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The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate stability.
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The United Kingdom on a map. The United Kingdom joined the IMF on December 27, 1945, becoming one of the first 40 nations to join the global organization. [1] [2] [non-primary source needed] The intention of the IMF was to help rebuild the economies' of Europe following World War II and promote the missions of global cooperation and economic growth established at the Bretton Woods Conference.
IMF International Monetary Fund: Specialised agency of the UN: Washington, D.C. 1944: IBRD International Bank for Reconstruction and Development: World Bank Group, Specialised agency of the UN: Washington, D.C. 1956: IFC International Finance Corporation: World Bank Group: Washington, D.C. 1960: IDA International Development Association: World ...
Witnessing the failure of completion, the Paris Club adjusted requirements for loan forgiveness, announcing that the second stage (the additional 20%) of loan reduction would be awarded upon the success of an additional IMF program in 1993. [7] Poland entered a year-long IMF Stand-By Arrangement (SBA) of loan sum SDR 476 million. [6]
Greece has signed two loan agreements with the IMF: a Stand-By Arrangement from 2010 to 2012 and an agreement under the Extended Fund Facility from 2012 to 2016, borrowing a total of 27,766.3 million SDR. [4] Greece owes the IMF 6,735.64 million SDR, [4] and is the fund's third-largest borrower (after Argentina and Ukraine). [5]
Flag of Argentina. Argentina joined the International Monetary Fund (IMF) on September 20, 1956 [1] and has since participated in 21 IMF Arrangements. [2] The first Stand-By Arrangement (SBA) began on December 2, 1958, and the most recent Stand-By Arrangement began on June 20, 2018, and expired on June 19, 2021. [3]
The IMF and Iraq agreed with the amount of $475,360 SDR, which is 40% of the total quota of the Iraqi government. [9] However, Iraq has drawn $0 from that arrangement amount agreed with the IMF. The reason why Iraq faced the arrangement from the IMF was to gain an economic background for the Iraq government's new economic development program ...