What is International Monetary Fund
The IMF is an international organisation with 190 member states, which builds a framework for international economic cooperation intended to achieve sustainable growth and prosperity for all of its members.
The group is financed by its members through their subscription. The pool of funds acquired is used for organisational matters as well as lending its members when they fall into financial difficulty.
The IMF assumes an active part in G20 deliberations on global economic growth and international monetary and financial stability. The two groups have a mutual agreement where the work of one influences the other – the IMF’s decision-making process is influenced by agreements reached at G20 level, however these have no legal status or binding effects at the IMF.
IMF’s core areas of expertise range from taxation through central bank operations to the reporting of macroeconomic data and applies it to help countries overcome income inequality, gender inequality, corruption, and climate change.
What are IMF Responsibilities
- monitors the international monetary system and global economic developments to identify risks and recommend policies for growth and financial stability.
- undertakes a regular health check of the economic and financial policies of its 190 member countries.
- identifies possible risks to the economic stability of its member countries and advises their governments on possible policy adjustments.
- provides technical assistance and training to governments, including central banks, finance ministries, revenue administrations, and financial sector supervisory agencies.
- provides loans to member countries which are under financial stress – this financial support is meant to assist them rebuild their international reserves, stabilise their currencies, continue paying for imports, and restore conditions for strong economic growth, while correcting underlying problems
- Annual report
- reviews the IMF’s activities and policies during the preceding financial year, and includes an audited statement of the IMF’s accounts
- Regional economic reports
- discuss recent economic developments and prospects for countries in various regions; address economic policy developments that have affected economic performance in the regions, and discuss key challenges faced by policymakers
- Global financial stability reports
- provide an assessment of the global financial system and markets, and address emerging market financing in a global context. It focuses on current market conditions, highlighting systemic issues that could pose a risk to financial stability and sustained market access by emerging market borrowers.
- Finance and development reports
- IMF’s flagship magazine and online editorial platform, publishes cutting-edge analysis and insight on the latest trends and research in international finance, economics, and development.
- Fintech Notes
- offer practical advice from IMF staff members to policymakers on important issues
- Staff discussion notes
- showcase the latest policy-related analysis and research being developed by individual IMF staff and are published to elicit comment and to further debate
- Policy papers
- IMF staff regularly produces papers proposing new IMF policies, exploring options for reform, or reviewing existing IMF policies and operations.
- External sector reports
- focus on the world’s largest economies
- showcase how individual economies fit into the global picture
- discuss associated risks and policies needed to reduce excess imbalances
- Working Papers
- describe research in progress by the author(s) and are published to elicit comments and to encourage debate.
IMF Virtual asset related reports:
- Annual Report 2016
- ALL Regional Economic/Office Reports with reference to crypto (2018, 2019, 2020, 2022)
- Global Stability Financial Reports (2021 & 2022 ones refer to crypto)
- ALL Finance and development reports discussing crypto
- Fintech notes – discussing crypto
- Crypto Currencies and Monetary Policy January 2019
- Working papers on crypto, AML, CFT, CPF
- IMF Staff discussion note: Virtual Currencies and Beyond: Initial Considerations (2016)
The IMF has:
- a newsletter which one can subscribe to via their official page
- a newsletter dedicated to Finance and Development reports
- a blog
- and media presence across a variety of media outlets: LinkedIn, Facebook, Twitter, Youtube and Instagram
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