International Monetary Fund
|Headquarters||Washington, D.C., USA|
|Managing Director||Dominique Strauss-Kahn|
|Central Bank of|
|Currency||Special Drawing Rights|
|ISO 4217 Code||XDR|
|Base borrowing rate||3. Washington DC ( formally the District of Columbia and commonly referred to as Washington, the District, or simply D The United States of America —commonly referred to as the Managing director is the term used for the Chief executive of many limited companies in the United Kingdom, Commonwealth and some other English Dominique Strauss-Kahn, often referred to as DSK, (born 25 April 1949 in Neuilly-sur-Seine) is a French Economist, Lawyer, and A currency is a unit of exchange, facilitating the transfer of Goods and/or services It is one form of Money, where money is Special Drawing Rights ( SDRs) is a potential claim on the freely usable currencies of International Monetary Fund members ISO 4217 is the International standard describing three-letter codes (also known as the currency code) to define the names of currencies established 49% for SDRs|
The International Monetary Fund (IMF) is an international organization that oversees the global financial system by following the macroeconomic policies of its member countries, in particular those with an impact on exchange rates and the balance of payments. Special Drawing Rights ( SDRs) is a potential claim on the freely usable currencies of International Monetary Fund members A website (alternatively web site or Web site, a back-construction from the Proper noun World Wide Web) is a collection of Web pages International Organization is a peer-reviewed Academic journal that covers the entire field of International affairs. The global financial system ( GFS) is a Financial system consisting of institutions and regulations that act on the international level as opposed to those Macroeconomics is a branch of Economics that deals with the performance structure and behavior of a national or regional Economy as a whole In Finance, the exchange rates (also known as the foreign-exchange rate, forex rate or FX rate) between two currencies specifies how In Economics, the balance of payments, (or BOP) measures the Payments that flow between any individual Country and all other countries It also offers financial and technical assistance to its members, making it an international lender of last resort. A lender of last resort ( LOLR) is an institution willing to extend credit when no one else will Its headquarters are located in Washington, D.C., USA. Washington DC ( formally the District of Columbia and commonly referred to as Washington, the District, or simply D The United States of America —commonly referred to as the
The International Monetary Fund was created in 1944, with a goal to stabilize exchange rates and supervise the reconstruction of the world's international payment system. Washington DC ( formally the District of Columbia and commonly referred to as Washington, the District, or simply D Countries contributed to a pool which could be borrowed from, on a temporary basis, by countries with payment imbalances. (Condon, 2007)
The IMF describes itself as "an organization of 185 countries (Montenegro being the 185th, as of January 18, 2007), working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty". Montenegro ( British English) Montenegrin / Serbian: PLEASE DO NOT CHANGE THE LANGUAGES WITHOUT CONSENSUS ON THE TALK PAGE! Events 350 - Generallus Magnentius deposes Roman Emperor Constans and proclaims himself Emperor Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. With the exception of North Korea, Cuba, Andorra, Monaco, Liechtenstein, Tuvalu, and Nauru, all UN member states participate directly in the IMF. North Korea is the commonly used short form name for the Democratic People's Republic of Korea (or DPRK) a State located in East Asia, The Republic of Cuba (ˈkjuːbə or) consists of the island of Cuba (the largest and second-most populous island of the Greater Antilles) Isla de la Andorra, officially the Principality of Andorra ( Catalan: Principat d'Andorra) is a small Landlocked country in western For other uses see Monaco (disambiguation Monaco, officially the Principality of Monaco ( French: Principauté de Monaco; Monégasque The Principality of Liechtenstein (Fürstentum Liechtenstein) is a tiny doubly landlocked Alpine country in Western Europe, bordered by Switzerland Tuvalu, formerly known as the Ellice Islands, is a Polynesian Island nation located in the Pacific Ocean midway between Hawaii and Nauru, officially the Republic of Nauru, is an Island nation in the Micronesian South Pacific. This article lists the member states of the United Nations (UN. Most are represented by other member states on a 24-member Executive Board but all member countries belong to the IMF's Board of Governors. 
The International Monetary Fund was formally created in July 1944 during the United Nations Monetary and Financial Conference. The United Nations Monetary and Financial Conference, commonly known as Bretton Woods conference, was a gathering of 730 Delegates from all 44 Allied The representatives of 45 governments met in the Mount Washington Hotel in the area of Bretton Woods, New Hampshire, United States of America, with the delegates to the conference agreeing on a framework for international economic cooperation. The Mount Washington Hotel opened in 1902 near Mount Washington, in the town of Carroll New Hampshire.  The IMF was formally organized on December 27, 1945, when the first 29 countries signed its Articles of Agreement. Events 537 - The Hagia Sophia is completed 1512 - The Spanish Crown issues the Laws of Burgos, governing the Year 1945 ( MCMXLV) was a Common year starting on Monday (link will display the full calendar The statutory purposes of the IMF today are the same as when they were formulated in 1944 (see #Assistance and reforms).
From the end of World War II until the late-1970s, the capitalist world experienced unprecedented growth in real incomes. World War II, or the Second World War, (often abbreviated WWII) was a global military conflict which involved a majority of the world's nations, including Real income is the Income of individuals or nations after adjusting for Inflation. (Since then, the integration of China and Eastern and Central Europe into the capitalist system has added substantially to the growth of the system. Talk People's Republic of China) PEOPLE'S REPUBLIC OF CHINA ARTICLE GUIDELINES ) Within the capitalist system, the benefits of growth have not flowed equally to all (either within or among nations) but overall there has been an increase in prosperity that contrasts starkly with the conditions within capitalist countries during the interwar period. The lack of a recurring global depression is probably due to improvements in the conduct of international economic policies that have encouraged the growth of international trade and helped smooth the economic cycle of boom and bust.
In the decades since World War II, apart from rising prosperity, the world economy and monetary system have undergone other major changes that have increased the importance and relevance of the purposes served by the IMF, but that has also required the IMF to adapt and reform. Rapid advances in technology and communications have contributed to the increasing international integration of markets and to closer linkages among national economies. As a result, financial crises, when they erupt, now tend to spread more rapidly among countries.
The IMF's influence in the global economy steadily increased as it accumulated more members. The number of IMF member countries has more than quadrupled from the 44 states involved in its establishment, reflecting in particular the attainment of political independence by many developing countries and more recently the collapse of the Soviet bloc. The expansion of the IMF's membership, together with the changes in the world economy, have required the IMF to adapt in a variety of ways to continue serving its purposes effectively.
The International Monetary Fund's executive board approved a broad financial overhaul plan that could lead to the eventual sale of a little over 400 tons of its substantial gold supplies. IMF Managing Director Dominique Strauss-Kahn welcomed the board's decision April 7, 2008 to propose a new framework for the fund, designed to close a projected $400 million budget deficit over the next few years. Dominique Strauss-Kahn, often referred to as DSK, (born 25 April 1949 in Neuilly-sur-Seine) is a French Economist, Lawyer, and Events 529 - First draft of Corpus Juris Civilis (a fundamental work in Jurisprudence) is issued by Eastern Roman Emperor 2008 ( MMVIII) is the current year in accordance with the Gregorian calendar, a Leap year that started on Tuesday of the Common The budget proposal includes sharp spending cuts of $100 million until 2011 that will include up to 380 staff dismissals. 2011 ( MMXI) will be a Common year starting on Saturday of the Gregorian calendar. 
In 1995, the International Monetary Fund began work on data dissemination standards with the view of guiding IMF member countries to disseminate their economic and financial data to the public. The International Monetary and Financial Committee (IMFC) endorsed the guidelines for the dissemination standards and they were split into two tiers: The General Data Dissemination System (GDDS) and the Special Data Dissemination Standard (SDDS).
The International Monetary Fund executive board approved the SDDS and GDDS in 1996 and 1997 respectively and subsequent amendments were published in a revised “Guide to the General Data Dissemination System”. The system is aimed primarily at statisticians and aims to improve many aspects of statistical systems in a country. It is also part of the World Bank Millennium Development Goals and Poverty Reduction Strategic Papers.
The IMF established a system and standard to guide members in the dissemination to the public of their economic and financial data. An economy is the realized social system of production exchange distribution and consumption of goods and services of a country or other area The field of finance refers to the concepts of Time, Money and Risk and how they are interrelated Currently there are two such systems: General Data Dissemination System (GDDS) and its superset Special Data Dissemination System (SDDS), for those member countries having or seeking access to international capital markets. The capital market is the Market for securities, where companies and Governments can raise longterm funds
The primary objective of the GDDS is to encourage IMF member countries to build a framework to improve data quality and increase statistical capacity building. This will involve the preparation of metadata describing current statistical collection practices and setting improvement plans. Upon building a framework, a country can evaluate statistical needs, set priorities in improving the timeliness, transparency, reliability and accessibility of financial and economic data.
Some countries initially used the GDDS, but lately upgraded to SDDS.
Some entities that are not themselves IMF members also contribute statistical data to the systems:
Any country may apply for membership to the IMF. Hong Kong ( officially the Hong Kong Special Administrative Region, is a territory located on China 's south coast on the Pearl River Delta, and borders The European Union ( EU) is a political and economic union of twenty-seven member states, located primarily in The European Central Bank (ECB is one of the world's most important Central banks responsible for Monetary policy covering the 15 member countries of the Euro Enlargement of the The Statistical Office of the European Communities ( Eurostat) is the Statistical arm of the European Commission, producing data for the European Union Cyprus (Κύπρος transliterated: Kýpros,; Kıbrıs officially the Republic of Cyprus (Κυπριακή Δημοκρατία Kypriakī́ Dīmokratía Malta, officially the Republic of Malta (Repubblika ta' Malta is a European Microstate, comprising an Archipelago of three islands The application will be considered first by the IMF's Executive Board. After its consideration, the Executive Board will submit a report to the Board of Governors of the IMF with recommendations in the form of a "Membership Resolution. " These recommendations cover the amount of quota in the IMF, the form of payment of the subscription, and other customary terms and conditions of membership. A quota share is a specified number or percentage of the allotment as a whole ( Quota) that is prescribed to each individual entity (see Non-tariff barriers to trade After the Board of Governors has adopted the "Membership Resolution," the applicant state needs to take the legal steps required under its own law to enable it to sign the IMF's Articles of Agreement and to fulfil the obligations of IMF membership. Similarly, any member country can withdraw from the Fund, although that is rare. For example, in April 2007, the president of Ecuador Rafael Correa announced the expulsion of the World Bank representative in the country. For a topic outline on this subject see List of basic Ecuador topics. Rafael Vicente Correa Delgado (born 6 April 1963 in Guayaquil) is the President of the Republic of Ecuador. The World Bank is an internationally supported Bank that provides financial and technical assistance to developing countries for development programs (e A few days later, at the end of April, Venezuelan president Hugo Chavez announced that the country would withdraw from the IMF and the World Bank. Hugo Rafael Chávez Frías (ˈuɰo rafaˈel ˈtʃaβ̞es ˈfɾias (born July 28 1954 is the current President of Venezuela. Chavez dubbed both organizations as “the tools of the empire” that “serve the interests of the North”.  As of April 2008, both countries remain as members of both organizations. Venezuela was forced to back down because a withdrawal would have triggered default clauses in the country's sovereign bonds. 
A member's quota in the IMF determines the amount of its subscription, its voting weight, its access to IMF financing, and its allocation of Special Drawing Rights (SDRs). Special Drawing Rights ( SDRs) is a potential claim on the freely usable currencies of International Monetary Fund members A member state cannot unilaterally increase its quota — increases must be approved by the Executive Board and are linked to formulas that include many variables such as the size of a country in the world economy. For example, in 2001, China was prevented from increasing its quota as high as it wished, ensuring it remained at the level of the smallest G7 economy (Canada). China ( Wade-Giles ( Mandarin) Chung¹kuo² is a cultural region, an ancient Civilization, and depending on perspective a National Country to "Dominion of Canada" or "Canadian Federation" or anything else please read the Talk Page  In September 2005, the IMF's member countries agreed to the first round of ad hoc quota increases for four countries, including China. On March 28, 2008, the IMF's Executive Board ended a period of extensive discussion and negotiation over a major package of reforms to enhance the institution's governance that would shift quota and voting shares from advanced to emerging markets and developing countries. The Fund's Board of Governors must vote on these reforms by April 28, 2008. See "Reform of IMF Quotas and Voice: Responding to Changes in the Global Economy" at www. imf. org.
Examples of press coverage of the discussions regarding changes to the voting formula to increase equity:IMF Seeks Role in Shifting Global Economy
Table showing the top 21 member countries in terms of voting power:
|IMF Member Country||Quota: Millions of SDRs||Quota: Percentage of Total||Governor||Alternate Governor||Votes: Number||Votes: Percentage of Total|
|Australia||3236. Special Drawing Rights ( SDRs) is a potential claim on the freely usable currencies of International Monetary Fund members For a topic outline on this subject see List of basic Australia topics. 4||1. 49||Wayne Swan||Ken Henry||32614||1. Wayne Maxwell Swan (born 30 June 1954 is an Australian politician 47|
|Belgium||4605. The Kingdom of Belgium is a Country in northwest Europe. It is a founding member of the European Union and hosts its headquarters as well as those 2||2. 12||Jezreel Pattaguan||Jean-Pierre Arnoldi||46302||2. 09|
|Brazil||3036. |utc_offset = -2 to -4 |time_zone_DST = BRST |utc_offset_DST = -2 to -5 |cctld 1||1. 4||Guido Mantega||Henrique de Campos Meirelles||30611||1. 38|
|Canada||6369. Country to "Dominion of Canada" or "Canadian Federation" or anything else please read the Talk Page 2||2. 93||Jim Flaherty||David A. James Michael "Jim" Flaherty, PC, MP (born December 30, 1949 in Montreal, Quebec) is Canada's Minister Dodge||63942||2. 89|
|China||8090. China ( Wade-Giles ( Mandarin) Chung¹kuo² is a cultural region, an ancient Civilization, and depending on perspective a National 1||3. 72||ZHOU Xiaochuan||HU Xiaolian||81151||3. 66|
|France||10738. This article is about the country For a topic outline on this subject see List of basic France topics. 5||4. 94||Christine Lagarde||Christian Noyer||107635||4. Christine Lagarde (born 1 January 1956) is the current Minister of Finance of France, appointed in June 2007 Christian Noyer (born 6 October 1950 in Soisy-sous-Montmorency, Val-d'Oise) is a French higher civil servant current governor of 86|
|Germany||13008. Germany, officially the Federal Republic of Germany ( ˈbʊndəsʁepuˌbliːk ˈdɔʏtʃlant is a Country in Central Europe. 2||5. 99||Axel A. Weber||Peer Steinbrück||130332||5. 88|
|India||4158. India, officially the Republic of India (भारत गणराज्य inc-Latn Bhārat Gaṇarājya; see also other Indian languages) is a country 2||1. 91||P. Chidambaram||Yaga V. Palaniappan Chidambaram (பழனியப்பன் சிதம்பரம் is an Indian politician and present Finance minister in the United Progressive Alliance Reddy||41832||1. 89|
|Italy||7055. Italy (Italia officially the Italian Republic, (Repubblica Italiana is located on the Italian Peninsula in Southern Europe, and on the two largest 5||3. 25||Giulio Tremonti||Mario Draghi||70805||3. Giulio Tremonti (born August 18, 1947) is an Italian politician and economist 2|
|Japan||13312. For a topic outline on this subject see List of basic Japan topics. 8||6. 13||Koji Omi||Toshihiko Fukui||133378||6. is a Japanese politician served as Minister of Finance in the cabinet of Shinzo Abe. 02|
|Korea||2927. Korea is a geographic area composed of two sovereign countries a civilization and a former state situated on the Korean Peninsula in East Asia. 3||1. 35||Okyu Kwon||Seong Tae Lee||29523||1. 33|
|Mexico||3152. The United Mexican States ( or commonly Mexico (ˈmɛksɪkoʊ () is a federal constitutional Republic in North America. 8||1. 45||Agustín Carstens||Guillermo Ortiz||31778||1. Agustín Carstens Carstens (b 1958 in Mexico City) is a prominent Mexican economist and current Secretary of Finance of Mexico since 1 December 43|
|Netherlands||5162. The Netherlands ( Dutch:, ˈnedərlɑnt is the European part of the Kingdom of the Netherlands, which consists of the Netherlands the Netherlands 4||2. 38||A. H. E. M. Wellink||L. B. J. van Geest||51874||2. 34|
|Russian Federation||5945. Russia (Россия Rossiya) or the Russian Federation ( Rossiyskaya Federatsiya) is a transcontinental Country extending 4||2. 74||Aleksei Kudrin||Sergey Ignatiev||59704||2. Alexei Leonidovich Kudrin (Алексей Леонидович Кудрин (born 12 October, 1960) is a Russian Statesman, and the Russian 7|
|Saudi Arabia||6985. The Kingdom of Saudi Arabia, KSA ( المملكة العربية السعودية, al-Mamlaka al-ʻArabiyya as-Suʻūdiyya) or Suudi 5||3. 21||Ibrahim A. Al-Assaf||Hamad Al-Sayari||70105||3. 17|
|Spain||3048. Spain () or the Kingdom of Spain (Reino de España is a country located mostly in southwestern Europe on the Iberian Peninsula. 9||1. 4||Pedro Solbes||Miguel Fernández Ordóñez||30739||1. Pedro Solbes Mira (b August 31, 1942 in Pinoso) is a Spanish economist 39|
|Sweden||2395. "Sverige" redirects here For other uses see Sweden (disambiguation and Sverige (disambiguation. 5||1. 1||Stefan Ingves||Per Jansson||24205||1. 09|
|Switzerland||3458. Switzerland (English pronunciation; Schweiz Swiss German: Schwyz or Schwiiz Suisse Svizzera Svizra officially the Swiss Confederation 5||1. 59||Jean-Pierre Roth||Hans-Rudolf Merz||34835||1. 57|
|United Kingdom||10738. The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located 5||4. 94||Alistair Darling||Mervyn King||107635||4. Alistair Maclean Darling (born 28 November 1953 is a British Politician and Chancellor of the Exchequer since 28 June 2007 Mervyn Allister King (born March 30 1948) aka 'Unswerving Mervyn' is Governor of the Bank of England. 86|
|United States||37149. The United States of America —commonly referred to as the 3||17. 09||Henry Paulson||Ben Bernanke||371743||16. Henry Merritt "Hank" Paulson Jr (born March 28 1946 is the United States Treasury Secretary and member of the International Monetary Fund Board of Governors Ben Shalom Bernanke (born December 13, 1953) is the incumbent Chairman of the Board of Governors of the United States Federal Reserve. 79|
|Venezuela||2659. Venezuela (ˌvɛnəˈzweɪlə) officially the Bolivarian Republic of Venezuela (Spanish República Bolivariana de Venezuela) is a country on the 1||1. 22||Gastón Parra Luzardo||Rodrigo Cabeza Morales||26841||1. 21|
|remaining 165 countries||60081. 4||29. 14||respective||respective||637067||28. 78|
The primary mission of the IMF is to provide financial assistance to countries that experience serious financial and economic difficulties using funds deposited with the IMF from the institution's 185 member countries. Member states with balance of payments problems, which often arise from these difficulties, may request loans to help fill gaps between what countries earn and/or are able to borrow from other official lenders and what countries must spend to operate, including to cover the cost of importing basic goods and services. In Economics, the balance of payments, (or BOP) measures the Payments that flow between any individual Country and all other countries In return, countries are usually required to launch certain reforms, which have often been dubbed the "Washington Consensus". Structural adjustment is a term used to describe the policy changes implemented by the International Monetary Fund (IMF and the World Bank (the Bretton The term Washington Consensus was initially coined in 1989 by John Williamson to describe a set of ten specific economic policy prescriptions that he considered to constitute These reforms are generally required because countries with fixed exchange rate policies can engage in fiscal, monetary, and political practices which may lead to the crisis itself. For example, nations with severe budget deficits, rampant inflation, strict price controls, or significantly over-valued or under-valued currencies run the risk of facing balance of payment crises. Thus, the structural adjustment programs are at least ostensibly intended to ensure that the IMF is actually helping to prevent financial crises rather than merely funding financial recklessness. Structural adjustment is a term used to describe the policy changes implemented by the International Monetary Fund (IMF and the World Bank (the Bretton
The role of the Bretton Woods institutions has been controversial to some since the late Cold War period. The Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states Cold War is the state of conflict tension and competition that existed between the United States and the Soviet Union (USSR and their respective allies from the Critics claim that IMF policy makers deliberately supported military dictatorships friendly to American and European corporations. A military dictatorship is a Form of government wherein the political power resides with the Military; it is similar but not identical to a Stratocracy, A corporation is a separate legal entity usually used to conduct business Critics also claim that the IMF is generally apathetic or hostile to their views of democracy, human rights, and labor rights. Democracy is a form of government in which the supreme power is held completely by the people under a free electoral system Human rights refers to the "basic Rights and freedoms to which all humans are entitled Labor rights or workers' rights are a group of Legal rights and claimed Human rights having to do with Labor relations between Workers The controversy has helped spark the anti-globalization movement. " Anti-globalization " is a term that encompasses a number of related ideas Others claim the IMF has little power to democratize sovereign states, although that is not its stated objective, which is to advise and promote financial stability. Arguments in favor of the IMF say that economic stability is a precursor to democracy, however critics highlight various examples in which democratized countries fell after receiving IMF loans. 
|Country indebted to IMF/World Bank||Dictator||In power from||In power to||debts at start of Dictatorship(1)||Debts at end of Dictatorship(2)||Country Debts in 1996||Dictator debts generated $ billion||Dictator generated debt % of total debt|
|Argentina||Military dictatorship||1976||1983||9. A military dictatorship is a Form of government wherein the political power resides with the Military; it is similar but not identical to a Stratocracy, A dictatorship is usually defined as an autocratic Form of government in which the Government is ruled by a Dictator. For a topic outline on this subject see List of basic Argentina topics. A military dictatorship is a Form of government wherein the political power resides with the Military; it is similar but not identical to a Stratocracy, 3||48. 9||93. 8||39. 6||42. 00%|
|Bolivia||Military dictatorship||1962||1980||0||2. The Republic of Bolivia (República de Bolivia) named after Simón Bolívar, is a Landlocked country in central South America. A military dictatorship is a Form of government wherein the political power resides with the Military; it is similar but not identical to a Stratocracy, 7||5. 2||2. 7||52. 00%|
|Brazil||Military dictatorship||1964||1984||5. |utc_offset = -2 to -4 |time_zone_DST = BRST |utc_offset_DST = -2 to -5 |cctld A military dictatorship is a Form of government wherein the political power resides with the Military; it is similar but not identical to a Stratocracy, 1||105. 1||179||100||56. 00%|
|Chile||Augusto Pinochet||1974||1989||5. Chile, officially the Republic of Chile ( Spanish:) is a country in South America occupying a long and narrow Coastal strip wedged between the Augusto José Ramón Pinochet Ugarte (November 2||18||27. 4||12. 8||47. 00%|
|El Salvador||Military dictatorship||1979||1994||0. El Salvador ( República de El Salvador,) is a country in Central America. A military dictatorship is a Form of government wherein the political power resides with the Military; it is similar but not identical to a Stratocracy, 9||2. 2||2. 2||1. 3||59. 00%|
|Ethiopia||Mengistu Haile Mariam||1977||1991||0. NOTE This intro is the result of careful NPOV work Please do not make potentially controversial edits to it without first discussing on the talk page Mengistu Haile Mariam (መንግስቱ ኃይለ ማርያም məngɨstu hi lə maryam (born 1937 a repression campaign against the Ethiopian People's Revolutionary Party and 5||4. 2||10||3. 7||37. 00%|
|Haiti||Jean-Claude Duvalier||1971||1986||0||0. Haiti ( English: ˈheɪ·tiː or haɪ·ˈjiː·tiː French Haïti a·i·ti Haitian Creole: Jean-Claude Duvalier (nicknamed Bébé Doc or Baby Doc) (born July 3, 1951) succeeded his father François "Papa Doc" Duvalier 7||0. 9||0. 7||78. 00%|
|Indonesia||Suharto||1967||1998||3||129||129||126||98. The Republic of Indonesia ( (Republik Indonesia is a Country in Southeast Asia. Suharto, also spelled Soeharto (June 8 1921 &ndash January 27 2008 was an Indonesian military leader and the second President of Indonesia, holding 00%|
|Kenya||Moi||1979||2002||2. The Republic of Kenya is a country in East Africa. It is bordered by Ethiopia to the north Somalia to the northeast Tanzania to the south Daniel Toroitich arap Moi (born September 2, 1924) was the President of Kenya from 1978 until 2002 7||6. 9||6. 9||4. 2||61. 00%|
|Liberia||Doe||1979||1990||0. Liberia, officially the Republic of Liberia, is a country on the west coast of Africa, bordered by Sierra Leone, Guinea, Côte d'Ivoire Samuel Kanyon Doe ( May 6, 1951 &ndash September 9, 1990) was the President of Liberia from 1980 to 1990 6||1. 9||2. 1||1. 3||62. 00%|
|Malawi||Banda||1964||1994||0. The Republic of Malawi (məˈlɑːwi or; formerly Nyasaland) is in southern Africa. Hastings Kamuzu Banda (1896? – 25 November 1997) was the leader of Malawi, from 1961 to 1994 1||2||2. 3||1. 9||83. 00%|
|Nigeria||Buhari/Abacha||1984||1998||17. Nigeria, officially named the Federal Republic of Nigeria, is a federal Constitutional republic comprising thirty-six states and one Federal General Sani Abacha ( Kano, 20 September 1943 &ndash Abuja, 8 June 1998) was a Nigerian military leader and politician 8||31. 4||31. 4||13. 6||43. 00%|
|Pakistan||Zia-ul Haq||1977||1988||7. Pakistan () officially the Islamic Republic of Pakistan, is a country located in South Asia, Southwest Asia, Middle East and General Muhammad Zia-ul-Haq ( Arabic: محمد ضياء الحق) (b 6||17|
|Paraguay||Stroessner||1954||1989||0. Paraguay, officially the Republic of Paraguay ( Spanish: República del Paraguay; Guaraní: Tetã Paraguái) is one of the only Alfredo Stroessner Matiauda, whose name is also spelled Strössner or Strößner (November 3 1912 Encarnación - August 16 2006 Brasília 1||2. 4||2. 1||2. 3||96. 00%|
|Philippines||Marcos||1965||1986||1. The Philippines ( Filipino: Pilipinas, officially known as the Republic of the Philippines (fil ''Republika ng Pilipinas'' RP Ferdinand Emmanuel Edralín Marcos ( September 11, 1917 &ndash September 28, 1989) was President of the Philippines from 1965 to 1986 5||28. 3||41. 2||26. 8||65. 00%|
|Somalia||Siad Barre||1969||1991||0||2. Somalia ( Soomaaliya; الصومال) officially the Somali Republic ( Jamhuuriyadda Soomaaliya, جمهورية الصومال) and formerly known Mohamed Siad Barre (Maxamed Siyaad Barre محمّد سياد بري) (b 4||2. 6||2. 4||92. 00%|
|South Africa||apartheid||1992||18. The Republic of South Africa (also known by other official names) is a country located at the southern tip of the continent of Africa 7||23. 6||18. 7||79. 00%|
|Sudan||Nimeiry/al-Mahdi||1969||present||0. Sudan (officially the Republic of Sudan) ( السودان al-Sūdān is a country in northeastern Africa. Gaafar Muhammad an-Nimeiry (otherwise known as Jaafar Nimeiry, Gaafar Nimeiry or Ga'far Muhammad an-Numayri; born 1 January 1930) Sadiq al-Mahdi ( Arabic: الصادق المهدي (also known as Sadiq Al Siddiq, born 1936 is a Sudanese political and religious figure 3||17||17||16. 7||98. 00%|
|Syria||Assad||1970||present||0. Syria ( سوريّة or) officially the Syrian Arab Republic (Arabic ar الجمهورية العربية السورية Dr Bashar al-Assad (بشار الأسد) (born 11 September, 1965) is the President of the Syrian Arab Republic, Regional Secretary 2||21. 4||21. 4||21. 2||99. 00%|
|Thailand||Military dictatorship||1950||1983||0||13. The Kingdom of Thailand (ˈtaɪlænd ราชอาณาจักรไทย, râːtɕʰa-ʔaːnaːtɕɑ̀k-tʰɑj A military dictatorship is a Form of government wherein the political power resides with the Military; it is similar but not identical to a Stratocracy, 9||90. 8||13. 9||15. 00%|
|Zaire/Congo||Mobutu||1965||1997||0. The Republic of Zaire (pronunciation; République du Zaïre was the name of the present Democratic Republic of the Congo between October 27, 1971 The Democratic Republic of the Congo (République démocratique du Congo often referred to as DR Congo, DRC or RDC, and formerly known or referred to Mobutu Sese Seko Nkuku Ngbendu wa Za Banga ( October 14, 1930 September 7, 1997) known commonly as Mobutu, or Mobutu 3||12. 8||12. 8||12. 5||98. 00%|
Notes: Debt at takeover by dictatorship; earliest data published by the World Bank is for 1970. Debt at end of dictatorship (or 1996, most recent date for World Bank data). The World Bank is an internationally supported Bank that provides financial and technical assistance to developing countries for development programs (e
Two criticisms from economists have been that financial aid is always bound to so-called "Conditionalities", including Structural Adjustment Programs. Conditionality is a concept in International development, Political economy and International relations and describes the use of conditions attached to Structural adjustment is a term used to describe the policy changes implemented by the International Monetary Fund (IMF and the World Bank (the Bretton Conditionalities, which are the economic performance targets established as a precondition for IMF loans, it is claimed, retard social stability and hence inhibit the stated goals of the IMF, while Structural Adjustment Programs lead to an increase in poverty in recipient countries. 
Typically the IMF and its supporters advocate a Keynesian approach. In Economics Keynesian economics (ˈkeɪnziən also Keynesianism and Keynesian Theory) is based on the ideas of twentieth-century British economist As such, adherents of supply-side economics generally find themselves in open disagreement with the IMF. Supply-side economics is an arguably heterodox school of Macroeconomic thought that argues that economic growth can be most effectively created using incentives for The IMF frequently advocates currency devaluation, criticized by proponents of supply-side economics as inflationary. Devaluation is a reduction in the value of a Currency with respect to other monetary units In economics inflation or price inflation is a rise in the general level of prices of goods and services over a period of time Secondly they link higher taxes under "austerity programmes" with economic contraction. In Economics, austerity is when a national government reduces its spending in order to pay back Creditors Austerity is usually required when a government's fiscal A recession is a contraction phase of the Business cycle. The U
Currency devaluation is recommended by the IMF to the governments of poor nations with struggling economies. Supply-side economists claim these Keynesian IMF policies are destructive to economic prosperity.
That said, the IMF sometimes advocates "austerity programmes," increasing taxes even when the economy is weak, in order to generate government revenue and balance budget deficits, which is the opposite of Keynesian policy. A budget deficit occurs when an Entity (often a Government) spends more Money than it takes in These policies were criticised by Joseph E. Stiglitz, former chief economist and Senior Vice President at the World Bank, in his book Globalization and Its Discontents. Joseph Eugene Stiglitz (born February 9, 1943) is an American Economist and a professor at Columbia University. Globalization and Its Discontents is a book published in 2002 by the 2001 Nobel laureate Joseph E  He argued that by converting to a more Monetarist approach, the fund no longer had a valid purpose, as it was designed to provide funds for countries to carry out Keynesian reflations, and that the IMF "was not participating in a conspiracy, but it was reflecting the interests and ideology of the Western financial community. "
Complaints are also directed toward International Monetary Fund gold reserve being undervalued. Gold reserves (or gold holdings) are held by Central banks as a Store of value. At its inception in 1945, the IMF pegged gold at US$35 per Troy ounce of gold. The United States dollar ( sign: $; code: USD) is the unit of Currency of the United States; it has also been Troy weight is a system of units of Mass customarily used for Precious metals Black powder, and Gemstones Named after Troyes In 1973 the Nixon administration lifted the fixed asset value of gold in favor of a world market price. Hence the fixed exchange rates of currencies tied to gold were switched to a floating rate, also based on market price and exchange. Floating rate may also refer to a Floating interest rate applied to a Loan or other lending product This largely came about because Petrodollars outside the United States were more than could be backed by the gold at Fort Knox under the fixed exchange rate system. A petrodollar is a US dollar earned by a country through the sale of petroleum The United States Bullion Depository, commonly called Fort Knox is a fortified vault building located near Fort Knox Kentucky which is used to store a large The fixed rate system only served to limit the amount of assistance the organization could use to help debt-ridden countries. Current IMF rules prohibit members from linking their currencies to gold.
Argentina, which had been considered by the IMF to be a model country in its compliance to policy proposals by the Bretton Woods institutions, experienced a catastrophic economic crisis in 2001 , which some believe to have been caused by IMF-induced budget restrictions — which undercut the government's ability to sustain national infrastructure even in crucial areas such as health, education, and security — and privatization of strategically vital national resources. For a topic outline on this subject see List of basic Argentina topics. Privatization is the incidence or process of transferring ownership of business from the Public sector (government to the Private sector (business Others attribute the crisis to Argentina's maldesigned fiscal federalism, which caused subnational spending to increase rapidly.  The crisis added to widespread hatred of this institution in Argentina and other South American countries, with many blaming the IMF for the region's economic problems.  The current — as of early 2006 — trend towards moderate left-wing governments in the region and a growing concern with the development of a regional economic policy largely independent of big business pressures has been ascribed to this crisis.
Another example of where IMF Structural Adjustment Programmes aggravated the problem was in Kenya. The Republic of Kenya is a country in East Africa. It is bordered by Ethiopia to the north Somalia to the northeast Tanzania to the south Before the IMF got involved in the country, the Kenyan central bank oversaw all currency movements in and out of the country. The IMF mandated that the Kenyan central bank had to allow easier currency movement. However, the adjustment resulted in very little foreign investment, but allowed Kamlesh Manusuklal Damji Pattni, with the help of corrupt government officials, to siphon off billions of Kenyan shillings in what came to be known as the Goldenberg scandal, leaving the country worse off than it was before the IMF reforms were implemented. Kamlesh Mansukhlal Damji Pattni (born 1962 is a Kenyan businessman implicated in the Goldenberg scandal. The shilling ( ISO 4217 code KES, also often used KSh) is the Currency of Kenya. The Goldenberg scandal was a Political scandal where the Kenyan government was found to have subsidised exports of Gold far beyond standard arrangements In a recent interview, the Prime Minister of Romania stated that "Since 2005, IMF is constantly making mistakes when it appreciates the country's economic performances". Romania ( dated: Rumania, Roumania
Overall the IMF success record is perceived as limited. While it was created to help stabilize the global economy, since 1980 critics claim over 100 countries (or reputedly most of the Fund's membership) have experienced a banking collapse that they claim have reduced GDP by four percent or more, far more than at any time in Post-Depression history. The considerable delay in the IMF's response to any crisis, and the fact that it tends to only respond to them or even create them rather than prevent them, has led many economists to argue for reform. In 2006, an IMF reform agenda called the Medium Term Strategy was widely endorsed by the institution's member countries. The agenda includes changes in IMF governance to enhance the role of developing countries in the institution's decision-making process and steps to deepen the effectiveness of its core mandate, which is known as economic surveillance or helping member countries adopt macroeconomic policies that will sustain global growth and reduce poverty. On June 15, 2007, the Executive Board of the IMF adopted the 2007 Decision on Bilateral Surveillance, a landmark measure that replaced a 30-year-old decision of the Fund's member countries on how the IMF should analyse economic outcomes at the country level. Events 763 BC - Assyrians record a Solar eclipse that will be used to fix the Chronology of Mesopotamian history Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century.
Whatever the feelings people in the Western world have for the IMF, research by the Pew Research Center shows that more than 60 percent of Asians and 70 percent of Africans feel that the IMF and the World Bank have a positive effect on their country. The Pew Research Center is a Think tank based in Washington D The World Bank is an internationally supported Bank that provides financial and technical assistance to developing countries for development programs (e  However it is pertinent to note that the survey aggregated international organizations including the World Trade Organization. Also, a similar percentage of people in the Western world believed that these international organizations had a positive effect on their countries. In 2005, the IMF was the first multilateral financial institution to implement a sweeping debt-relief program for the world's poorest countries known as the Multilateral Debt Relief Initiative. By year-end 2006, 23 countries mostly in sub-Saharan Africa and Central America had received total relief of debts owed the IMF.
Historically the IMF's managing director has been European and the president of the World Bank has been from the United States. The World Bank is an internationally supported Bank that provides financial and technical assistance to developing countries for development programs (e The United States of America —commonly referred to as the However, this standard is increasingly being questioned and competition for these two posts may soon open up to include other qualified candidates from any part of the world. Executive Directors, who confirm the managing director are voted in by Finance Ministers from countries they represent. The First Deputy Managing Director of the IMF, the second-in-command, has traditionally been (and is today) an American.
The IMF is for the most part controlled by the major Western Powers, with voting rights on the Executive board based on a quota derived from the relative size of a country in the global economy. The term Western world, the West or the Occident ( Latin: occidens -sunset -west as distinct from the Orient) can have multiple meanings Critics claim that the board rarely votes and passes issues contradicting the will of the US or Europeans, which combined represent the largest bloc of shareholders in the Fund. On the other hand, Executive Directors that represent emerging and developing countries have many times strongly defended the group of nations in their constituency. Alexandre Kafka, who represented several Latin American countries for 32 years as Executive Director (including 21 as the dean of the Board), is a prime example. Alexandre Kafka ( January 25, 1917 – November 28, 2007) was an international Economist mainly known for his work as an Executive Mohamed Finaish from Libya, the Executive Director representing the majority of the Arab World and Pakistan, was a tireless defender of the developing nations' rights at the IMF until the 1992 elections.
Rodrigo Rato became the ninth Managing Director of the IMF on June 7, 2004 and resigned his post at the end of October 2007. Rodrigo de Rato y Figaredo (born March 18, 1949) was Spain 's Economy Minister and Vice President serving with the Conservative Events 1099 - The First Crusade: The Siege of Jerusalem begins "MMIV" redirects here For the Modest Mouse album see " Baron von Bullshit Rides Again "
EU ministers agreed on the candidacy of Dominique Strauss-Kahn as managing director of the IMF at the Economic and Financial Affairs Council meeting in Brussels on July 10, 2007. Dominique Strauss-Kahn, often referred to as DSK, (born 25 April 1949 in Neuilly-sur-Seine) is a French Economist, Lawyer, and Events 48 BC - Battle of Dyrrhachium, Julius Caesar barely avoids a catastrophic defeat to Pompey in Macedonia. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. On September 28, 2007, the International Monetary Fund's 24 executive directors elected Mr. Events 48 BC - Pompey the Great is assassinated on orders of King Ptolemy of Egypt after landing in Egypt. Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. An executive director is the senior manager or Executive officer of an Organization, company, or Corporation. Strauss-Kahn as new managing director, with broad support including from the United States and the 27-nation European Union. Managing director is the term used for the Chief executive of many limited companies in the United Kingdom, Commonwealth and some other English The United States of America —commonly referred to as the The European Union ( EU) is a political and economic union of twenty-seven member states, located primarily in Strauss-Kahn succeeded Spain's Rodrigo de Rato, who retired on October 31, 2007. Spain () or the Kingdom of Spain (Reino de España is a country located mostly in southwestern Europe on the Iberian Peninsula. Rodrigo de Rato y Figaredo (born March 18, 1949) was Spain 's Economy Minister and Vice President serving with the Conservative  The only other nominee was Josef Tosovsky, a late candidate proposed by Russia. Josef Tošovský (ˈjozɛf ˈtoʃofskiː (born 28 September 1950 in Náchod, then Czechoslovakia, now the Czech Republic) is Strauss-Kahn said: "I am determined to pursue without delay the reforms needed for the IMF to make financial stability serve the international community, while fostering growth and employment. " 
|May 6, 1946 – May 5, 1951||Camille Gutt||Belgium|
|August 3, 1951 – October 3, 1956||Ivar Rooth||Sweden|
|November 21, 1956 – May 5, 1963||Per Jacobsson||Sweden|
|September 1, 1963 – August 31, 1973||Pierre-Paul Schweitzer||France|
|September 1, 1973 – June 16, 1978||Johannes Witteveen||Netherlands|
|June 17, 1978 – January 15, 1987||Jacques de Larosière||France|
|January 16, 1987 – February 14, 2000||Michel Camdessus||France|
|May 1, 2000 – March 4, 2004||Horst Köhler||Germany|
|June 7, 2004 – October 31, 2007||Rodrigo Rato||Spain|
|November 1, 2007 – present||Dominique Strauss-Kahn||France|
The documentary Life and Debt deals with the IMF's policies' influence on Jamaica and its economy from a critical point of view. Events 1527 - Spanish and German troops sack Rome; some consider this the end of the Renaissance. Year 1946 ( MCMXLVI) was a Common year starting on Tuesday (link will display full 1946 calendar of the Gregorian calendar. Events 553 - The Second Council of Constantinople begins 1215 - Rebel Barons renounce their allegiance to King John Year 1951 ( MCMLI) was a Common year starting on Monday. Events of 1951 January Camille Gutt ( Brussels, 14 November 1884 &ndash 7 June 1971) born Camille Guttenstein, was a Belgian Jewish The Kingdom of Belgium is a Country in northwest Europe. It is a founding member of the European Union and hosts its headquarters as well as those Events 8 - Roman Empire General Tiberius defeats Dalmatians on the river Bathinus. Year 1951 ( MCMLI) was a Common year starting on Monday. Events of 1951 January Events 42 BC - First Battle of Philippi: Triumvirs Mark Antony and Octavian fight an indecisive battle with Caesar's Year 1956 ( MCMLVI) was a Leap year starting on Sunday (link will display full calendar of the Gregorian calendar. Ivar Rooth was the International Monetary Fund (IMF's second Managing Director and Chairman of the Executive Board serving from 1951 -1956 "Sverige" redirects here For other uses see Sweden (disambiguation and Sverige (disambiguation. Events 164 BC - Judas Maccabaeus, son of Mattathias of the Hasmonean family restores the Temple in Jerusalem. Year 1956 ( MCMLVI) was a Leap year starting on Sunday (link will display full calendar of the Gregorian calendar. Events 553 - The Second Council of Constantinople begins 1215 - Rebel Barons renounce their allegiance to King John Year 1963 ( MCMLXIII) was a Common year starting on Tuesday (link will display full calendar of the Gregorian calendar. Per Jacobsson ( February 5, 1894 - May 5, 1963) was managing director of the International Monetary Fund from November 21 "Sverige" redirects here For other uses see Sweden (disambiguation and Sverige (disambiguation. Events 462 - Possible start of first Byzantine indiction cycle. Year 1963 ( MCMLXIII) was a Common year starting on Tuesday (link will display full calendar of the Gregorian calendar. Events 1056 - Byzantine Empress Theodora becomes ill dying suddenly a few days later without children to succeed the Throne Year 1973 ( MCMLXXIII) was a Common year starting on Monday (link will display full calendar of the 1973 Gregorian calendar. Pierre-Paul Schweitzer was the International Monetary Fund (IMF's fourth Managing Director and Chairman of the Executive Board serving from 1963 to 1973 This article is about the country For a topic outline on this subject see List of basic France topics. Events 462 - Possible start of first Byzantine indiction cycle. Year 1973 ( MCMLXXIII) was a Common year starting on Monday (link will display full calendar of the 1973 Gregorian calendar. Events 1487 - Battle of Stoke Field, the last dying breath of the Wars of the Roses. Year 1978 ( MCMLXXVIII) was a Common year starting on Sunday (link displays the 1978 Gregorian calendar) The Netherlands ( Dutch:, ˈnedərlɑnt is the European part of the Kingdom of the Netherlands, which consists of the Netherlands the Netherlands Events 1462 - Vlad III the Impaler attempts to assassinate Mehmed II ( The Night Attack) forcing him to retreat Year 1978 ( MCMLXXVIII) was a Common year starting on Sunday (link displays the 1978 Gregorian calendar) Events 588 BC - Nebuchadrezzar II of Babylon lays siege to Jerusalem under Zedekiah 's reign Year 1987 ( MCMLXXXVII) was a Common year starting on Thursday (link displays 1987 Gregorian calendar) Jacques de Larosière de Champfeu (born November 2, 1929) is a French civil servant This article is about the country For a topic outline on this subject see List of basic France topics. Events 27 BC - The title Augustus is bestowed upon Gaius Julius Caesar Octavian by the Roman Senate. Year 1987 ( MCMLXXXVII) was a Common year starting on Thursday (link displays 1987 Gregorian calendar) Events 842 - Charles the Bald and Louis the German swear the Oaths of Strasbourg in the French and German 2000 ( MM) was a Leap year that started on Saturday of the Common Era, in accordance with the Gregorian calendar. Michel Camdessus (born 1 May 1933) was Managing Director of the International Monetary Fund (IMF from 16 January 1987 to This article is about the country For a topic outline on this subject see List of basic France topics. Events 305 - Diocletian and Maximian retire from the office of Roman Emperor. 2000 ( MM) was a Leap year that started on Saturday of the Common Era, in accordance with the Gregorian calendar. Events 51 - Nero, later to become Roman Emperor, is given the title Princeps iuventutis (head of the youth "MMIV" redirects here For the Modest Mouse album see " Baron von Bullshit Rides Again " Horst Köhler ( born 22 February 1943) is a German politician ( CDU) and economist who serves as the current President of Germany. Germany, officially the Federal Republic of Germany ( ˈbʊndəsʁepuˌbliːk ˈdɔʏtʃlant is a Country in Central Europe. Events 1099 - The First Crusade: The Siege of Jerusalem begins "MMIV" redirects here For the Modest Mouse album see " Baron von Bullshit Rides Again " Events 445 BC – Ezra reads the Book of the Law to the Israelites in Jerusalem (see Nehemiah 91 NLTse Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Rodrigo de Rato y Figaredo (born March 18, 1949) was Spain 's Economy Minister and Vice President serving with the Conservative Spain () or the Kingdom of Spain (Reino de España is a country located mostly in southwestern Europe on the Iberian Peninsula. Events 996 - Emperor Otto III issues a deed to Gottschalk Bishop of Freising which is the oldest known document using the name Ostarrîchi Year 2007 ( MMVII) was a Common year starting on Monday of the Gregorian calendar in the 21st century. Dominique Strauss-Kahn, often referred to as DSK, (born 25 April 1949 in Neuilly-sur-Seine) is a French Economist, Lawyer, and This article is about the country For a topic outline on this subject see List of basic France topics. Life and Debt is a 2001 American Documentary film directed by Stephanie Black. Jamaica (ˈdʒəˈmeɪkə} is an Island nation of the Greater Antilles, in length and as much as in width situated in the Caribbean Sea. In 1978, one year after Jamaica first entered a borrowing relationship with the IMF, the Jamaican dollar was still worth more on the open exchange than the US dollar; by 1995, when Jamaica terminated that relationship, the Jamaican dollar had eroded to less than 2 cents US. Such observations lead to skepticism that IMF involvement is necessarily helpful to a third world economy.