ASSIGNMENT # 1- Individual
International Economic Institutions
Outline the role and functions of the following economic institutions: The IMF
Discuss the criticisms/ complaints that have been made against each of these institutions. How can the above institutions assist in the process of economic development of Jamaica? Document Submission- Due date: October 12, 2014
The International Monetary Function is provide short terms credit to member countries for meeting temporary difficulties due to adverse balance of payments, reconciling conflicting claims of member countries, provide a reservoir of currencies of member-countries and enabling members to borrow on another's currency, promoting orderly adjustment of exchange rates and to advising member countries on economic, monetary and technical matters. In becoming members of the IMF, countries agree to pursue economic policies that are consistent with the objectives of the IMF. The Articles of Agreement confer on the IMF the legal authority to oversee compliance by members with this obligation, making the IMF “the only organization that has a mandate to examine on a regular basis the economic circumstances of virtually every country in the world.” The IMF provides concessional loans to low-income member countries to help support these countries’ efforts to eradicate poverty. In this venture, the IMF works closely with the World Bank and other development partners. In this area the IMF also plays a critical catalytic role to mobilize external financing and donor support for the countries’ balance of payments and development needs. The IMF also participates in two international initiatives to provide debt relief: the Heavily Indebted Poor Countries The Articles of Agreement enable the IMF to lend to member countries that have a balance of payments need to provide temporary respite and enable countries to put in place orderly corrective measures and avoid a disorderly adjustment of...
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