The paper “ Global Political Economy - Key Achievements of International Monetary Fund, Global Finance Crisis” is a cogent variant of the case study on macro & microeconomics. The International Monetary Fund (IMF) is an organization made up of 187 countries whose role is to foster monetary cooperation globally, secure the financial stability of its member countries, promote high rates of employment and ensure sustainable economic growth, facilitate international trade and reduce poverty in the world. The main mission of the IMF is to ensure economic stability in the global system. This is achieved by keeping track of the changes in the global economy and the economy of its member countries.
This involves overseeing the international monetary system and also the financial policies of its member countries as well as offering financial policy advice. IMF also lends to countries that are experiencing payment difficulties. This assistance is given to ensure that those countries rebuild their international reserves as well as stabilizing their currencies so that they can restore their macroeconomic stability. IMF also offers concessional credit facilities to countries with low income to assist them in developing their economies and also reduce their poverty levels. Another responsibility of the IMF is to give technical help to its member countries.
This involves assisting low and middle-income member countries to manage their economies effectively. It also offers practical guidance to those countries on how to advance their institutions, how to come up with effective financial, macroeconomic and structural policies. This paper looks at various aspects of the International Monetary Fund and how its services are becoming irrelevance with the recent financially critical matters that are being experienced globally. Rationale behind the creation of IMFThe main functions of IMF are to promote economic growth and ensure economic stability.
This is achieved by offering policy advice to members when they experience economic difficulties and helping them reduce poverty as well as achieving macroeconomic policy. The rationale behind the creation of IMF was that the international capital markets work imperfectly and most countries in the world have limited access to financial markets.
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