So Far International Monetary Fund (Imf) Has Been Failed...

â€Å"So Far International Monetary Fund (IMF) Has Been Failed to Curve Corruption, Reduce Public Spending and Develop Macroeconomic Policies.† What is IMF? The International Monetary Fund and the World Bank were created in 1944 at a conference in Bretton Woods, New Hampshire, and are now based in Washington, DC. Now it is an organization of 188 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. Nearly all members of the United Nations are members of the IMF with a few exceptions such as Cuba, Lichtenstein and Andorra. (About the IMF:IMF Website) The IMF was originally designed to†¦show more content†¦Ã¢Å"“ Lack of Transparency in Operation: The undemocratic make-up of the IMF s boards is compounded by a lack of transparency in their operations. Still beyond the reach of the public is any knowledge of how decisions have been reached and what the process and reasoning was behind the decisions. For example, at the IMF, executive board documents are published after five years, executive board minutes are released after 10 years, and other archived material is available after 20 years. The time lag means no decisions can be scrutinized until well after they have been implemented. Even when documents are released, they are only available at the IMF s offices in Washington DC. This effectively makes even the archives inaccessible to most politicians, groups and individuals outside the US, an appalling situation tor a global institution. âÅ"“ No Voting System for Taking Any Decision and Electing Managing Director: Normally, there is no formal vote on decisions taken by executive directors. The UK Treasury states that instead they are taken on the basis of consensus. In practice this does not mean that all executive directors agree on the decisions to be taken. In reality, once the chair of the board meeting informally senses a majority to votes has been found on an issue, executive directors in oppositionShow MoreRelatedCameroon Between Cameroon And South Africa Essay10529 Words   |  43 Pagescountries have remained poor, but could become develop because Development economic and Solow`s growth theory have proven that all countries can become develop. Developed countries were also poor some years ago but have become developed over time. The wide gap between developed and underdeveloped countries shows that, underdeveloped countries are not making enough efforts to become develop. Therefore, this paper seeks to analyze the reasons why Cameroon has remained underdeveloped. An analysis on howRe ad MoreTrade Openness and Economic Growth in Nigeria23422 Words   |  94 Pages CHAPTER ONE INTROUDCTION 1.1 BACKGROUND OF STUDY The current period in the world economy is regarded as period of globalization and trade liberalization. In this period, one the crucial issues in development and international economics is to know whether trade openness indeed promotes growth. With globalization, two major trends are noticeable: first is the emergence of multinational firms with strong presence in different, strategically located markets; and secondly, convergence of consumer tastesRead MoreProject on Risk Management46558 Words   |  187 Pages Management of Business Finance INDIAN INSTITUE OF FINANCE CORPORATE GUIDE: MR. ASHOK SHARMA ASST. MANAGER AGRA BRANCH, AGRA UTTAR PRADESH. ACKNOWLEDGEMENT Expressing gratitude is not just an exercise of formality rather doing so evokes the memories of my association with my mentors and mates. I thank Chairman Prof. J. D. Agarwal and Director Aman Agarwal for allowing me to carry out this project. I wish to express my sincere gratitude to my corporate guide, Mr. Ashok SharmaRead MoreInternational Management67196 Words   |  269 PagesThis page intentionally left blank International Management Culture, Strategy, and Behavior Eighth Edition Fred Luthans University of Nebraska–Lincoln Jonathan P. Doh Villanova University INTERNATIONAL MANAGEMENT: CULTURE, STRATEGY, AND BEHAVIOR, EIGHTH EDITION Published by McGraw-Hill, a business unit of The McGraw-Hill Companies, Inc., 1221 Avenue of the Americas, New York, NY 10020. Copyright  © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Previous editions  © 2009