THE ROLE OF IMF IN THE INTERNATIONAL POLITICAL ECONOMY AND HOW IT Research Paper

THE ROLE OF IMF IN THE INTERNATIONAL POLITICAL ECONOMY AND HOW IT PLAYS A ROLE ON THE POLITICS AND ECONOMICS IN NIGERIA AND CAME - Research Paper Example That is whether the nations would have performed better without IMF or whether they had influence in preventing the prosperity of the changes suggested by IMF. The economic and political state of the nations due to IMF influence at present and the opinions why or why not did the nations recover are in addition discussed. What IMF is International Monetary Fund (IMF) is a global institution that offers monetary assistance and advice to member nations. IMF came into existence at the conclusion of World War II, because of the Bretton Woods Meeting in 1945. It was formed out of demand to curb economic crises such as the Great Depression. The institution has turned to an enduring organization integral to the formation of monetary markets globally and to the development of the growing nations (Tenney & Norman, 2011, 149). What IMF does The job of IMF is of three major kinds: Surveillance includes the supervising of economic and monetary growths, and the offering of rule advice, targeted ma inly at crisis-avoidance. IMF as well lends to nations with balance of payments hardships, to offer temporary funding and to promote rules targeted at rectifying the underlying challenges. Loans to low revenue nations are in addition targeted mainly at poverty lowering. ... IMF as well plays a significant role in the battle against funds laundering and violence (Fritz-Krockow & Parmeshwar, 2007, 2). Origins and original aims of IMF IMF is a global institution that was started in 1944 at the Bretton Woods Meeting and officially formed during 1945 by twenty-nine member nations. IMF’s expressed objective was to aid in the rebuilding of the sphere’s global payment system after World War II. Nations contribute funds to a pool by a quota scheme from which nations with payment disparities may scrounge money temporarily. By this task and others like observation of its members’ economies and the requirement for personal-rectifying rules, IMF does job to enhance the economies of its member nations. IMF defines itself like an institution of one hundred and eighty eight nations, doing job to foster international financial cooperation, protect monetary steadiness, enable global trade, support great employment and maintainable economic developmen t, and lower poverty across the sphere. Its headquarters are in Washington, D.C., United States. The original aims of IMF included: Offering a forum for cooperation on global financial challenges Enable the development of global trade, therefore supporting job formation, economic development, and poverty lowering Support exchange rate steadiness and an open scheme of global payments; and Loaning nation’s foreign exchange when required, on a temporary basis and under sufficient securities to aid them handle balance of payments challenges (Jacobsen & Ramesh, 2008, 268). Success and failures of IMF vision Global trade grew rapidly from the 1950’s. There was