Others, particularly the low-skilled poor living in less developed countries, worry they are not receiving their share of the fruits of faster growth driven by a process of globalization they are however contributing to. endstream endobj 1168 0 obj <. • Further, to guard against the risks of financial crises in emerging market economies, a new Fund financing facility is being considered to help assure financing to countries pursuing appropriate policies in the event they face a crisis. More than 40 percent of the IMF's membership is potentially affected (78 countries out of 185). As originally envisaged, the International Monetary Fund (IMF) had three functions. The Fund is following several lines of action: • It has renewed its commitment to help LICs meet the Millennium Development Goals through policy advice, technical cooperation, financial assistance and debt relief. First, actual economic performance during and immediately after the programme can be compared with performance immediately before it. endstream endobj 89 0 obj <> endobj 90 0 obj <> endobj 91 0 obj <>stream In many others, the developing countries do not share common interests and may find themselves on opposite sides of a negotiation. Together with the 2007 Surveillance Decision, the facility could contribute to enhancing crisis prevention in emerging countries. endstream endobj startxref Part III of the paper summarises the reasons for this disappointing outcome. • Exchange rates have been at the heart of Fund surveillance, and with the greater levels of trade and financial flows, this has become all the more important. 0000003505 00000 n Governments have a role to play in explaining to their populations the sources of changes, as well as the benefits and challenges. The Executive Board just replaced the 1977 Decision on Surveillance Over Exchange Rate Policies with the 2007 Decision on Bilateral Surveillance over Members' Policies. 0000000736 00000 n This process would not have taken place without the impressive technological progress, including in information technologies, and advances in the management of labor resources, which have spurred productivity gains around the world. Discussions with systemically important countries and groups of countries were successfully concluded, showing the value of this new tool. • To help foster a dialogue on global issues requiring multi-country policy actions and coordination, a new surveillance tool—named "Multilateral Consultations"—has been set up. © 2020 International Monetary Fund. As a result, an increasing number of countries are contributing today to world growth, and this makes for a much more deeply integrated and vibrant world. The presence of the World Bank and IMF in developing countries dates back as early as 1960s. The successful conclusion of the Doha Round is key to promoting growth and poverty reduction, and the IMF has consistently called on industrialized countries to eliminate distorting subsidies, especially in agriculture, and on developing countries to open their industrial sector. First, actual economic performance during and immediately after the programme can be compared with performance immediately before it.
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