Abstract

The IMF is a cooperative institution that lends money to its member countries experiencing temporary balance of payments financing problems on the condition that the borrower undertake economic adjustment and reform policies to address these difficulties. In recent years, for example, the IMF has played a central role in resolving a series of economic and financial crises in emerging market countries in Asia and Latin America, and in Russia and Turkey. The IMF is also actively engaged in promoting economic growth and poverty reduction in its poorer member countries by providing financing on special terms in support of efforts to stabilize economies, implement structural reforms, and achieve sustainable external debt positions.