IMF (International Monetary Fund)
The IMF (International Monetary Fund) is an international organisation for safeguarding global financial stability. Founded in 1944 in Bretton Woods, headquartered in Washington.
What does the IMF do?
• Emergency loans: grants loans to countries in financial difficulty (e.g. Greece, Argentina, Pakistan)
• Surveillance: monitors the economic policy of all 190 member countries
• Advice: recommends economic policy measures (often controversial)
• Special drawing rights: its own reserve currency for international payments
Criticism: IMF loans come with strict conditions (austerity programmes, privatisation), which often hit the poorer population hard. In Greece, the conditions led to massive pension and salary cuts.
📚 IMF (International Monetary Fund) understood?
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