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The relationship between Uruguay and the International Monetary Fund (IMF) began when Uruguay joined the IMF
The IMF is an international organization founded in 1944 as part of the Bretton Woods Conference. Its primary purpose is to increase financial stability in member countries, with financial means ranging from loans to credit offers. Uruguay is a country in South America. It is a member of the IMF. The economy of Uruguay is diverse, with 7.5% of Gross domestic product (GDP) originating from agriculture, 10% from tourism and 20.6% from industry. As of 2017, Uruguay had the ninth largest GDP in South America and the 96th globally. [1]
Uruguay is a beneficiary of IMF intervention, although it has not undergone any of the substantial macroeconomic changes mandated by the IMF and no projects have been completed there. However, multiple arrangements have been made for the IMF to provide the country with standby credit (funds to be used as a last resort in the event of due payment to a third party), the first of which was arranged in 1996. This is in line with the institution's goal of achieving and supporting economic stability. These standby credit lines started during a time of significant economic growth (5% year-over-year), but also at a time of heavy dollarization (alignment with/dependency on the U.S. Dollar). For context, as of 2008, 60% of Uruguay's bank loans use U.S. Dollars as opposed to the national currency, the Uruguayan peso. [2]
In general, these stand-by arrangements have been available for terms of one to two years, each valued in the range of 150 - 2000 SDR (108 million - US$1.5 billion). Additionally, the Uruguayan government has utilized 72% of funds made available to them between 2000 and 2006, the last arrangement expiring in December 2006. As of May 2017, the Uruguayan government owes 380,000 SDR (US$274,502.88) to the IMF, which represents less than 0.00001% of the GDP, standing at US$53.44 billion as of June 2017. [3]
In concert with these stand-by arrangements, the Uruguayan government has been relatively successful in its implementation of a “gradual anti-inflation strategy” started in the 1990s. [4] Inflation has slowed to 9% in 2017, versus a peak of 140%. However, it is greater than the government's goal of 6%. [5] In addition, Uruguay maintains a high degree of liquidity (the ability to turn its assets into cash). The IMF speculated that an economic downturn in neighbouring countries Argentina and Brazil, as well as a slowdown in China, are contributing factors to Uruguay's slowed economic growth. Despite this, Uruguay's heavy utilization of IMF [6] credit has been heavily correlated with its lasting stability in the South American region. [7] Additionally, Uruguay has been able to keep pace with, or in some cases outperform, the GDP growth rate of neighbouring countries: Brazil and Argentina.
The economy of Ecuador is the eighth largest in Latin America and the 69th largest in the world by total GDP. Ecuador's economy is based on the export of oil, bananas, shrimp, gold, other primary agricultural products and money transfers from Ecuadorian emigrants employed abroad. In 2017, remittances constituted 2.7% of country's GDP. The total trade amounted to 42% of the Ecuador's GDP in 2017.
Special drawing rights 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 economy of Togo has struggled greatly. The International Monetary Fund (IMF) ranks it as the tenth poorest country in the world, with development undercut by political instability, lowered commodity prices, and external debts. While industry and services play a role, the economy is dependent on subsistence agriculture, with industrialization and regional banking suffering major setbacks.
The economy of Albania went through a process of transition from a centralized economy to a market-based economy on the principles of the free market.
El Salvador has been a member of the International Monetary Fund (IMF) since 1946. Their quota currently consists of 287.20 million SDR. The country has received loans from the IMF in the past, but most recently has received only standby loans and currently has no outstanding payments. As of June 2017, the standby arrangements total 1,442,300 SDR while the government has only drawn upon 132,250 SDR.
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.
Portugal joined International Monetary Fund (IMF) on March 29, 1961. They joined by submitting 100 percent of their quota, which is 2,060.10 SDR. Currently, Portugal is using 187.5 percent of their quota, which is 3,862.69 SDR. Portugal has not had an IMF disbursement since 2014. Portugal has just .44 percent of voting power in the IMF.
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.
Pakistan has been a member of the International Monetary Fund (IMF) since 1950. Due to the high unpredictable nature of its economy and its dependence on imports, the IMF has provided loans to Pakistan 22 times, with its most recent being in 2019.
Greece is one of the original members of the International Monetary Fund, joining it on December 27, 1945. It has a quota of 2,428.90 million SDRs and 25,754 votes, 0.51% of the total IMF quota and votes. Greece has been represented on the IMF Board of Governors by Minister of Finance Christos Staikouras since 2019. Greece elects an Executive Director on the fund's Executive Board with Albania, Italy, Malta, Portugal and San Marino. Michail Psalidopoulos is the elected alternate director. Greece has signed two loan agreements with the IMF: a Stand-By Arrangement from 2010 to 2012 and an agreement under the Extended Fund Facility from 2012 to 2016, borrowing a total of 27,766.3 million SDR. Greece owes the IMF 6,735.64 million SDR, and is the fund's third-largest borrower. In 2018, the fund began conducting annual post-program monitoring of Greece in addition to its annual Article IV consultation.
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 20, 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 1998 and the most recent was enacted in September 2016. As of September 2019, Bosnia has 126.82 million SDR outstanding loans and/or purchases from the IMF.
Mali joined the International Monetary Fund (IMF) on September 27, 1963. Since joining, Mali has been an active member of the Fund, having made 18 arrangements to borrow money since its membership began, primarily aimed at addressing stability and security issues in the country. Though Mali has had a steadily positive GDP growth rate since 2011 and a large amount of natural gold reserves, its economic and social fragility have caused developmental challenges as ethnic violence and terrorism weaken the government. The IMF projects that Mali will continue to have a GDP growth rate of around 5%, and a contained level of inflation, but warns that the situation could rapidly deteriorate without the implementation of programs for stability and resilience.
Bolivia joined the IMF on December 27, 1945. Since 1945, Bolivia has cooperated with the IMF to achieve social reforms and economic growth. These efforts have involved strategies to reduce poverty, increase social equity, improve the education system and healthcare system, and expand social services to rural populations and underserved urban communities. Since 1984, Bolivia has been an active client of the fund, accessing 19 credit lines with the fund since joining.
The island nation of Grenada is the smallest country in the Western Hemisphere. A sovereign state that is located in the West Indies in the Caribbean Sea towards the southern end of the Grenadine island chain, the nation is composed of the island Grenada along with six smaller islands that lie north of it. Grenada is known as the "Isle of Spice" for its production of nutmeg and mace crops, for which it is one of the world's largest exporters and contributes vastly to the country's GDP. Grenada is a developing country that relies heavily on the support of other nations and organizations to finance many of its government projects. One of Grenada's partners is the International Monetary Fund.
Nicaragua joined the International Monetary Fund (IMF) on March 14, 1946, and to date has made 18 arrangements with the IMF. Its current quota is 260 million in Special Drawing Rights (SDR).
Papua New Guinea joined the International Monetary Fund on October 9th 1975, one day before uniting with the United Nations. However, still in the early stages of independence which they gained on September 16th, 1975, Papua New Guinea found itself in the face of turmoil due to political and economic mismanagement. Since joining the IMF, Papua New Guinea has had a 0.6% growth in Gross Domestic Product (GDP). As of 2022, Papua New Guinea has had 5 loan arrangements, 259.01 million in Special Drawing Rights (SDR), a quota of 263.2 million, and a total number of 4,091 votes.
Serbia has been a member of the International Monetary Fund (IMF) since December 14, 2022 with a quota of Special Drawing Rights (SDR) 654.8 million and 8,0007 votes. Serbia is currently represented on the Executive Board by Piotr Trabinski in a constituency with Azerbaijan, Kazakhstan, the Kyrgyz Republic, Poland, Serbia, Switzerland, Tajikistan, Turkmenistan, and Uzbekistan that holds 2.88% of the total vote share.
