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International Monetary Fund

Abstract

The IMF shares its expertise with officials in member countries and provides training to them—what it calls “capacity development”—to help countries build strong institutions and boost skills to formulate and implement sound macroeconomic and financial policies. Capacity development is closely linked to the IMF’s surveillance and lending activities and highly appreciated by member countries.

International Monetary Fund

Abstract

Surveillance is the catch-all term encompassing the process by which the IMF oversees the international monetary system and global economic developments, and monitors the economic and financial policies of its 188 member countries. As part of this annual financial health check, known as surveillance, the IMF highlights possible risks to stability and advises on the necessary policy adjustments. In this way, it helps the international monetary system serve its essential purpose of facilitating the exchange of goods, services, and capital among countries, thereby sustaining sound economic growth.

Ms. Laura Wallace

This paper reviews the resurgence of Latin America. The paper highlights that much of the region has witnessed a swift and robust recovery from the successive financial crises of 2001–02. Within two years, the region’s economic growth reached 5.6 percent in 2004, a 24-year high. Growth rates of about 4 percent in 2005 and 3¾ percent projected for 2006 are well above historical averages. Mexico and South American countries have gained, in particular, from the surge in fuel, food, and metals prices, and have generally been able to exploit these opportunities by expanding production.

MOHSIN S. KHAN

The general resurgence of fundamental Islamic values in many parts of the world has manifested itself on the economic front as well, with a number of countries having moved toward the transformation of their economic systems to accord more closely with the precepts and conditions of Islam. The most far-reaching attempts in that direction have taken place in the Islamic Republic of Iran and in Pakistan, although this phenomenon can be observed to varying degree in most Islamic countries. More significant, the process of Islamization of these economic systems appears to be gaining momentum over time.

International Monetary Fund

Abstract

IMF loans are meant to help member countries tackle balance-of-payments problems, stabilize their economies, and restore sustainable economic growth. This crisis resolution role is at the core of IMF lending. At the same time, the recent global financial crisis has highlighted the need for effective global financial safety nets to help countries cope with adverse shocks. A key objective of recent lending reforms has therefore been to complement the traditional crisis resolution role of the IMF with additional tools for crisis prevention. Unlike development banks, the IMF does not lend for specific projects.

International Monetary Fund

Abstract

This year has been crucial for reshaping the world’s development agenda. We also marked two important anniversaries—the 70th anniversary of the founding of the Bretton Woods institutions and 25 years since the fall of the Berlin Wall. This section looks at key events and trends shaping different parts of the world and the IMF’s work to support the membership in those areas, including activities leading up to the IMF-World Bank Annual Meetings in Peru.

International Monetary Fund. External Relations Dept.

With Dubai hosting the IMF-World Bank Annual Meetings this year, the Middle East and North Africa (MENA) region has received particular attention. Its economic performance and strategies to reignite growth were the theme of a pre-meeting IMF Economic Forum (see page 285). There were also press briefings on the region’s economies and on the West Bank and Gaza and Afghanistan. In addition, several seminars looked in greater detail at several high-profile issues, notably jobs for the region’s burgeoning workforce, greater integration of women in the labor force, the role of oil stabilization funds, and Islamic banking.

International Monetary Fund

Abstract

The International Monetary Fund is the world’s central organization for international monetary cooperation. With 188 member countries, it is an organization in which almost all of the countries in the world work together to promote the common good. The IMF, which oversees the international monetary system to ensure its effective operation, has among its key purposes to promote exchange rate stability and to facilitate the expansion and balanced growth of international trade. This enables countries (and their citizens) to buy goods and services from one another and is essential for achieving sustainable economic growth and raising living standards.