This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended June 1947. The report highlights that in the two years since the end of the Second World War, considerable progress has been made toward rebuilding the economies of the devastated and disrupted countries, although the work is far from complete. A number of countries in Europe have succeeded in approaching or even exceeding the pre-war levels of industrial production, but in others, output still lags far behind.
This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 1950. The report highlights that the widespread devaluation of currencies that took place in September 1949 was the most far-reaching in any comparable period in recent times. Thirteen members agreed new par values with the IMF, most of them involving a devaluation of approximately 30.5 percent in relation to the U.S. dollar. Six member countries with which the IMF has no agreed par value also depreciated their exchange rates.
This paper reviews key findings of the IMF’s Annual Report for the fiscal year 1952. The report highlights that five years since the IMF began operations, there has been a remarkable growth in production and one widespread adjustment of exchange rates. The attainment of a stable international equilibrium, however, still eludes large parts of the world, and there has been little secure or sustained progress toward the IMF objectives of unimpeded multilateral trade and the general convertibility of currencies. The report also discusses the use of the IMF’s resources, gold policy, and exchange restrictions.
This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1953. The report highlights that despite the downward trend in world trade that became evident early in 1952, the world payments position for the year as a whole showed a much better balance than in 1951. In the latter part of 1952, there was a significant recovery, and by the beginning of 1953, many countries had again achieved balance, or at least had substantially reduced their deficits.
This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1954. The report highlights that downward trend in the volume of world trade that had appeared early in 1952 was reversed in 1953, and in the last three quarters of that year, the rate of both the volume and the value of world trade exceeded that of 1952. The pattern of recovery, moreover, was such that it eased substantially the balance-of-payments disequilibrium.
This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1956. The report highlights that the world payments situation has in fact improved, restrictions have been further relaxed, the transferability of important currencies has been extended, and discrimination, especially that resulting from bilateral arrangements, has had less influence on the direction of trade. Progress in extending multilateral trade and payments has thus been maintained, although during the year there was no addition to the list of IMF members that have established formal convertibility of their currencies.
This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1973. The report highlights that world economic developments in 1972 and the first half of 1973 were dominated by a strong cyclical upsurge in activity, high rates of price inflation, and currency crises and unrest punctuated by another realignment of major currencies in February–March 1973. With key elements of the Bretton Woods system no longer observed, the work of reforming the international monetary system continued in the IMF through the Committee of Twenty.
This paper reviews the IMF’s Annual Report for the fiscal year ended April 30, 1985. The report highlights that by mid-1985, economic recovery in the industrial countries had been under way, although unevenly, for some two and a half years. Output growth in 1984 was the strongest in almost a decade, and inflation continued to recede. There were encouraging signs that the benefits of this recovery were spreading to the developing world. Aided by the improved external environment and the increased firmness with which adjustment policies were pursued, domestic growth rates in developing countries accelerated.
This 2002 Annual Report describes world economic and financial developments in FY2002. During FY2002, the IMF faced important new challenges in an unusually unsettled world environment. After a period of strong expansion, the global economy experienced a widespread slowdown during the 2001 calendar year. By early 2002, however, thanks in large part to actions taken by key central banks to lower interest rates, there were encouraging signs that growth was recovering, although serious concerns remained in a number of countries.
The Annual Report 2006 to the Board of Governors reviews the IMF’s activities and policies during the financial year (May 1, 2005, through April 30, 2006). The main sections cover the Fund’s Medium-Term Strategy; country, global, and regional surveillance; strengthening surveillance and crisis prevention; IMF program support and crisis resolution; the Fund’s role in low-income countries; technical assistance and training; financial operations and policies; and governance and management of the IMF. Besides the full financial statements for the year, appendixes cover international reserves, financial operations and transactions, principal policy decisions, press communiqués of advisory committees, Executive Directors and their voting power, and changes in the Executive Board’s membership.