International Monetary Fund IMF. Globalization and world crisis

Course summary: International Monetary Fund IMF

The International Monetary Fund (IMF) is an organization of 188 countries, working to:

• promote global monetary cooperation,
• secure financial stability,
• make easy International trade,
• promote high employment and sustainable economic growth, and
• reduce poverty.

The International Monetary Fund (IMF) is uniquely placed to help governments of IMF members take advantage of the opportunities and manage the defiance posed by globalization and economic development. The International Monetary Fund tracks global economic trends and efficiency, alerts its member countries when it sees troubles on the horizon, provides a forum for policy dialog, and passes on know-how to governments on how to tackle economic difficulties.

Helping a nation benefit from globalization while averting potential downsides is an important task for the International Monetary Fund. The global economic crisis has highlighted just how interconnected countries have become in the world economy.

To become a member, a nation must apply and then be accepted by a majority of the existing members.

The SDR (Special Drawing Rights) is an international reserve asset, created by the International Monetary Fund  in 1969 to supplement its member countries' official reserves. Its value is based on a basket of 4 key international currencies, and Special Drawing Rights can be exchanged for freely usable currencies.

Example of the course International Monetary Fund: