What is the IMF? an introduction IMF in Action: Information and interactive stories for students Frequently Asked Questions Financial Organization and Operations of the IMF Glossary of Selected Financial Terms IMF Terminology: A Multilingual Directory

Español Français Factsheets List Sort by: Topic | Date Last Updated Factsheet - Issuance of IMF Notes  The Executive Board of the International Monetary Fund approved on July 1, 2009 a framework for issuing notes to the official sector. July 01, 2009 A Factsheet - IMF Surveillance — The 2007 Decision on Bilateral Surveillance  One of the IMF’s core activities is to monitor global, regional, and national economies to assess whether countries’ economic and financial policies are consistent not only with the health of their own economies, but also with the interests of the international community. This process is known as surveillance. The IMF’s work in this area is intended to help head off risks to international monetary and financial stability, alert the institution’s 186 member countries to potential risks and vulnerabilities, and advise them of needed policy adjustments. The IMF’s policy dialogue with its members is known as bilateral surveillance. It complements the IMF’s oversight of the international monetary system, commonly termed “multilateral surveillance.” The 2007 Decision on Bilateral Surveillance updated the framework for the IMF’s interactions with individual countries. June 30, 2009 Factsheet - IMF Surveillance  The IMF is mandated to oversee the international monetary system and monitor the economic and financial policies of its 186 member countries. This activity is known as surveillance. During this process, which takes place both at the global level and in individual countries, the IMF highlights possible risks to domestic and external stability and advises on needed 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. June 30, 2009 Factsheet - How the IMF Helps Poor Countries  The IMF provides low-income countries with policy advice, technical assistance, and financial support. Low-income countries receive more than half of the technical assistance provided by the Fund, and financial support is extended at low interest rates and over relatively long time horizons. Low-income countries with high external debt burdens are also eligible for debt relief. June 29, 2009 Factsheet - The IMF and the World Trade Organization  The IMF and the WTO are international organizations with 143 members in common. While the IMF's central focus is on the international monetary and financial system, and the WTO's is on the international trading system, both work together to ensure a sound system for global trade and payments. June 29, 2009 Factsheet - The IMF at a Glance  The International Monetary Fund was created in 1945 to help promote the health of the world economy through international monetary coop-eration. Headquartered in Washington D.C., it is governed by and accountable to the governments of the 186 countries that make up its global membership. June 29, 2009 Factsheet - The IMF and the World Bank  The IMF and the World Bank are institutions in the United Nations system. They share the same goal of raising living standards in their member countries. Their approaches to this goal are complementary, with the IMF focusing on macroeconomic issues and the World Bank concentrating on long-term economic development and poverty reduction. June 03, 2009 Factsheet - The 2009 Annual Meetings  The Annual Meetings of the International Monetary Fund (IMF) and the World Bank Group each year bring together central bankers, ministers of finance and development, private sector executives, and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness. The Meetings, which are widely covered by the international media, also offer an opportunity for civil society organizations to share their views and interact with policymakers in a global setting. June 01, 2009 Factsheet - The IMF’s Role in Helping Protect the Most Vulnerable in the Global Crisis  In this difficult environment, the IMF is helping governments to protect and even increase social spending, including social assistance. In particular, the IMF is promoting measures to increase spending on, and improve the targeting of, social safety net programs that can mitigate the impact of the crisis on the most vulnerable in society. Below are some examples of how recent IMF-supported programs seek to protect social spending in a way that is both fiscally sustainable and cost-effective. May 15, 2009 Factsheet - Debt Relief Under the Heavily Indebted Poor Countries (HIPC) Initiative  The Joint IMF-World Bank comprehensive approach to debt reduction is designed to ensure that no poor country faces a debt burden it cannot manage. To date, debt reduction packages under the HIPC Initiative have been approved for 35 countries, 29 of them in Africa, providing US$51 billion in debt-service relief over time. Five additional countries are potentially eligible for HIPC Initiative assistance. May 15, 2009 Factsheet - A Changing IMF—Responding to the Crisis  As the world economy has become engulfed in the worst crisis in many generations, the IMF has mobilized on many fronts to support its member countries, increasing its lending, using its cross-country experience to advise on policy solutions, and introducing reforms to modernize its operations and become more responsive to member countries’ needs. May 14, 2009 Factsheet - How to Increase the IMF’s Lendable Resources  The unprecedented shock confronting the global economy has led to a rapid increase in the demand for IMF financing. In order to ensure that the IMF continues to have sufficient resources to meet this demand, the Group of 20 leading economies (G-20) endorsed on April 2, 2009 measures to triple the IMF’s regular lending capacity from $250 billion to $750 billion. There are a range of options available for temporarily supplementing the Fund’s resources, including entering into bilateral loan agreements, issuing notes to the official sector, and enlarging existing borrowing arrangements. As a first step to supplement the Fund’s resources, a number of members have pledged to make bilateral loans to the IMF, and the possibility to issue notes is also being considered. At the same time, work to expand and make more flexible the New Arrangements to Borrow is underway. April 25, 2009 Factsheet - IMF Conditionality  When a member country is seeking a loan from the IMF, it agrees to implement policy measures that will enable it to resolve its balance of payments problems. These measures are known as “conditionality” and they also serve as a guarantee that the country will be able to repay the IMF. In recent years, the IMF has streamlined conditionality in order to promote national ownership of strong and effective policies. April 23, 2009 Factsheet - A Guide To Committees, Groups, And Clubs  Provides information on the following committees, groups, and clubs, whose activities are, or were, germane to the work of the IMF: International Monetary and Financial Committee, Development Committee, Financial Stability Forum, Group of 5, Group of 7, Group of 8, Group of 10, Group of 15, Group of 20, Group of 22, Group of 24, Group of 30, Group of 33, Group of 77, Paris Club, London Club April 22, 2009 Factsheet - Technical Assistance  IMF technical assistance supports the development of the productive resources of member countries by helping them to effectively manage their economic policy and financial affairs. The IMF helps these countries to strengthen their capacity in both human and institutional resources, and to design appropriate macroeconomic, financial, and structural policies. April 21, 2009 Factsheet - The IMF Regional Technical Assistance and Training Centers  Six regional technical assistance centers in the Pacific, the Caribbean, Africa, and the Middle East help countries strengthen human and institutional capacity to design and implement policies that promote growth and reduce poverty. One new center will open in May 2009 and three new regional centers are still expected. Seven regional training institutes also provide courses, workshops, and seminars for officials. April 21, 2009 Factsheet - The Exogenous Shocks Facility (ESF)  The Exogenous Shocks Facility (ESF) provides policy support and financial assistance to low-income countries facing exogenous shocks. It is available to countries eligible for the Poverty Reduction and Growth Facility (PRGF)—the IMF’s main instrument for financial assistance to low-income countries—but that do not have a PRGF program in place. Financing terms are equivalent to a PRGF arrangement and more concessional than under other IMF emergency lending facilities. April 15, 2009 Factsheet - Transparency in Monetary and Financial Policies  Monetary and financial policies can be more effective if their objectives, rationale, and methods of implementation are communicated to the public in a clear and timely manner. Such transparency by central banks and financial agencies responsible for supervision and regulation of financial institutions and markets can also foster more informed market expectations, and greater public accountability. The IMF has developed a "Code of Good Practices" to encourage transparency in this area. April 14, 2009 Factsheet - Gold in the IMF  Gold played a central role in the international monetary system until the collapse of the BrettonWoods system of fixed exchange rates in 1973. Since then, the role of gold has been gradually reduced. However, it is still an important asset in the reserve holdings of a number of countries, and the IMF remains one of the largest official holders of gold in the world. April 14, 2009 Factsheet - Financial System Soundness  The financial crises of the late 1990s underscored the linkages between macroeconomic developments and financial system soundness. Indeed, weak financial institutions, inadequate bank regulation and supervision, and lack of transparency were at the heart of these crises. This is why the IMF has stepped up efforts to help countries identify and implement policies that build sound financial systems. April 14, 2009 Factsheet - The Multilateral Debt Relief Initiative (MDRI)  The Multilateral Debt Relief Initiative (MDRI) provides for 100 percent relief on eligible debt from three multilateral institutions to a group of low-income countries. The initiative is intended to help them advance toward the United Nations' Millennium Development Goals (MDGs), which are focused on halving poverty by 2015. April 10, 2009 Factsheet - How Does the IMF Encourage Greater Fiscal Transparency?  Fiscal transparency entails being open to the public about the government’s past, present, and future fiscal activities, and about the structure and functions of government that determine fiscal policies and outcomes. Such transparency fosters better-informed public debate, as well as greater government accountability and credibility. The IMF has developed a “Code of Good Practices”, a “Manual on Fiscal Transparency” and a “Guide on Resource Revenue Transparency” to encourage greater fiscal transparency, all of which were updated in 2007. April 01, 2009 Factsheet - The IMF and Legislators  The legislative branch of government is essential to economic policy-making in most countries. Legislatures approve budgets and pass tax, banking, and trade laws. They oversee their government's economic policies, and provide forums for public information and debate. IMF outreach to legislators aims to explain IMF advice, discuss policy trade-offs, and ultimately contribute to greater transparency, ownership, and accountability of economic policy choices. March 31, 2009 Factsheet - IMF Lending  A core responsibility of the IMF is to provide loans to member countries experiencing balance of payments problems. This financial assistance enables countries to rebuild their international reserves; stabilize their currencies; continue paying for imports; and restore conditions for strong economic growth while undertaking policies to correct the underlying problems. Unlike development banks, the IMF does not lend for specific projects. March 31, 2009 Factsheet - Transparency at the IMF  Greater transparency in economic policy and data on economic and financial developments is critical for smoothly functioning national economies and a stronger international financial system. The IMF's transparency and communications policies ensure that meaningful and timely information on its own role and on the economies of member countries are provided to its global audience. March 24, 2009 Factsheet - IMF Emergency Assistance: Supporting Recovery from Natural Disasters and Armed Conflicts  The IMF provides emergency assistance to help member countries with urgent balance of payments financing needs in the wake of natural disasters or armed conflicts. Emergency financial assistance is quick-disbursing, and is supported by policy advice and, in many cases, technical assistance. February 23, 2009 Factsheet - Where the IMF Gets its Money  Most resources for IMF loans are provided by member countries, primarily through their payment of quotas. Concessional lending and debt relief for low-income countries are financed through separate contribution-based trust funds. February 12, 2009 Factsheet - Special Drawing Rights (SDRs)  The SDR is an international reserve asset, created by the IMF in 1969 to supplement the existing official reserves of member countries. SDRs are allocated to member countries in proportion to their IMF February 06, 2009 Factsheet - IMF Quotas  Quota subscriptions generate most of the IMF’s financial resources. Each member country of the IMF is assigned a quota, based broadly on its relative size in the world economy. A member’s quota determines its maximum financial commitment to the IMF and its voting power, and has a bearing on its access to IMF financing. February 06, 2009 Factsheet - IMF Borrowing Arrangements  While quota subscriptions of member countries are its main source of financing, the IMF can supplement its resources through borrowing if it believes that resources might fall short of members’ needs. Through the General Arrangements to Borrow (GAB) and the New Arrangements to Borrow (NAB), a number of member countries and institutions stand ready to lend additional funds to the IMF. February 06, 2009 Factsheet - Crisis Lending and the IMF  As the financial crisis in advanced economies spread to emerging markets, a number of vulnerable countries began to experience difficulties in their economies and financial systems, and support for some of these countries has been arranged. The IMF has about US$200 billion available for immediate lending and can draw on an additional $50 billion in additional resources if needed. It can process requests for assistance under fast-track emergency financing procedures. Loans have conditions attached, but those conditions are focused on resolving core problems only. February 06, 2009 Factsheet - The Policy Support Instrument  The Policy Support Instrument (PSI), introduced in October 2005, enables the IMF to support low-income countries that do not want--or need--Fund financial assistance. The PSI helps countries design effective economic programs that, once approved by the IMF's Executive Board, signal to donors, multilateral development banks, and markets the Fund's endorsement of a member's policies. November 12, 2008 Factsheet - How the IMF Helps to Resolve Balance of Payments Difficulties  Balance of payments difficulties can arise—and, in the worst case, build into crises—even in the face of strong prevention efforts. The IMF assists countries in restoring economic stability by helping to devise programs of corrective policies and providing loans to support them. October 10, 2008 Factsheet - Protecting IMF Resources: Safeguards Assessments of Central Banks  When the IMF provides a loan to a country, money is usually transferred to the country's central bank. Before doing so, however, the IMF assesses the central bank's financial control systems, to ensure it is able to manage the IMF's resources adequately and provide reliable information. All countries that request a loan from the IMF must undergo such a "safeguards assessment." Members are also encouraged to undergo a voluntary assessment in other instances where there is a non-financial arrangement with the IMF, such as under a Policy Support Instrument as a way of enhancing the accountability, transparency, and institutional strength of their central bank, and for a Staff Monitored Program as these programs are followed in many instances by formal financial arrangements with the Fund. October 09, 2008 Factsheet - The Poverty Reduction and Growth Facility  The Poverty Reduction and Growth Facility (PRGF) is the IMF's low-interest lending facility for low-income countries. PRGF-supported programs are underpinned by comprehensive country-owned poverty reduction strategies. October 08, 2008 The IMF and Good Governance - A Factsheet  The IMF places great emphasis on good governance when providing advice, financial support, and technical assistance to its 186 member countries. The Fund's approach to combating corruption emphasizes prevention, concentrating on measures to strengthen governance and limiting the scope for corruption. The IMF also has strong measures in place to ensure the integrity of its own organization. September 30, 2008 Factsheet - Climate Change, the Environment and the Work of the IMF  It is now generally recognized that climate change poses potentially severe macroeconomic, fiscal and financial challenges, particularly in many low-income countries. It could lead to sizeable reductions in output and productivity, particularly in agriculture, fisheries, and tourism, and brings a low (although unknown) risk of catastrophic events. Efforts to mitigate climate change-reducing its extent by cutting back greenhouse gas emissions-will impose costs, and so too will adapting to the effects that remain. September 30, 2008 Factsheet - The IMF and Civil Society Organizations  Civil society organizations (CSOs) have proliferated during the past quarter century, as have the issues they address. Whether national or transnational, the way CSOs do business has been profoundly affected by globalization. CSOs increasingly employ extensive networks to pursue their activities and to try to influence policies on a broad range of issues. Many CSOs focus on economic matters at the core of the work of the IMF and other international organizations. The IMF thus seeks to engage with CSOs through information sharing, dialogue, and consultation at both global and national levels. September 23, 2008 Factsheet - The IMF's Role in the Fight Against HIV/AIDS  The HIV/AIDS epidemic poses a severe threat to global health, development, and security. The IMF collaborates with other organizations in the fight against this disease, most notably by supporting national poverty-reduction strategies that allocate additional spending to HIV/AIDS and other poverty-reducing programs. The IMF also provides advice to countries on the macroeconomic impact of HIV/AIDS, and how to effectively absorb large inflows of foreign aid. August 08, 2008 Factsheet - IMF Standards for Data Dissemination  The IMF has taken several important steps to enhance transparency and openness, including the establishment and strengthening of data dissemination standards to guide countries. The Special Data Dissemination Standard (SDDS) was established in 1996 to guide members (that have, or that might seek, access to international capital markets) in the provision of their economic and financial data to the public. The General Data Dissemination System (GDDS) was established in 1997 for member countries with less developed statistical systems as a framework for evaluating their needs for data improvement and setting priorities. August 08, 2008 Factsheet - Poverty and Social Impact Analysis of Economic Policies  The process of preparing Poverty Reduction Strategy Papers (PRSPs) in low-income countries has given prominence to the need to understand the impact of public policies on social and poverty outcomes. The goals of PSIA are (i) to provide a basis for considering policy options and appropriate sequencing of policies, and (ii) to include offsetting measures into the reform program when negative consequences are unavoidable. April 10, 2008 Factsheet - Vulnerability Indicators  As part of its wider focus on crisis prevention, the IMF is improving its ability to assess how vulnerable its member countries are to financial crisis. Vulnerability indicators underpin much of this work. They provide essential input for IMF surveillance and lending, and are used for analysis and stress testing under the Financial Sector Assessment Program and as part of early warning system models. April 09, 2008 Factsheet - The IMF and the Fight against Money Laundering and the Financing Of Terrorism  Money laundering is a process in which the illicit source of assets obtained or generated by criminal activity is concealed to obscure the link between the funds and the original criminal activity. Terrorist activities may also be funded with funds that represent the proceeds of illegal activities. Perpetrators of these activities constantly seek new ways to launder the funds in order to use them without drawing the attention of authorities to the source of the funds and the links with the underlying crime(s). In 2000, the Fund responded to calls from the international community to expand its work in the area of anti-money laundering (AML). After the tragic events of September 11, 2001, the Fund intensified its activities in this area and extended them to the area of combating the financing of terrorism (CFT). April 09, 2008 Factsheet - How the IMF Promotes Global Economic Stability  The IMF advises member countries in implementing economic and financial policies that promote stability, reduce vulnerability to crisis, and encourage sustained growth and high living standards. It also reviews global economic trends and developments that affect the health of the international monetary and financial system and promotes dialogue among member countries on the regional and international consequences of their economic and financial policies. The IMF now publishes the bulk of its analyses. In addition to these activities, called "surveillance", the IMF provides technical assistance to help strengthen members' institutional capacity, and makes resources available to them to facilitate adjustment in the event of a balance of payments crisis. April 08, 2008 Factsheet - The IMF's Trade Integration Mechanism (TIM)  The Trade Integration Mechanism (TIM) was introduced in April 2004 to assist member countries meet balance of payments shortfalls that might result from multilateral trade liberalization. April 02, 2008 Factsheet - Standards and Codes: The Role of the IMF  Standards and codes can be very helpful in preventing financial crises. Providing benchmarks of good practice—and assessing countries against those benchmarks—can improve the quality of both policy making and investment decisions. The IMF and the World Bank assist countries by assessing their observance of internationally recognized standards and codes in twelve different areas, and by helping them implement reforms where needed. They also act as standard setters within their own areas of responsibility. April 02, 2008 Factsheet - Poverty Reduction Strategy Papers (PRSP)  Poverty Reduction Strategy Papers (PRSPs) are prepared by governments in low-income countries through a participatory process involving domestic stakeholders and external development partners, including the IMF and the World Bank. A PRSP describes the macroeconomic, structural and social policies and programs that a country will pursue over several years to promote broad-based growth and reduce poverty, as well as external financing needs and the associated sources of financing. April 02, 2008 Factsheet - The IMF and the Millennium Development Goals  The Millennium Development Goals (MDGs) are a set of development targets agreed by the international community, which center on halving poverty and improving the welfare of the world's poorest by 2015. April 02, 2008 Factsheet -- The Joint World Bank–IMF Debt Sustainability Framework for Low-Income Countries  Low-income countries (LICs) have often struggled with large external debts. Now debt burdens have been reduced, thanks in large part to international debt relief initiatives. As part of the Monterrey Consensus to meet the Millennium Development goals (MDGs), the IMF and the World Bank have developed a framework to help guide countries and donors in mobilizing the financing of low-income countries' development needs, while reducing the chances of an excessive build-up of debt in the future. The joint World Bank–International Monetary Fund (IMF) Debt Sustainability Framework (DSF) was introduced in April 2005 to address this challenge. May 01, 2007