Mr. Ismail
However, it was not until Dec. 27, 1945, that the International Monetary Fund was formally organized. The first 29 member countries signed the Articles of Agreement, and today the constitutional purpose of the institution remains the same. On March 1, 1947, the IMF officially started its operation.
One of the financial policies of IMF was the par value system, known as the Bretton Wood system. This was in place until 1971 when the U.S. President suspended the conversion of the dollar into gold. Major currencies during this time began to float, as countries were free to decide the form of exchange agreement. The transition was good until the price of oil started to increase. To help respond to the soaring price, the IMF set up its two oil facilities.
To help its poor country members, the institution set up a Trust Fund to provide a financing scheme. The first country to borrow money from the IMF was France in 1948, just a year after the establishment of the organization. In December 1987 the Enhanced Structural Adjustment Facility replaced the Structural Adjustment Facility launched in March 1986. However, the institution noted difficulty in paying for the poorer country members. To solve the problem, the IMF collaborated with the World Bank in 1990 to ensure that poor countries can manage their international debt.
There are now 186 member countries. The membership expanded in the 1950s and 1960s when more countries attained independence. In 1989 the fall of the Berlin Wall and in 1991 the disbanding of the Soviet Union caused the IMF to truly become a universal institution. Membership from African countries rapidly increased. The member countries participated actively in the IMF and benefitted from its financial policies and assistance.
Camille Gutt of Belgium served as the very first Managing Director of the IMF. Today Dominique Strauss-Kahn of France manages the institution. He began serving on Nov. 1, 2007, and his term will end after five years. The main
One of the financial policies of IMF was the par value system, known as the Bretton Wood system. This was in place until 1971 when the U.S. President suspended the conversion of the dollar into gold. Major currencies during this time began to float, as countries were free to decide the form of exchange agreement. The transition was good until the price of oil started to increase. To help respond to the soaring price, the IMF set up its two oil facilities.
To help its poor country members, the institution set up a Trust Fund to provide a financing scheme. The first country to borrow money from the IMF was France in 1948, just a year after the establishment of the organization. In December 1987 the Enhanced Structural Adjustment Facility replaced the Structural Adjustment Facility launched in March 1986. However, the institution noted difficulty in paying for the poorer country members. To solve the problem, the IMF collaborated with the World Bank in 1990 to ensure that poor countries can manage their international debt.
There are now 186 member countries. The membership expanded in the 1950s and 1960s when more countries attained independence. In 1989 the fall of the Berlin Wall and in 1991 the disbanding of the Soviet Union caused the IMF to truly become a universal institution. Membership from African countries rapidly increased. The member countries participated actively in the IMF and benefitted from its financial policies and assistance.
Camille Gutt of Belgium served as the very first Managing Director of the IMF. Today Dominique Strauss-Kahn of France manages the institution. He began serving on Nov. 1, 2007, and his term will end after five years. The main