The International Monetary Fund (IMF) is an international organization headquartered in Washington, D.C., consisting of 189 countries 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 while periodically depending on the World Bank for its resources. Formed in 1944 at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international payment system. It now plays a central role in the management of balance of payments difficulties and international financial crises. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. As of 2016, the fund had XDR 477 billion.
Special drawing rights (SDRs) are supplementary foreign exchange reserve assets defined and maintained by the International Monetary Fund (IMF). SDRs are units of account for the IMF, and not a currency per se. They represent a claim to currency held by IMF member countries for which they may be exchanged. SDRs were created in 1969 to supplement a shortfall of preferred foreign exchange reserve assets, namely gold and U.S. dollars. The ISO 4217 currency code for special drawing rights is XDR and the numeric code is 960.
The European Financial Stabilisation Mechanism (EFSM) is an emergency funding programme reliant upon funds raised on the financial markets and guaranteed by the European Commission using the budget of the European Union as collateral. It runs under the supervision of the Commission and aims at preserving financial stability in Europe by providing financial assistance to member states of the European Union in economic difficulty.
In the context of sovereign debt crisis, private sector involvement (PSI) refers, broadly speaking, to the contributions or efforts of private sector creditors to the crisis resolution process, and, specifically, means that the private sector shares some of the costs of a financial crisis by incurring itself financial losses.
Thailand joined the IMF on May 3, 1949 and has been the recipient of numerous IMF programs, most notably in its role as the source of contagion in the 1997 Asian financial crisis. Thailand currently has a quota of 3,211.9 million SDR's, which gives it the second most voting power in its constituency after Turkey. The IMF opened a technical assistance office in Thailand in 2012 to provide technical assistance and training to the Lao PDR and the Republic of the Union of Myanmar.
Tanzania is a member of the International Monetary Fund (IMF) with a current quota of US$551.35 million, and is a part of the South Africa and Nigeria led constituency with a totaling voting share of 2.97%. The IMF has been involved in Tanzania's economy since the 1970s. Over the years, there have been roughly three stages of the IMF's involvement in Tanzania: the first round of reform lasted from 1986 to 1995, the second round of reform lasted from 1996 to 2006, and the third round focused mainly on consolidating the reforms made from previous stages.
The International Monetary Fund (IMF) has operated in Malawi since 1965.
Vietnam joined the International Monetary Fund (IMF) on September 21, 1956, under the policy of Article VIII. Their quota contributes an estimated SDR of 1,153 millions and voting power of 0.24%. As of August 2016, the current IMF Resident Representative to Vietnam is Jonathan Dunn.
Iceland joined the International Monetary Fund on Dec 27th 1945, becoming one of the IMF’s founding members. As a part of the IMF, Iceland has rights in accordance with its contributions, borrowing rights which help facilitate the stability of global financial markets. Iceland’s quota is 321.8 million SDR, and its Special Drawing Rights are 112 million. This is a relatively small quota and its vote share comprises only 0.09% of all IMF vote shares, or 4,683 votes to be exact.
Poland was one of the founding members of the International Monetary Fund (IMF) in 1945. Under pressure from the Soviet Union, the country withdrew in 1950, believing that the organization had become a tool for the United States. Poland rejoined the IMF in 1986, following the end of martial law in Poland (1981–1983) and the withdrawal of the US veto against Polish membership.
South Korea and the International Monetary Fund (IMF) partner to assist the country in managing its financial system and ensuring a healthy fiscal. Korea's economy is considered fundamentally sound because of the balance of their banking sector and their aim toward a zero structural balance without compromising their ability to sustain debt. The IMF Board in 2019 assessed that the policy framework and financial system in place are sturdy and firmly set.
The Republic of Belarus became a member of the International Monetary Fund on July 10, 1992 and has since taken out a significant amount of loans to stabilize their economy, Balance of Payments and Hyperinflation. Belarus IMF quota is 681.5 millions of Special drawing rights (SDR), .14% of IMF total. They have 8,280 number of votes, which independently gives them a .16% voting share. Pavel Kallaur currently holds the board of Governor seat. When it comes to voting power Belarus is grouped in the constituency system consisted of Austria, Czech Republic, Hungary, Kosovo, Slovak Republic, Slovenia, and Turkey- together they have 162,344 total votes with 3.23% percent of fund total. Raci Kaya is currently the Board of Governor for the constituency system.
Greece is one of the original members of the International Monetary Fund joining it on December 27, 1945. It holds a quota of 2,428.90 million SDR and 25,754 votes equal to 0.51% of total IMF quota and votes.
Argentina joined the International Monetary Fund (IMF) on September 20, 1956 and has since participated in 21 IMF Arrangements. The first Stand-By Arrangement (SBA) began on December 2, 1958, and the most recent Stand-By Arrangement began on June 20, 2018, and will expire on June 19, 2021. The most recent arrangement approved Argentina to borrow SDR 40,714.00 million, of which Argentina has borrowed SDR 31,913.71 million as of December 10, 2019. Over the past 63 years, Argentina has frequently used the resources of the IMF and holds the record for the largest loan distributed, reaching nearly $57 billion in 2018. However, in 2006 under the leadership of Néstor Kirchner, Argentina was able to pay off its debts, thus escaping Article IV IMF surveillance. In 2016 under the leadership of Mauricio Macri relations between the IMF and Argentina were reestablished due to the continuous decline of the country's GDP, leading to the 2018 arrangement.
Bosnia and Herzegovina declared independence from the state formerly known as Yugoslavia in 1992 and joined the International Monetary Fund (IMF) on December 14, 1992. Bosnia and Herzegovina officially succeeded to the IMF membership of the former Yugoslavia on December 20th, 1995, thereby giving the country access to the quota, as well as outstanding loans and payments, on behalf of Yugoslavia. Bosnia and Herzogovina, often synecdochically referred to as Bosnia, currently has an IMF quota of 265.20 million SDR. Bosnia is part of the constituency that contains primarily Eastern European countries but is led by the Netherlands and Belgium. Bosnia controls 4,117 votes of the constituencies 273,058 total votes, and the constituency overall accounts for 5.43% of the IMF's total votes. Since Bosnia joined the IMF in 1992, the country has utilized five borrowing arrangements, four of which were under the Stand-By Arrangements (SBA) and one of which was under the Extended Fund Facility (EFF). The first of the five arrangements was enacted in May of 1998 and the most recent was enacted in September of 2016. As of September 2019, Bosnia has 126.82 million SDR outstanding loans and/or purchases from the IMF.
With the world’s largest production of cacao and cashew nuts, Côte d’Ivoire is one of the leading economic powers in West Africa. It joined the IMF in 1963. Since then, Côte d'Ivoire participated in 14 arrangements and purchased more than 1016 millions in procurement and loans. It now possesses 650.4 million SDR of quotas.
Myanmar, officially joined the International Monetary Fund (IMF) as of January 3, 1952; shortly before the end of term for the Union of Myanmar's first President, Sao Shwe Thaik, and the induction of Ba U. Since the induction of Myanmar as a member of the institution, they have made six arrangements with the IMF with its most recent arrangement made in 1981. As of 2019, they are currently led by Kyaw Kyaw Maung and Alternate U Soe Thein; their Special Drawing Rights (SDR) is at 0.79 million and quota consists of $516.8 million SDR which is 0.11% of the total IMF funds available. As of 2019, the country is under one of the twenty-four Executive Boards that facilitates the day-to-day operations of the IMF, led by Alisara Mahasandana and Alternate Keng Heng Tan; their co-board members consist of Brunei Darussalam, Cambodia, Republic of Fiji, Indonesia, Laos, Malaysia, Nepal, Philippines, Singapore, Thailand, Tonga, and Vietnam. The Executive Board accumulates around 218,545 total votes which account for 4.34% of the Fund's total, Myanmar allocates 6,633 of the votes.
Iraq was one of the original members of the IMF, joining the IMF on December 27th, 1945. Iraq provided $1663.89 million SDR, Special Drawing Rights, to the IMF, which is 0.35% of total SDR paid to the IMF. It also has 18,103 votes, which is 0.36% of the total votes distributed to the member countries of the IMF. The current Board of Governor of Iraq is Ali Muhsin Ismail with an alternative Board of Governor, Khaled Salah Alddin Mohammed Murad. Iraq is the part of the constituency with other countries such as Bahrain, Egypt, Jordan, Kuwait, Lebanon, Maldives, Oman, Qatar, United Arab Emirates, and Republic of Yemen. This constituency has 127,164 votes, 2.53% of total votes in the IMF. Since first joined, Iraq faced 4 official arrangements from the IMF: first arrangement on December 23, 2005 and the latest arrangement on July 07, 2016.
International_Monetary_Fund (IMF) is an international organization whose main tasks involves bringing countries together to allow for international monetary cooperation. This article describes the relationship between Morocco and the IMF since it joined in 1958. It also highlights some achievements and planned projects.
