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{{Use dmy dates|date=January 2020}}
{{Infobox organization
| logo = International Monetary Fund logo.svg
| caption = Headquarters in [[Washington, D.C.]]
| map = Headquarters of the International Monetary Fund (Washington, DC).jpg
| motto =
| name = International Monetary Fund
| formation = {{start date and age|
| type = [[International financial institutions|International financial institution]]
| purpose = Promote international monetary co-operation, facilitate [[international trade]], foster sustainable economic growth, make resources available to members experiencing [[balance of payments]] difficulties, prevent and assist with recovery from international financial crises<ref name="about"/> | headquarters = 700 19th Street NW, [[Washington, D.C.]], U.S.
| coords = {{coord|38|53|56|N|77|2|39|W|display=inline}}
| language = [[English language|English]]<ref name = "Boughton 2001 7n5">{{harvnb|Boughton|2001|p=[https://books.google.com/books?id=dY8Wm4-8yGYC&pg=PA7 7 n.5]}}.</ref>
| leader_title = Managing Director
| leader_name = [[Kristalina Georgieva]]
| leader_title2 = First Deputy Managing Director
| leader_name2 = [[Gita Gopinath]]<ref>{{cite web |url=https://www.imf.org/en/News/Articles/2021/12/02/pr21354-fdmd-okamoto-to-leave-imf-gita-gopinath-to-be-imfs-new-fdmd |title=First Deputy Managing Director Geoffrey Okamoto to Leave IMF, Gita Gopinath to Be IMF's New First Deputy Managing Director |publisher=International Monetary Fund |access-date=28 January 2022 |archive-date=11 April 2022 |archive-url=https://web.archive.org/web/20220411172033/https://www.imf.org/en/News/Articles/2021/12/02/pr21354-fdmd-okamoto-to-leave-imf-gita-gopinath-to-be-imfs-new-fdmd |url-status=live }}</ref>
| leader_title3 = Chief Economist
| leader_name3 = [[Pierre-Olivier Gourinchas]]<ref>{{cite web|url=https://www.imf.org/en/News/Articles/2022/01/10/pr2201-imf-managing-director-names-pierre-olivier-gourinchas-economic-counsellor-head-research-dept|title=IMF Managing Director Names Pierre-Olivier Gourinchas as IMF Economic Counsellor and Head of Research Department|website=International Monetary Fund|access-date=28 January 2022|archive-date=11 April 2022|archive-url=https://web.archive.org/web/20220411172033/https://www.imf.org/en/News/Articles/2022/01/10/pr2201-imf-managing-director-names-pierre-olivier-gourinchas-economic-counsellor-head-research-dept|url-status=live}}</ref>
| main_organ = [[Board of Governors]]
| parent_organization =
| budget = $1,295 million<ref>{{cite web |title=Download the full report {{!}} IMF Annual Report 2023 |url=https://www.imf.org/external/pubs/ft/ar/2023/english/ |access-date=2024-04-21 |website=www.imf.org |archive-date=21 April 2024 |archive-url=https://web.archive.org/web/20240421120351/https://www.imf.org/external/pubs/ft/ar/2023/english/ |url-status=live }}</ref>{{Rp|page=60}}
| budget_year = 2023
| abbreviation = IMF
| location =
| region = Worldwide
| membership =
countries (
| num_staff =
| num_volunteers =
| website = {{URL|https://www.imf.org/|imf.org}}
| staff =
}}
The '''International Monetary Fund''' ('''IMF''') is a major financial agency of the [[United Nations]], and an [[international financial institution]] funded by 190 member countries, with headquarters in [[Washington, D.C.
Established in
The current managing director (MD) and chairperson of the IMF is [[Bulgaria]]n economist [[Kristalina Georgieva]], who has held the post since 1 October 2019.<ref>{{cite web |url=https://www.apnews.com/3a8293b07f91434193221028f96aea68 |title=Economist who grew up in communist Bulgaria is new IMF chief |first=Martin |last=Crutsinger |date=25 September 2019 |publisher=[[Associated Press]] |access-date=18 June 2020 |archive-date=21 April 2022 |archive-url=https://web.archive.org/web/20220421025910/https://apnews.com/3a8293b07f91434193221028f96aea68 |url-status=live }}</ref> Indian-American economist [[Gita Gopinath]], previously the chief economist, was appointed as first deputy managing director, effective 21 January 2022.<ref>{{cite web |title=First Deputy Managing Director Geoffrey Okamoto to Leave IMF, Gita Gopinath to Be IMF's New First Deputy Managing Director |url=https://www.imf.org/en/News/Articles/2021/12/02/pr21354-fdmd-okamoto-to-leave-imf-gita-gopinath-to-be-imfs-new-fdmd |access-date=4 February 2022 |publisher=International Monetary Fund |archive-date=11 April 2022 |archive-url=https://web.archive.org/web/20220411172033/https://www.imf.org/en/News/Articles/2021/12/02/pr21354-fdmd-okamoto-to-leave-imf-gita-gopinath-to-be-imfs-new-fdmd |url-status=live }}</ref> [[Pierre-Olivier Gourinchas]] was appointed chief economist on 24 January 2022.<ref>{{cite web |title=IMF Managing Director Names Pierre-Olivier Gourinchas as IMF Economic Counsellor and Head of Research Department |url=https://www.imf.org/en/News/Articles/2022/01/10/pr2201-imf-managing-director-names-pierre-olivier-gourinchas-economic-counsellor-head-research-dept |access-date=4 February 2022 |publisher=International Monetary Fund |archive-date=11 April 2022 |archive-url=https://web.archive.org/web/20220411172033/https://www.imf.org/en/News/Articles/2022/01/10/pr2201-imf-managing-director-names-pierre-olivier-gourinchas-economic-counsellor-head-research-dept |url-status=live }}</ref>
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*to help mend the pieces of the international economy after the [[Great Depression]] and [[World War II]]<ref>{{cite journal |last1=Lastra |first1=Rosa Maria |date=2000 |title="The International Monetary Fund in Historical Perspective." |url=https://academic.oup.com/jiel/article/3/3/507/829415 |journal=Journal of Economic Law |volume=3 |issue=3 |pages=507–523 |doi=10.1093/jiel/3.3.507}}</ref> as well as to provide capital investments for economic growth and projects such as [[infrastructure]].{{citation needed|date=February 2023}}
The IMF's role was fundamentally altered by the [[floating exchange rate]]s after 1971. It shifted to examining the economic policies of countries with IMF loan agreements to determine whether a shortage of capital was due to [[business cycle|economic fluctuations]] or economic policy. The IMF also researched what types of government policy would ensure economic recovery.<ref name="Jensen 2004, April, Issue 48"/> A particular concern of the IMF was to prevent financial crises, such as those in [[Mexico]] in 1982, [[Brazil]] in 1987, the [[
In addition, the IMF negotiates conditions on lending and loans under their policy of [[conditionality]],<ref name="Jensen 2004, April, Issue 48" /><ref>{{cite journal |last1=Babb |first1=Sarah L. |last2=Carruthers |first2=Bruce G. |date=2008 |title=Conditionality: Forms, Function, and History |url=https://www.annualreviews.org/doi/10.1146/annurev.lawsocsci.4.110707.172254 |journal=Annual Review of Law and Social Science |volume=4 |issue=1 |pages=13–29 |doi=10.1146/annurev.lawsocsci.4.110707.172254 |issn=1550-3585 |access-date=30 April 2024 |archive-date=22 October 2022 |archive-url=https://web.archive.org/web/20221022003709/https://www.annualreviews.org/doi/10.1146/annurev.lawsocsci.4.110707.172254 |url-status=live }}</ref> which was established in the 1950s.<ref name="chorev" /> [[developing country|Low-income countries]] can borrow on [[Loan#Concessional|concessional terms]], which means there is a period of time with no interest rates, through the Extended Credit Facility (ECF), the Standby Credit Facility (SCF) and the Rapid Credit Facility (RCF). Non-concessional loans, which include interest rates, are provided mainly through the [[IMF Stand-By Arrangement|Stand-By Arrangements]] (SBA), the Flexible Credit Line (FCL), the Precautionary and Liquidity Line (PLL), and the Extended Fund Facility. The IMF provides emergency assistance via the Rapid Financing Instrument (RFI) to members facing urgent balance-of-payments needs.<ref>{{cite web |title=Factsheet: IMF Lending |url=http://www.imf.org/external/np/exr/facts/howlend.htm |work=About the IMF |publisher=International Monetary Fund |access-date=8 April 2012 |archive-date=9 June 2017 |archive-url=https://web.archive.org/web/20170609114556/http://www.imf.org/external/np/exr/facts/howlend.htm |url-status=live }}</ref>
== Surveillance of the global economy ==
The IMF is mandated to oversee the international monetary and financial system and monitor the economic and financial policies of its member countries.<ref name="IMF Surveillance: A Case Study on IMF Governance">{{cite web|last1=Bossone|first1=Biagio|title=IMF Surveillance: A Case Study on IMF Governance|url=http://www.ieo-imf.org/ieo/files/completedevaluations/05212008BP08_10.pdf |publisher=Independent Office of the International Monetary Fund |archive-url=https://web.archive.org/web/20110904122308/http://www.ieo-imf.org/ieo/files/completedevaluations/05212008BP08_10.pdf |archive-date=4 September 2011 |url-status=dead }}</ref>
The Fund typically analyses the appropriateness of each member country's economic and financial policies for achieving orderly economic growth, and assesses the consequences of these policies for other countries and for the [[global economy]].<ref name="IMF Surveillance: A Case Study on IMF Governance" /> For instance, The IMF played a significant role in individual countries, such as Armenia and Belarus, in providing financial support to achieve stabilization financing from 2009 to 2019.<ref>Vinokurov, Evgeny, Artem Levenkov, and Gennady Vasiliev. Global Financial Safety Net in Eurasia: Accessibility of Macroeconomic Stabilization Financing in Armenia, Belarus, Kyrgyzstan, and Tajikistan. WP/20/2, 2020.</ref> The maximum sustainable debt level of a polity, which is watched closely by the IMF, was defined in 2011 by IMF economists to be 120%.<ref name="imfmsd">{{cite web |author1=Fiscal Affairs Department |author2=((Strategy, Policy, and Review Department)) |editor1-last=Cottarelli |editor1-first=Carlo |editor2-last=Moghadam |editor2-first=Reza |title=Modernizing the Framework for Fiscal Policy and Public Debt Sustainability Analysis |website=International Monetary Fund |date=5 August 2011 |url=https://www.imf.org/external/np/pp/eng/2011/080511.pdf|archive-url=https://web.archive.org/web/20111016170627/https://www.imf.org/external/np/pp/eng/2011/080511.pdf|archive-date=16 October 2011|url-status=live}}</ref> Indeed, it was at this number that the [[Greek government-debt crisis
[[File:IMF DDS.svg|thumb|right|upright=1.8|IMF [[#Data Dissemination Systems|Data Dissemination Systems]] participants: {{legend|#FF8040|IMF member using SDDS}} {{legend|#ff00ff|IMF member using GDDS}} {{legend|#008000|IMF member, not using any of the DDSystems}} {{legend|#ffff00|non-IMF entity using SDDS}} {{legend|#ff0000|non-IMF entity using GDDS}} {{legend|#B9B9B9|no interaction with the IMF}}]]
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[[File:Articles of Agreement of the International Monetary Fund.jpg|thumb|First page of the Articles of Agreement of the International Monetary Fund, 1 March 1946. Finnish Ministry of Foreign Affairs archives.]]
The IMF was originally laid out as a part of the [[Bretton Woods system]] exchange agreement in 1944.<ref name="Jensen, pp 194-210">{{cite journal |last1=Jensen|first1=Nathan |title=Crisis, Conditions, and Capital: The Effect of the International Monetary Fund on Foreign Direct Investment |journal=Journal of Conflict Resolution|year=2004|pages=194–210 |doi=10.1177/0022002703262860|volume=48|issue=2|s2cid=154419320}}</ref> During the [[Great Depression]], countries sharply raised barriers to trade in an attempt to improve their failing economies. This led to the [[devaluation]] of national currencies and a decline in world trade.<ref Name=CoopAndRecon>{{cite web|title=Cooperation and Reconstruction (1944–71)|url=http://www.imf.org/external/about/histcoop.htm|work=About the IMF|access-date=18 March 2012|archive-date=23 January 2009|archive-url=https://web.archive.org/web/20090123142240/http://www.imf.org/external/about/histcoop.htm|url-status=live}}</ref>
This breakdown in international monetary cooperation created a need for oversight. The representatives of 45 governments met at the [[Bretton Woods Conference]] in the Mount Washington Hotel in [[Bretton Woods, New Hampshire]], in the United States, to discuss a framework for postwar international economic cooperation and how to rebuild Europe.
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Former members are [[Cuba]] (which left in 1964),<ref name=cuba>{{cite web|title=Brazil calls for Cuba to be allowed into IMF|work=Caribbean Net News|date=27 April 2009|url=http://www.caribbeannetnews.com/cuba/cuba.php?news_id=15996&start=0&category_id=5|access-date=7 May 2009|quote=Cuba was a member of the IMF until 1964, when it left under revolutionary leader Fidel Castro following his confrontation with the United States.}}{{dead link|date=August 2017 |bot=InternetArchiveBot |fix-attempted=yes }}</ref> and [[Taiwan]], which was ejected from the IMF<ref>{{Cite web |url=https://www.imf.org/external/pubs/ft/history/2001/ch19.pdf |title=Toward Universal Membership |access-date=2017-07-14 |archive-url=https://web.archive.org/web/20160303212624/http://www.imf.org/external/pubs/ft/history/2001/ch19.pdf |archive-date=2016-03-03 }}</ref> in 1980 after losing the support of the then United States President [[Jimmy Carter]] and was replaced by the [[China|People's Republic of China]].<ref name="The Wall Street Journal">{{cite news|last1=Andrews|first1=Nick|author2=Bob Davis|title=Kosovo Wins Acceptance to IMF|work=The Wall Street Journal|date=7 May 2009|url=https://www.wsj.com/articles/SB124154560907188151|access-date=7 May 2009|quote=Taiwan was booted out of the IMF in 1980 when China was admitted, and it hasn't applied to return since.|archive-date=9 January 2015|archive-url=https://web.archive.org/web/20150109231723/http://www.wsj.com/articles/SB124154560907188151|url-status=live}}</ref> However, "Taiwan Province of China" is still listed in the official IMF indices.<ref>{{cite web |url=http://www.imf.org/external/pubs/ft/weo/2012/01/weodata/co.htm |title=World Economic Outlook Database for April 2012 – Country information |publisher=Imf.org |date=17 April 2012 |access-date=7 November 2012 |archive-date=13 October 2023 |archive-url=https://web.archive.org/web/20231013131555/https://www.imf.org/external/pubs/ft/weo/2012/01/weodata/co.htm |url-status=live }}</ref> [[Polish People's Republic|Poland]] withdrew in 1950—allegedly pressured by the [[Soviet Union]]—but returned in 1986. The former [[Czechoslovakia]] was expelled in 1954 for "failing to provide required data" and was readmitted in 1990, after the [[Velvet Revolution]].<ref>{{cite web |title=II The IMF and the Transition from Central Planning |url=https://www.imf.org/external/pubs/ft/history/2012/pdf/c6.pdf |access-date=1 November 2023 |publisher=International Monetary Fund |page=255 |archive-date=19 November 2023 |archive-url=https://web.archive.org/web/20231119174714/https://www.imf.org/external/pubs/ft/history/2012/pdf/c6.pdf |url-status=live }}</ref>
Apart from Cuba, the other UN states that do not belong to the IMF are
===Qualifications===
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===Executive Board===
Following the ''2008 Amendment on Voice and Participation'' which came into effect in March 2011,<ref>{{Cite web|url=https://www.imf.org/en/News/Articles/2015/09/14/01/49/pr1164|title=Press Release: The IMF's 2008 Quota and Voice Reforms Take Effect|website=IMF|access-date=8 May 2023|archive-date=8 May 2023|archive-url=https://web.archive.org/web/20230508150755/https://www.imf.org/en/News/Articles/2015/09/14/01/49/pr1164|url-status=live}}</ref> seven countries each appoint an executive director: the United States, Japan, China, Germany, France, the United Kingdom, and Saudi Arabia.<ref name=edsa>{{cite web|title=IMF Executive Directors and Voting Power|work=Member Quotas Shares, Governors, and Voting Power|publisher=International Monetary Fund|url=http://www.imf.org/external/np/sec/memdir/eds.aspx|access-date=9 April 2014|archive-date=23 November 2011|archive-url=https://web.archive.org/web/20111123154435/http://www.imf.org/external/np/sec/memdir/eds.aspx|url-status=live}}</ref> The remaining 17 Directors represent constituencies consisting of 2 to 23 countries. This Board usually meets several times each week.<ref name=pr10477>{{Cite web|url=https://www.imf.org/en/News/Articles/2015/09/14/01/49/pr10477|title=Press Release: IMF Board of Governors Approves Major Quota and Governance Reforms|website=IMF|access-date=8 May 2023|archive-date=8 May 2023|archive-url=https://web.archive.org/web/20230508150756/https://www.imf.org/en/News/Articles/2015/09/14/01/49/pr10477|url-status=live}}</ref> The board membership and constituency is scheduled for periodic review every eight years.<ref name=pr10418>{{Cite web|url=https://www.imf.org/en/News/Articles/2015/09/14/01/49/pr10418|title=Press Release: IMF Executive Board Approves Major Overhaul of Quotas and Governance|website=IMF|access-date=8 May 2023|archive-date=8 May 2023|archive-url=https://web.archive.org/web/20230508150756/https://www.imf.org/en/News/Articles/2015/09/14/01/49/pr10418|url-status=live}}</ref>
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|Professor at Harvard University's Economics department<br />Chief Economist of IMF
|}
=== Chief Economist ===
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|13||{{flagcountry|Spain}}||9,535.5||2.00||[[Nadia Calviño]]||[[Pablo Hernández de Cos]]||96,814||1.92
|-
|14||{{flagcountry|Mexico}}||8,912.7||1.87||[[Rogelio Ramírez de la O|Rogelio Eduardo Ramirez de la O]]||
|-
|15||{{flagcountry|Netherlands}}||8,736.5||1.83||[[Klaas Knot]]||[[Christiaan Rebergen]]||88,824||1.76
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ODI conclusions were that the IMF's very nature of promoting market-oriented approaches attracted unavoidable criticism. On the other hand, the IMF could serve as a scapegoat while allowing governments to blame international bankers. The ODI conceded that the IMF was insensitive to political aspirations of LDCs while its policy conditions were inflexible.<ref>{{cite web|title=The IMF and the Third World |url=http://www.odi.org.uk/resources/details.asp?id=5379&title=imf-ldcs |work=ODI briefing paper |publisher=[[Overseas Development Institute]] |access-date=6 July 2011 |archive-url=https://web.archive.org/web/20120107124156/http://www.odi.org.uk/resources/details.asp?id=5379&title=imf-ldcs |archive-date=7 January 2012 }}</ref>
Argentina, which had been considered by the IMF to be a model country in its compliance to policy proposals by the [[Bretton Woods system|Bretton Woods]] institutions, experienced a catastrophic economic crisis in 2001,<ref>''Memoria del Saqueo'', [[Fernando Ezequiel Solanas]], documentary film, 2003 (Language: Spanish; Subtitles: English) [https://www.youtube.com/watch?v=rH6_i8zuffs&feature=PlayList&p=8B60CF40AEF6BBDA&index=0&playnext=1 YouTube.com] {{Webarchive|url=https://web.archive.org/web/20140328152628/https://www.youtube.com/watch?v=rH6_i8zuffs&feature=PlayList&p=8B60CF40AEF6BBDA&index=0&playnext=1 |date=28 March 2014 }}</ref> which some believe to have been caused by IMF-induced budget restrictions—which undercut the government's ability to sustain national infrastructure even in crucial areas such as health, education, and security—and [[privatisation]] of strategically vital national [[natural resources|resources]].<ref>{{cite web |url=http://www.twnside.org.sg/title/twr137b.htm |title=Economic debacle in Argentina: The IMF strikes again |publisher=Twnside.org.sg |access-date=30 May 2010 |archive-url=https://web.archive.org/web/20100303033200/http://www.twnside.org.sg/title/twr137b.htm |archive-date=3 March 2010}}</ref> Others attribute the crisis to Argentina's misdesigned [[fiscal federalism]], which caused subnational spending to increase rapidly.<ref>Stephen Webb, "Argentina: Hardening the Provincial Budget Constraint", in Rodden, Eskeland, and Litvack (eds.), ''Fiscal Decentralization and the Challenge of Hard Budget Constraints'' (Cambridge, Massachusetts: [[MIT Press]], 2003).</ref> The crisis added to widespread hatred of this institution in Argentina and other South American countries, with many blaming the IMF for the region's economic problems. The
In 2001, the Independent Evaluation Office, an autonomous body, was established to conduct independent evaluations of policies and activities of the International Monetary Fund.{{citation needed|date=November 2024}}
In 2006, a senior [[ActionAid]] policy analyst Akanksha Marphatia stated that IMF policies in Africa undermine any possibility of meeting the [[Millennium Development Goals|Millennium Development Goals (MDGs)]] due to imposed restrictions that prevent spending on important sectors, such as education and health.<ref>{{cite web|url=http://www.scitrading.pro/post-49677/|title=Ultimate Profit Solution Review by Toshko Raychev|publisher=SCI Trading|archive-url=https://web.archive.org/web/20161124043034/http://www.scitrading.pro/post-49677/|archive-date=24 November 2016}}</ref>
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In an interview (2008-05-19), the former Romanian Prime Minister [[Călin Popescu-Tăriceanu]] claimed that "Since 2005, IMF is constantly making mistakes when it appreciates the country's economic performances".<ref name=int>{{cite web |url=http://www.mediafax.ro/economic/tariceanu-fmi-a-facut-constant-greseli-de-apreciere-a-economiei-romanesti.html?1686;2645329 |title=Tăriceanu: FMI a făcut constant greșeli de apreciere a economiei românești – Mediafax |publisher=Mediafax.ro |access-date=30 May 2010 |archive-date=28 December 2008 |archive-url=https://web.archive.org/web/20081228224458/http://www.mediafax.ro/economic/tariceanu-fmi-a-facut-constant-greseli-de-apreciere-a-economiei-romanesti.html?1686;2645329 }}</ref> Former Tanzanian President [[Julius Nyerere]], who claimed that debt-ridden African states were ceding sovereignty to the IMF and the World Bank, famously asked, "Who elected the IMF to be the ministry of finance for every country in the world?"<ref name="Mwakikagile2006">{{cite book|title=Africa is in a Mess: What Went Wrong and what Should be Done|url={{Google books|f1NvA-BFmC8C|page=PA27|keywords=|text=|plainurl=yes}}|year=2006|author=Godfrey Mwakikagile| publisher=New Africa Press|isbn=978-0-9802534-7-4|pages=27–}}</ref><ref>{{cite web |url=http://www.houseofknowledge.org.uk/site/documents/neoGarveyismCorner/Nyerere,%20Reflections--Dec.%201997.pdf |title=Reflections on Leadership in Africa – Forty Years After Independence |website=houseofknowledge.org.uk |access-date=14 May 2014 |archive-url=https://web.archive.org/web/20140515014411/http://www.houseofknowledge.org.uk/site/documents/neoGarveyismCorner/Nyerere,%20Reflections--Dec.%201997.pdf |archive-date=15 May 2014 |url-status=live }}</ref>
Former chief economist of IMF and former [[Reserve Bank of India]] (RBI) Governor [[Raghuram Rajan]] who predicted the [[2007–2008 financial crisis
Countries such as [[Zambia]] have not received proper aid with long-lasting effects, leading to concern from economists. Since 2005, Zambia (as well as 29 other African countries) did receive debt write-offs, which helped with the country's medical and education funds. However, Zambia returned to a debt of over half its GDP in less than a decade. American economist [[William Easterly]], sceptical of the IMF's methods, had initially warned that "debt relief would simply encourage more reckless borrowing by crooked governments unless it was accompanied by reforms to speed up economic growth and improve governance", according to ''[[The Economist]]''.<ref>{{Cite news|url=https://www.economist.com/leaders/2018/09/15/zambias-looming-debt-crisis-is-a-warning-for-the-rest-of-africa|title=Zambia's looming debt crisis is a warning for the rest of Africa|newspaper=The Economist|access-date=19 September 2018|archive-date=18 September 2018|archive-url=https://web.archive.org/web/20180918163443/https://www.economist.com/leaders/2018/09/15/zambias-looming-debt-crisis-is-a-warning-for-the-rest-of-africa|url-status=live}}</ref>
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Academic Jeremy Garlick cites IMF loans to South Korea during the [[1997 Asian financial crisis]] as widely perceived by the South Korean public as a debt-trap.<ref name=":13">{{Cite book |last=Garlick |first=Jeremy |title=Advantage China: Agent of Change in an Era of Global Disruption |date=2024 |publisher=[[Bloomsbury Academic]] |isbn=978-1-350-25231-8}}</ref>{{Rp|page=89}} Garlick writes that the public was generally bitter about submitting to the conditions imposed by the IMF, which required South Korea to radically restructure its economy and consult with the IMF before making economic decisions until the debt was repaid.<ref name=":13" />{{Rp|page=89}}
In 2016, the IMF's research department published a report titled "Neoliberalism: Oversold?" which, while praising some aspects of the "[[neoliberal]] agenda", claims that the organisation has been "overselling" fiscal [[austerity]] policies and financial deregulation, which they claim has exacerbated both financial crises and [[economic inequality]] around the world.<ref>{{cite web |last=Rowden |first=Rick |date=6 July 2016 |title=The IMF Confronts Its N-Word |url=https://foreignpolicy.com/2016/07/06/the-imf-confronts-its-n-word-neoliberalism/ |access-date=22 October 2016 |website=Foreign Policy |archive-date=4 November 2020 |archive-url=https://web.archive.org/web/20201104040658/https://foreignpolicy.com/2016/07/06/the-imf-confronts-its-n-word-neoliberalism/ |url-status=live }}</ref><ref>[
In 2020 and 2021, Oxfam criticized the IMF for forcing tough austerity measures on many low income countries during the COVID-19 pandemic, despite forcing cuts to healthcare spending, would hamper the recipient's response to the pandemic.<ref>{{cite web |date=2022-04-19 |title=IMF must abandon demands for austerity as cost-of-living crisis drives up hunger and poverty worldwide |url=https://www.oxfam.org/en/press-releases/imf-must-abandon-demands-austerity-cost-living-crisis-drives-hunger-and-poverty |access-date=2023-10-13 |website=Oxfam International |archive-date=15 October 2023 |archive-url=https://web.archive.org/web/20231015084633/https://www.oxfam.org/en/press-releases/imf-must-abandon-demands-austerity-cost-living-crisis-drives-hunger-and-poverty |url-status=live }}</ref><ref>{{cite web |date=2020-10-12 |title=Over 80 per cent of IMF Covid-19 loans will push austerity on poor countries - World {{!}} ReliefWeb |url=https://reliefweb.int/report/world/over-80-cent-imf-covid-19-loans-will-push-austerity-poor-countries |access-date=2023-10-13 |website=reliefweb.int |archive-date=15 October 2020 |archive-url=https://web.archive.org/web/20201015020304/https://reliefweb.int/report/world/over-80-cent-imf-covid-19-loans-will-push-austerity-poor-countries |url-status=live }}</ref>
===Support of dictatorships===
The role of the [[Bretton Woods system|Bretton Woods institutions]] has been controversial since the late [[Cold War]], because of claims that the IMF policy makers supported [[military dictatorship]]s friendly to American and European corporations, but also other [[anti-communist]] and [[Communist]] regimes,
Arguments in favour of the IMF supporting dictatorships is the claim that [[economic stability]] is a precursor to democracy. A 2017 study found no evidence of IMF lending programs undermining democracy in borrowing countries
Arguments in favour of the IMF say that economic stability is a precursor to democracy; however, critics highlight various examples in which democratised countries fell after receiving IMF loans.<ref name="cadtm">{{cite news|title=IMF support to dictatorships|publisher=World Bank|url=http://www.cadtm.org/spip.php?article809|work=[[Committee for the Abolition of the Third World Debt]]|access-date=21 September 2007|archive-url=https://web.archive.org/web/20071012105817/http://www.cadtm.org/spip.php?article809|archive-date=12 October 2007}}</ref>▼
▲
▲A 2017 study found no evidence of IMF lending programs undermining democracy in borrowing countries.<ref name=":0">{{Cite journal|last1=Nelson|first1=Stephen C.|last2=Wallace|first2=Geoffrey P.R.|date=1 December 2017|title=Are IMF lending programs good or bad for democracy?|journal=The Review of International Organizations |volume=12|issue=4|pages=523–558|doi=10.1007/s11558-016-9250-3|s2cid=85506864|issn=1559-7431}}</ref> To the contrary, it found "evidence for modest but definitively positive conditional differences in the democracy scores of participating and non-participating countries".<ref name=":0" />
Party-based autocracies and democracies can face similar incentives when considering agreements with IMF, in contrast to personalist and military regimes.<ref name="q511">{{cite journal | last=Fails | first=Matthew D. | last2=Woo | first2=Byungwon | title=Unpacking Autocracy: Political Regimes and IMF Program Participation | journal=International Interactions | volume=41 | issue=1 | date=2015 | issn=0305-0629 | doi=10.1080/03050629.2015.969370 | pages=110–132}}</ref>
===Impact on access to food===
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In March 2011, the Ministers of Economy and Finance of the [[African Union]] proposed to establish an [[African Monetary Fund]].<ref name="African Monetary Fund">{{cite news|url=http://www.trademarksa.org/news/au-discussions-african-monetary-fund|title=AU discussions on African Monetary Fund|publisher=TradeMark Southern Africa|date=16 March 2011|access-date=5 July 2014|archive-url=https://web.archive.org/web/20140714221741/http://www.trademarksa.org/news/au-discussions-african-monetary-fund|archive-date=14 July 2014}}</ref>
At the [[6th BRICS summit]] in July 2014 the [[BRICS]] nations (Brazil, Russia, India, China, and South Africa) announced the [[
In 2014, the China-led [[Asian Infrastructure Investment Bank]] was established.<ref name="Donnan Dyer FT"/>
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==See also==
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* {{Annotated link |Bank for International Settlements}}
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{{DEFAULTSORT:International Monetary Fund}}
[[Category:International Monetary Fund| ]]
[[Category:1944 in economic history]]
[[Category:1945 in economic history]]
[[Category:Global policy organizations]]
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[[Category:International finance institutions]]
[[Category:Organizations based in Washington, D.C.]]
[[Category:Organizations established in
[[Category:United Nations Development Group]]
[[Category:United Nations Economic and Social Council]]
[[Category:United Nations specialized agencies]]
[[Category:Funds]]
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