Case Study - The IMF Flashcards

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1
Q

What is the IMF

A

The International Monetary Fund

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2
Q

What does the IMF do

A

An important source of financial and technical assistance to developing countries, and its main aim is to reduce poverty

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3
Q

How many countries are part of the IMF

A

189

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4
Q

What is the IMF primary purpose

A

To ensure the stability of the International Monetary system

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5
Q

What is the International Monetary System?

A

The system of exchange rates and international payments that enables countries to transact with one another

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6
Q

What did the 2012 update to the mandate include?

A

All macroeconomic and financial sector issues that bear on global stability

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7
Q

How is the IMF different from the World Bank?

A

The IMF exists primarily to stabilise exchange rates while the World Bank’s goal is to reduce poverty/

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8
Q

Who works for them

A

Around 2300 staff who are largely economists and financial experts

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9
Q

Does the IMF have affiliates or subsidiaries

A

No

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10
Q

What is the current value of the IMF’s resources

A

$ 215 billion

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11
Q

Where do the IMF resources come from

A

Quota subscriptions, and member fees paid by the member countries

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12
Q

How do the members contribute to the IMF

A

An amount of money proportionate to its economic size and strength.

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13
Q

How do the member countries gain access to the IMF’s resources?

A

They can apply to use part of the money in times of financial need

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14
Q

How can the IMF help with a country’s debt

A

The IMF can fill the gap needed if a country has payment deficit

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15
Q

What is the IMF’s most important function

A

The ability to provide loans to memenerbnations in need of bailouts

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16
Q

What can the condition attached to IMF loans state

A

Economic policies which the borrowing government must comply to

17
Q

What has the IMF been criticised for

A

Being too slow or too eager to assist failing national policies and acting as a tool for free-market countries only.

18
Q

How have some nations exploited the IMF

A

Italy and Greece have been accused of having unsustainable budgets because they believed that the IMF would come to their rescue.

19
Q

What is the parent organisation of the IMF

A

UN

20
Q

Who does the IMF board of governors consist of

A

One representative from each country, usually the minister of financel