International Monetary Fund

INTERNATIONAL MONETARY FUND

According to Scholte Speak...

The International Monetary Fund (IMF) is a trans planetary organization that was created in 1944. Like the World Bank it is a "global governance agency usurping power from state and local governments." Scholte calls it a harborer of institutional racism.

Consists of a staff full of neoliberalists (acknowledge the importance of the state for an effectively functioning global economy)

The drawing right, which is a basket of currency used in international trade and finance, and the Euro emerged from the IMF.

They started "structural adjustment programmers"; the name later changed to "poverty reduction strategies".

In 1996 they "coordinated major initiatives to set global frameworks for the calculation and presentation of macroeconomic statistics."

The International Monetary Fund in Plain Speak...

It is a global organization that "oversees the global financial system by following macroeconomic policies of its member countries. It was formed to stabilize international exchange rates and facilitate development."

Consists of 185 countries

Objectives:

    1. foster global monetary cooperation

    2. secure financial stability

    3. facilitate international trade

    4. promote high employment and sustainable economic growth

    5. reduce poverty