The international monetary fund, IMF, is an intergovernmental organization that oversees the global financial system by following the macro economic policies of its members countries, in particular those with an impact on exchange rate and the balances of payments. It is an organization formed with a stated objectives of stabilizing international exchange rates and facilitating development through the enforcement of liberalizing economic policies on other countries as a condition for loans, restructuring or aid. If in headquarters in Washington, Dc.

History, Organization purpose: The IMF idea was conceived in 1944 during the united nations monetary and financial conference when representatives of 45 governments met in Brethenwoods, New Hampshire, USA, to agree on a framework for international economic co-operation. The IMF was finally established in December, 1945 when the fist 29 countries signed its article of agreement. The influence of the IMF in the global economy steadily grow as its membership steadily increased. The attainment of political independence by many developing countries boosted its membership. Another more recent factor was the collapse of the Sovieh Bloc which enable many of the former communish countries to seek IMF membership. The expansion of the IMF membership together with the changes in the world economic relationships have compelled the IMF to make charges in a variety of ways in order to continue to serve its purpose effectively.

            At its inception in 1945, the goal originally was to stabiles exchange rates and assist in the reconstruction of the world’s economic and payment systems which was seriously dislocated  by the awesome destruction of the World War II. Member countries contributed to a common pool from which they  could borrow from an temporary basis especially by countries with deficit balance of payments. The IMF was important in helping the world stabilize the economic system at the time of its creation. It works to improve the economies at its member countries. In June 2009, the IMF described itself as …an organization of 186 countries working to faster global monetary  co-operation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth and reduce poverty…4  all UN member states participate in the IMF with the exception of the Morth Korea, Andorra, Monaco, Lecihten Stein, Tuyahu and Manuru. Cuba left in 1964 while Taiwan was expelled in 1980.

Assistance and reforms:      The primary mission of the IMf is to provide financial assistance to  countries that are faced with some level of serious economic difficulty. The IMF uses funds deposited with it from the collective resources of its 189 member courtiers. Member states with balance of payment problems may request loans to help fill gaps between what countries earn and are able to borrow from other official lenders and what countries must spend to keep operationally afloat including the ability to cover the cost of importing baric goods and services. In return, countries are usually required to launch certain reform programmes which are considered necessary to reshape the economic destiny of the state, enhance productivity and improve the several economic position of the state. This is often described as structural adjustment programmes. there reforms are thought to be beneficial to countries with fixed exchange rate policies, that may engage In fiscal, monetary and political practices which may lead to economic crisis itself. Nations with severe budget deficits, rampant inflation, strict price controls or significantly over-valued of payment problems. The structural adjustment programme, SAP, are at least intended to ensure that the IMF is actually helping  to prevent financial crisis rather than merely funding financial recklessness.

Achievements/Criticisms:  the role of the IMF as a global fiscal umpire has been controversial since the cold war period. While some argue that the fund hare worked hand to maintain global economic sanity and progress, critics insist that the IMF has not been a source for good.
1.         IMF policies are seen to support authoritarian regimes and military dictatorship as long as such are friendly to American and western corporations.
2.         The IMF is seen as generally apathetic to views of democracy, human rights and labour rights, despite glasing abusus in such countries, the IMF continue to do business with the leadership while furning a blind eye to the night of the citizens whose rights are desecrated.
3.         The IMF defends itself by asserting that economic stability is a precursor to democracy. The axian seem to be that economic freedom would ultimately be a forerunner to political freedom and others rights that go with its.
4.         Critics argue that economic aid is often tied to stringent conditionalities. The structural adjustment programme, SAP has been widely condemned us anti people and highly insensitive to the nights of ordinary citizens in developing countries. Depending them of baric amenities and infrastructure which should be the responsibility of government to provide.
5.         Critics argue that most of IMF conditionalities retard social progress and stability and lead to an increase in poverty levels and reduced standard of living in the recipient countries.
6.         IMF have been accused of representing and protecting only the interests and ideological preferences of the western financial community.
7.         IMF loans under acts governments ability to sustain national infrastructure even in crucial areas such as health, education and security.
8.       Privatisation of strategically vital national resources which tends to place control at the exploitative hands of the wealthy while the poor continue to suffer severe disadvantages.
9.         Enhances the level of poverty and hunger by denying people early access to food and other vital nutritional elements. Cost of living becomes extremely high and largely unaffordable.
10.       Strict conditions on IMF loans impedes affective health care delivery systems as public health care are structurally weakened. A Cambridge university study in 2008 revealed that deaths in eastern Europe by tuberculosis role by 16%, as a result of under funding of health projects, dilapidated infrastructure, inadequate health personnel, bad working conditions and brain drain.
11.       The IMF encourages indebted countries to engage in eco systems damaging projects in order to generate cash flow. These include oil drilling, wal, deforestations and other environmental unfriendly activities.
12.       The IMF advocates currency devaluation which is considered by economists as inflationary. Some economists argue that currency devaluation which is often recommended to developing countries is destructive to the economy.
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