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The International Monetary Fund as an Organization - Essay Example

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The focus of this paper is on the IMF, an international association that was established in the year 1944, and later 29 member states joined it, in 1945. The main goal for its formation was to make exchange rates stable and reconstruct the international payment system after the WWII economic crisis…
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The International Monetary Fund as an Organization
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Download file to see previous pages The stated objectives of the organization are promoting economic cooperation across the globe, improving the international trade among the member states, maintaining the stable exchange rate, creating more employment and make financial resources obtainable for their member states in order to enable them to meet B.O.P ( Balance Of Payment) needs.
Delivering the stated objectives of IMF is vital because it will create conditions necessary for ensuring that the member states are well and truly to the part of economic recovery; thus achieving sustainable development. Therefore, the IMF should implement an effective strategic plan that will enable them to deliver their stated objective effectively. First, there is a need to enhance economic policy and encourage its member states to create a 1coherent strategy in all sectors in order to meet the stated objective of the association. Encouraging countries to maintain economic stability is vital and this is through developing sound monetary policies. Although the economic crisis that resulted due to credit crunch issues have impacted the economic performance of many nations, some of are still under economic recovery. 2Blanco and Carrasco argue that it is the role of the IMF to encourage countries to adopt sound economic policies. This can be done by proposing rules that would require nations to comply with the conditions set forth by stabilization fund for accessing a pool of currencies. This condition will create longer-term stability through disseminating economic and monetary policies; hence helping nations to overcome the future economic crisis.
Building enhanced financial departments across the states for monitoring and assessing risks associated with financial stability is vital; thus maintaining public financial stability. Although the role of the states has changed and evolved in recent decades, it is now apparent that good governance and financial monitoring are the keys to the successful achievement of socioeconomic growth.  ...Download file to see next pagesRead More
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