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World Affairs: The Journal of International Issues
Year : 2011, Volume : 15, Issue : 1
First page : ( 60) Last page : ( 70)
Print ISSN : 0971-8052. Online ISSN : 0974-0937.

A Review of the IMF'S Experience in Economic Development

Kumar Sourabh

Abstract

Envisaged as the centre of post-Second World War monetary relations, the objectives and functions of the International Monetary Fund (IMF) involve monitoring of economic systems, giving policy advice, presenting a forum for negotiations and supplying credit to countries with economic problems. Although the institution entered developing countries for poverty reduction and improving growth during the 1960s, its activities intensified only after the 1980s. The policies and programmes of the IMF are based on a conventional approach, with uniform aims in most countries—it gives priority to growth rather than to income distribution objectives. This “growth first” tactic is suggestive of neoclassical models. By focusing on the problems of developing countries, the IMF's strategies to tackle the problems of debt and poverty are examined here.

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