Aims And Functions Of Imf Essay

838 Words Mar 18th, 2016 4 Pages
Aims and Functions of IMF
The International Monetary Fund (IMF) started its operations as a financial institution on March 1st, 1947. Since then, the state membership has risen from 29 countries to a near global number of 188 countries. IMF operates under the United Nations and has several aims, objectives and functions. The first aim of IMF is the promotion of international monetary corporation by establishing a permanent institution which offers collaborative and consultative machinery on international monetary problems. IMF also aims at facilitating balanced growth and the expansion of international trade, maintenance and promotion of employment levels and enhanced productive resource development for all members (Fritz-Krockow & Ramlogan, 2007).
The third aim is the promotion of stability of exchange, maintenance of orderly arrangements of exchange among members and the avoidance of depreciation of competitive exchange. IMF also aims at establishing a multilateral payment system with respect to trade between member states and the eliminations of restrictions on foreign exchange which hamper world trade growth. Additionally, the institutions purposes to provide confidence to members through the temporarily available general resources, giving the members the opportunity to do corrections on the maladjustments of their payment balances. Lastly, IMF aims at shortening the duration and lessening the disequilibrium degree in the international payment balances of member states…

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