financing of terrorism (CFT) and financing the proliferation of weapons of mass destruction. APG was founded in 1997 in Bangkok, Thailand, and currently consists of 42 member jurisdictions in the Asia-Pacific region and a number of observer jurisdictions and international/regional observer organisations.
Homi Kharas is a British economist who has been a senior fellow and deputy director for the global economy and development program at the Brookings Institution since 2005.
Malcolm D. Knight is a Canadian economist, policymaker and banker. He is currently Visiting Professor of Finance at the London School of Economics and Political Science and a Distinguished Fellow at the Center for International Governance Innovation. From 2008 to 2012, Knight was Vice Chairman of Deutsche Bank Group where he was responsible for developing and coordinating the bank's global approach to issues in financial regulation, supervision, and financial stability. He served as general manager of the Bank for International Settlements from 2003 to 2008 and as Senior Deputy Governor of the Bank of Canada (1999-2003), after holding senior positions at the International Monetary Fund (1975-1999).
The OPEC Fund for International Development is an intergovernmental development finance institution established in 1976 by the member states of the Organization of the Petroleum Exporting Countries (OPEC). The OPEC Fund was conceived at the Conference of the Sovereigns and Heads of State of OPEC Member Countries, which was held in Algiers, Algeria, in March 1975. A Solemn Declaration of the Conference "reaffirmed the natural solidarity which unites OPEC countries with other developing countries in their struggle to overcome underdevelopment", and called for measures to strengthen cooperation between these countries.
The Financial Stability Board (FSB) is an international body that monitors and makes recommendations about the global financial system. It was established in the 2009 G20 Pittsburgh Summit as a successor to the Financial Stability Forum (FSF). The Board includes all G20 major economies, FSF members, and the European Commission. Hosted and funded by the Bank for International Settlements, the board is based in Basel, Switzerland, and is established as a not-for-profit association under Swiss law.
Linah Kelebogile Mohohlo was a Botswana banker and university chancellor. She was the first female Governor of the Bank of Botswana from 1999 to 2016. She was also the first female Chancellor of the University of Botswana, serving from 2017 to 2021.
The Halifax Initiative is a coalition of Canadian non-governmental organizations for public interest work and education on international financial institutions. Canadian non-governmental organizations formed the Halifax Initiative in December 1994 to ensure that demands for fundamental reform of the international financial institutions would be high on the agenda of the upcoming June 1995 Group of 7 meeting in Halifax. The Halifax Initiative is a coalition of development, environment, faith-based, human rights and labour groups.
Domenico Lombardi is a former director of the Global Economy program at the Centre for International Governance Innovation (CIGI), a non-partisan global governance think tank in Waterloo, Ontario, Canada. He is also chair of the Oxford Institute for Economic Policy. Until 2013 he was a senior fellow at the Brookings Institution.
The Bretton Woods Committee is an American organization created in 1983 as a result of the agreement between U.S. Secretary of the Treasury, Henry Fowler, and U.S. Deputy Secretary of the Treasury, Charls Walker – at the time a Democrat and a Republican, respectively. The agreement they arrived upon was that world leaders should express to the public the significance of international finance institutions (IFIs), like the Bretton Woods Institutions, and how important it was for their prominence in the world to be maintained. After the 1944 Bretton Woods Conference, the International Monetary Fund and World Bank were established; they are now often referred to as "Bretton Woods Institutions".
The Parliamentary Network on the World Bank & International Monetary Fund is an independent inter-parliamentary organization aiming to increase transparency and accountability in international financial institutions., notably the World Bank Group and the International Monetary Fund (IMF). It consists of over a thousand legislators from 158 World Bank Group and IMF member countries.
Maxwell Opoku-Afari is a Ghanaian economist and currently the First Deputy Governor of the Bank of Ghana. He was appointed to this position on August 7, 2017.
Daniele Franco is an Italian economist, central banker and civil servant who served as Minister of Economy and Finance in the cabinet of Prime Minister Mario Draghi from 2021 to 2022. From 2020 until 2021, he served as director-general of the Bank of Italy.
