International Monetary Fund
With its headquarters in Washington, D.C., International Monetary Fund (IMF) is an international organization that keeps a check on the financial system of this planet by following apolicies designed specifically for its member countries. It was formed with the goal of stabilizing international exchange rates and bringing in development by utilizing its sharply designed policies.
45 countries were involved in laying down the corner store for IMF but as of now the strength of IMF has quadrupled due to the political independence achieved by plenty of countries since 1944. Since then, IMF has worked pretty hard to adapt with changing conditions so that it could continue to server its purpose without the disregard of any member. The data dissemination system organized by IMF was one such drastic step where IMF guided countries to desseminate their financial and economic data to its public. As of May 2010 Ukraine happens to be the largest borrower of funds with around $16.4 billion grant permitted by IMF.
IMF has faced harsh criticism for plenty of its policies like currency devaluation suggested to poor countries which is defined by experts as economic prosperity. The economic crises of Argentina in 2001 was considered to be the result of IMF policies that were being followed by Argentina. Before the involvement of IMF Kenya was enjoying its growth but with the entry of IMF and its policies Kenya saw some of the countries frauds occurring and all this was related to IMF. Documentaries like Life and Debt have explored the disastrous results that countries have faced once IMF entered their kingdom thus adding salt to injuries.
Keeping aside all the allegations and disputes IMF has continuously been working hard to help those who need help. As of now it is being run under its Managing Director (which is from western countries most of the time) Dominique Strauss-Kahn who happens to be from France.
