The IMF was conceived on 22 July, 1994, when representatives of 45 countries meeting in the town of Bretton Woods, New Hampshire, in the northeastern United States,agreed on a Framework for International economic cooperation, to be established alter the Second World War. The IMF came into formal existence in December 1945, when its first 29 member countries signedits Articles of Agreement. It began operations on March 1, 1947. Later that year, France became the first country to borrow from the IMF.
2. What are the main objectives of the IMF?
The IMFsupports its membership by providing policy advice to governments and central banks based on analysis of economic trends and cross-country experiences; research, statistics, forecasts, and analysisbased 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; andtechnical assistance and training to help countries improve the management of their economies.
3. Who have been the last 3 presidents of the IMF?
Rodrigo Rato (Spain) June 7, 2004 – October21, 2007
Dominique Strauss-Kahn (France) November 1, 2007 – May 18, 2011
Christine Lagarde (France) July 5, 2011 – present.
4. Relationship between the IMF and Mexico.
According to theconventional view, the International Monetary Fund’s bailout of Mexico in 1995 was a success because it restored confidence in the collapsing peso, led to a quick economic recovery, and possiblystemmed the outbreak of a global systemic financial crisis. The bailout, moreover, helped keep Mexico on a market- oriented track. Proponents of those views rarely mention the high costs of the IMF’sintervention to ordinary Mexicans, and they down- play the cost—namely in the form of moral hazard—to the world economy. More importantly, policymakers have never seriously considered market-oriented...