International Economic Institution
Specific agencies or foundations, both government and private,
devoted to collecting or studying economic data,
or commissioned with the job of supplying a good or service that is
important to the economy of a country. This are in
particular institutions that structure trade and financial
relationships between countries.
International Monetary Fund
Evaluation of contribution towards world
economy
Key IMF activities
- policy advice to governments and central banks based on
analysis of economic trends and cross-country experiences;
- research, statistics, forecasts, and analysis based on tracking
of global, regional, and individual economies and markets;
- loans to help countries overcome economic difficulties;
- concessional loans to help fight poverty in developing
countries; and
- technical assistance and training to help countries improve the
management of their economies.
More specifically, the IMF continues to
- provide a forum for cooperation on international monetary
problems
- facilitate the growth of international trade, thus promoting
job creation, economic growth, and poverty reduction;
- promote exchange rate stability and an open system of
international payments; and
- lend countries foreign exchange when needed, on a temporary
basis and under adequate safeguards, to help them address balance
of payments problems.
Following are the supporting measures taken by IMF to support
various economies of the world during difficult times :
- Stepping up crisis lending. The IMF responded
quickly to the global economic crisis, with lending commitments
reaching a record level of more than US$250 billion in 2010. This
figure includes a sharp increase in concessional lending (that’s to
say, subsidized lending at rates below those being charged by the
market) to the world’s poorest nations.
- Greater lending flexibility. The IMF has
overhauled its lending framework to make it better suited to
countries’ individual needs. It is also working with other regional
institutions to create a broader financial safety net, which could
help prevent new crises.
- Providing analysis and advice. The IMF’s
monitoring, forecasts, and policy advice, informed by a global
perspective and by experience from previous crises, have been in
high demand and have been used by the G-20.
- Drawing lessons from the crisis. The IMF is
contributing to the ongoing effort to draw lessons from the crisis
for policy, regulation, and reform of the global financial
architecture.
- Historic reform of governance.The IMF’s member
countries also agreed to a significant increase in the voice of
dynamic emerging and developing economies in the decision making of
the institution, while preserving the voice of the low-income
members.