EIRP Proceedings, Vol 7 (2012)

Abstract

After more than half a century since the creation of the International Monetary Fund (IMF), this paper analyzes the extent to which this institution fulfilled its mission. The IMF admits that, in general, failed in the activities which it proposed, that is raising funds for countries with economic problems and their redistribution to ensure long term growth and development. This institution did nothing towards reducing poverty and financial disparities, increasing transparency, accountability and improving management, and creating a more efficient loan system. The main objective of this paper is to present arguments for and against the strategic effect, the policy and methodology of the financial institution, with the purpose of justification for IMF membership to the global financial system.