The International Monetary Fund (IMF) is an intergovernmental international financial organization. It was established according to the agreement of the International Monetary Fund adopted at the International Monetary and Financial Conference of the United Nations and its allies held in Bretton Woods, New Hampshire in July, 1944. It was formally established on February 27th, 1945, and started its business on March 27th, 1947. In the same year165438+1October 15 became a specialized agency of the United Nations, but it has its own independence in operation. So far, the International Monetary Fund has 182 members.
The IMF has five regional departments (Africa, Asia, Europe, Middle East and Western Hemisphere) and 12 functional departments (Administration Department, Central Bank Department, Exchange and Trade Relations Department, External Relations Department, Financial Affairs Department, IMF Research Institute, Legal Affairs Department, Research Department, Secretariat Department, Treasurer Department, Statistics and Language Service Bureau). Its purpose is to consult and cooperate on international financial issues as a permanent institution and promote international monetary cooperation; Promote the expansion and balanced development of international trade; Promote and maintain high-level employment, development of productive resources and real income of member States; Promote the stability of international exchange, maintain orderly exchange rate arrangements among member countries, and prevent the devaluation of competitive currencies; Assist member countries to establish multilateral payment rules in current account transactions, remove obstacles that prevent member countries from providing ordinary funds temporarily, so that they can correct the imbalance of international payments, instead of taking measures that endanger their own or international prosperity, shorten the time and reduce the imbalance of international payments.
The main business activities of the International Monetary Fund include: providing loans to members, promoting international cooperation on monetary issues, studying related issues of the reform of the international monetary system, studying and expanding the role of the International Monetary Fund, providing technical assistance, and strengthening ties with other international institutions.
Functions of the International Monetary Fund
The International Monetary Fund (IMF) is the core of the post-war international monetary system. It was established by 29 countries on February 4, 65438 1945, and started its financial operation on March 4, 947/kloc-0, with its headquarters in Washington. It is one of the specialized agencies of the United Nations and the largest intergovernmental financial institution in the world.
Purpose of the International Monetary Fund
(1) Establish a permanent institution to facilitate consultation and cooperation on international monetary issues and promote international monetary cooperation;
(2) To promote the expansion and balanced development of international trade, so as to promote and maintain a high level of employment and real income, and to develop the production resources of all member countries as the primary goal of economic policy;
(3) Promote exchange rate stability, maintain orderly exchange relations among member countries, and avoid competitive currency depreciation;
(4) Establish a multilateral payment and exchange system for frequent transactions among member countries, and abolish foreign exchange controls that hinder the development of international trade;
(5) Providing financing for member countries on a temporary basis, with sufficient guarantees, so that member countries have the confidence to use this opportunity to correct the imbalance of international payments without taking measures that are not conducive to their own and international economic prosperity;
(6) Shorten the time when the balance of payments of member countries is unbalanced and simplify the procedures. All policies and decisions of the International Monetary Fund must be based on the above principles.
The main functions of the International Monetary Fund
(1) Formulate a set of codes of conduct on exchange rate policy, current account-related payments and currency convertibility, and be responsible for supervising the implementation of the codes and obligations of member States;
(2) When member countries correct or avoid the imbalance of international payments, provide them with short-term funds to make them comply with the above standards;
(3) To provide a forum for member countries to negotiate and coordinate monetary policies.
The executive director shall hold frequent meetings according to the needs of fund business, usually three times a week, often exceeding 100 times a year. The quorum of each meeting shall be more than half of the executive directors and represent not less than half of the total voting rights. The Executive Committee is headquartered in Washington all the year round. Each executive director appoints a deputy director to exercise his functions and powers in the absence of the executive director. When the executive director is present, the deputy director may attend the meeting without voting right. The executive directors shall vote according to the voting rights of the countries they represent, and the executive directors jointly elected by member States shall vote according to the sum of the voting rights of the countries in their constituencies.
The executive board of directors is responsible for the daily business and should exercise all the powers entrusted by the board of directors, such as reviewing the investment applications of member countries, making general political decisions, and making suggestions to the board of directors on accepting new members and increasing funds.
President and office
The managing director is the chief executive officer of the staff of the International Monetary Fund, responsible for handling the Fund's business under the guidance of the Executive Board, and organizing, appointing and dismissing the relevant staff under the overall supervision of the Executive Board. The chairman is elected by the executive board and is the ex officio chairman of the executive board. The term of office is five years and can be renewed. Traditionally, the president should be a European, or at least a non-American (the president of the World Bank is usually an American). Directors and executive directors may not concurrently serve as presidents. The president can attend the board of directors, but he has no right to vote. Generally, he does not vote on the executive board, but in the case of an equal number of votes, he can cast a casting vote.
Under the leadership of the president, there is a complex office, including 7 regional departments and 14 functional departments. In addition, there are offices in Paris and Geneva. The office has about 2,300 staff members from 120 countries, mainly composed of economists, statisticians, financial experts and other supporting personnel from various countries. Staff members do not represent specific countries, but international civil servants who serve the interests of all Member States.
interim committee
197 1 year later, due to the continuous occurrence of international monetary crisis, the revision of the international monetary fund agreement and the reform of the international monetary system were put on the agenda. This work involves not only technical issues, but also political and economic issues directly related to various countries. In the organization of the International Monetary Fund, the board of directors is too large to discuss the delicate issues of monetary reform, and the political level of the executive board is not high enough to make decisions on major economic issues. Therefore, in 1972, the Board of Governors of the International Monetary Fund decided to establish the Committee on the Reform of the International Monetary System and Related Issues, that is, the Committee of Twenty. As a subsidiary of the International Monetary Fund, it exercises the functions of the board of directors to a certain extent and studies the reform of the international monetary system and related issues. The G-20 Committee is composed of finance ministers from 1 1 developed countries (France, Federal Republic of Germany, Britain, USA, Italy, Netherlands, Belgium, Sweden, Canada, Japan and Australia) and nine developing countries (Argentina, Brazil, Mexico, Ethiopia, Morocco, Zaire, Indonesia, India and Iraq). In June+10 of the same year, the International Monetary Fund established a "temporary committee" composed of 24 ministerial members. In a sense, it inherits the tasks of the G20 and is the most important decision-making body. Generally, meetings are held twice a year to make suggestions to the board of directors on the management and operation of the international monetary system, the revision of the International Monetary Fund agreement, and the response to the turbulent situation threatening the international monetary system. In most cases, its decision is equivalent to that of the board of directors.
Development Committee
Like the Interim Committee, the Development Committee consists of 24 ministerial officials of the International Monetary Fund. Its main task is to submit reports and suggestions on development issues to the boards of directors of the International Monetary Fund and the World Bank.
Organization chart of the International Monetary Fund
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commission
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executive board
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president
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Regional departmental functions and special services, information and liaison departments, auxiliary departments
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Africa Department, Policy Development and Inspection Department, External Relations Department, Administration Department
Secretariat of the Asia-Pacific Office of the Research Department of the Basic College of Asia and the Pacific.
Office of Computer Services, Eurostat, European Department of Legal Affairs
Language Service Bureau, Geneva Office, Ministry of Finance, European Currency Exchange Department.
Office of Internal Audit and Supervision of Central and Western Hemisphere Department
United Nations Office of Oversight Services
investment department
Employee pension plan
Budget planning office
Technical assistance secretariat
Working methods and technical secretariat
Rules of procedure of the International Monetary Fund
The rules of procedure of the International Monetary Fund are very unique. It implements a weighted voting system, and the voting rights of each member country are closely related to its share in the IMF. The voting right consists of two parts. Each member country has 250 basic voting rights. According to the share paid by each country, one vote is added for every 654.38+10,000 SDR units, which is called weighted voting rights.
In addition to the votes calculated in the above two items, the number of votes cast by countries may increase or decrease. By polling day, the International Monetary Fund will cast one vote for every 400,000 units of SDR in the currency of a member country. When a member country borrows from the International Monetary Fund, it will lose one vote for every 400,000 units of SDR borrowed.
The decision of the International Monetary Fund is made by a simple majority. However, more important issues require a larger majority. For example, operational issues often require a majority of 70%, while major issues involving institutional changes and share changes of the International Monetary Fund require a majority of 85%. According to the provisions of the second revision of the Articles of Agreement of the International Monetary Fund, there are 18 issues requiring a majority of 85% of the total votes, 2/kloc-0 issues requiring a majority of 70% of the total votes,/kloc-0 issues requiring an absolute majority, and 40 issues requiring a * * *. Since the voting right of one country in the United States accounts for 20% of the total votes, one country in the United States has the veto power over the proposal requiring 85% majority.
Before the International Monetary Fund, the voting system of international organizations was generally one country, one vote to reflect the basic principle of international law that sovereign countries should enjoy equal status in international affairs. The weighted voting of the International Monetary Fund makes the voting right of each member country consist of two parts, and the basic voting right is consistent among countries, which embodies the traditional rules of safeguarding the sovereign equality of countries and safeguarding the basic rights of weak countries. Weighted voting rights mean that the more shares, the more voting rights will be increased. It emphasizes the difference in the number of subscribed shares, so as to protect the interests of countries with more subscribed shares and ensure the cooperation of member countries in international trade and social finance. Because basic votes are the same in all countries, weighted voting rights play a decisive role in actual decision-making. The weighted voting right is directly proportional to the share paid by each country, and the share is determined according to a country's gross national income, the degree of economic development, the degree of international trade before the war and other factors. Therefore, generally speaking, the higher a country's economic development, the greater its share, the more weighted voting rights, and the greater its voice in the International Monetary Fund. This practice of dividing the right to speak and vote of member States by economic strength obviously violates the basic principles of traditional international law. The voting system of the International Monetary Fund has aroused the dissatisfaction of many countries, especially developing countries, but it has not changed so far. On the contrary, since the International Monetary Fund, the weighted voting system has been increasingly adopted by other international economic organizations.
Composition of the International Monetary Fund
member state
Members of the International Monetary Fund are divided into founding members and other members. According to Article 2 of the Articles of Agreement of the International Monetary Fund, all countries participating in 1944 United Nations International Monetary and Financial Conference (Bretton Woods Conference) whose governments accept the membership before 1945 12 3 1 are founding members. The International Monetary Fund has 30 founding members. The governments of other countries that apply to join the International Monetary Fund according to the date and conditions stipulated by the Board of Governors of the International Monetary Fund are other member countries. Only one country can become a member of the International Monetary Fund, but its domestic political and economic system does not affect its membership, and it does not matter whether the applicant is a member of the United Nations. So far, the International Monetary Fund has 182 members. In the International Monetary Fund, all member countries enjoy equal rights and obligations except the weighted voting system.
Although some countries are not members of the IMF, they also follow the norms of the IMF in international financial activities and even cooperate with the IMF or IMF member countries. The most obvious example is Switzerland. Before Switzerland became a member of the International Monetary Fund in the 1990s, Swiss government officials publicly stated that Swiss financial institutions would strictly abide by the norms followed by IMF members. In addition, Switzerland, together with the signatories of the General Loan Agreement, provides loans to other countries and the International Monetary Fund. The Swiss National Bank is the holder of SDR, and the Swiss government also sends representatives to attend the meetings of the Interim Committee and Development Committee of the International Monetary Fund.
Classification of Member States
According to different standards, IMF member countries are divided into different categories or groups.
10 G-24
According to different economic interests, the International Monetary Fund has formed two groups: developing countries and developed countries. The group representing the interests of developed countries is the Group of Ten, including Belgium, Canada, France, Germany, Italy, Japan, the Netherlands, Sweden, Britain and the United States. 1962, in order to maintain the international monetary system and avoid exchange rate fluctuations, the above ten countries signed a general loan agreement with the International Monetary Fund. Before signing the agreement, the ten countries studied whether to borrow from the International Monetary Fund to meet the withdrawal needs of the ten countries concerned. These ten countries will be called the "Group of Ten" from now on.
At first, the G-10 only discussed signing a general loan agreement to provide short-term financial assistance to the International Monetary Fund. However, shortly after the establishment of the group, countries also took joint actions on other major issues, especially on major issues involving the International Monetary Fund or the international financial system. Although the number of countries in the G-10 is limited, it has the overwhelming majority of voting rights in the International Monetary Fund. The G-10 has become a satellite organization of the International Monetary Fund, which affects the decision-making of the Fund to some extent. When major problems arise, the IMF or other member countries often have to discuss with G- 10 or urge G- 10 to take joint action first. On the other hand, the International Monetary Fund also provides manpower support to the G-10.
Corresponding to the G-10 is the G-24 composed of developing countries. The group includes almost all developing country members except the Group of Ten.
1971110 In October, developing countries, mainly the Group of 77, held a meeting in Lima, Peru, and decided to set up a subcommittee composed of finance ministers and central bank governors to coordinate the financial and monetary policies of developing countries. The Subcommittee is called the Group of 24. The G-24 consists of eight representatives from developing countries in Asia, Africa and Latin America, and other developing countries also send representatives to participate. Members of the G-24 usually get together during the annual meeting of the International Monetary Fund or the meetings of the Board of Governors and the Interim Committee. Its main purpose is to discuss and negotiate important international financial trends and problems related to developing countries, as well as policies or measures that the International Monetary Fund and the World Bank should adopt. So far, the main role of the G-24 is to form developing countries' own strength in the International Monetary Fund. Like the 10 G-24, the G-24 has also received manpower support from the International Monetary Fund.
Article 8 Member States and Article 14 Member States
According to the different national obligations stipulated in the Agreement of the International Monetary Fund, member countries can be divided into countries that fulfill Article 8 obligations and countries that fulfill Article 14 obligations. According to Article 4 of the Agreement of the International Monetary Fund, both countries need to accept the supervision of the International Monetary Fund on exchange rate policies in order to promote exchange rate stability.
The obligation of the country implementing Article 8 is that it shall not restrict the payment or settlement of current balance of payments transactions without the consent of the International Monetary Fund, and shall not take measures of foreign exchange discrimination and re-exchange rate unless approved by the International Monetary Fund. Any member country shall exchange gold or the other party's currency for the domestic currency deposited by other member countries in the current transaction when the other party requests exchange to pay for the current transaction. Article 8 The national currencies of member countries are regarded as "freely convertible currencies" by the International Monetary Fund and can be used to repay loans borrowed from the International Monetary Fund.
The obligation of the state to implement Article 14 is to implement limited foreign exchange control. 14 stipulates a five-year transition period for the abolition of foreign exchange control. During the transition period, member States may continue to implement foreign exchange controls, but they should be lifted immediately when conditions permit. If the foreign exchange control cannot be lifted after the expiration of five years, it should be negotiated with the International Monetary Fund, and it can continue to be implemented with the approval of the International Monetary Fund, but it should be negotiated with the International Monetary Fund once a year. If the International Monetary Fund believes that a country has the conditions to propose the abolition of foreign exchange control, but the country refuses to do so, the International Monetary Fund can take sanctions. At present, most countries cannot immediately abolish foreign exchange control. Even countries that have abolished foreign exchange controls often indirectly restrict residents' non-trade income and expenditure. Member States are eligible to accept Article 8 obligations at any time. The long-term goal of the International Monetary Fund is to make all member countries accept Article VIII obligations.
Operational activities of the International Monetary Fund
Member States should communicate with the IMF through the Ministry of Finance, the Central Bank, the Stability Foundation or other similar financial institutions, and the IMF should only communicate with member States through these institutions.
The International Monetary Fund (IMF) was established to manage the international monetary system, and its management is mainly reflected in three aspects, namely, exchange rate supervision, negotiation and coordination of currency transactions, and financing. Among them, financing is its most eye-catching business.
International Monetary Fund's Supervision of the International Monetary System
The International Monetary Fund (IMF) is first and foremost the supervisory body of international monetary cooperation. The center of supervision is exchange rate policy. It should check whether member countries cooperate with it and other member countries to ensure orderly foreign exchange arrangements and promote the establishment of a stable exchange rate system.
The International Monetary Fund supervises the exchange rate policies of member countries under three principles: (1) member countries must not manipulate the exchange rate to hinder the adjustment of the balance of payments or seek unfair comparative advantages over other member countries. (2) In case of confusion caused by the short-term change of the country's currency exchange rate, the International Monetary Fund can order member countries to intervene in the country's foreign exchange market. (3) When implementing the intervention policy, due consideration should be given to the interests of other member States.
The IMF can supervise the exchange rate policies of member countries on a multilateral basis or on a single country basis. Regulation on a multilateral basis mainly analyzes the interaction between the balance of payments and exchange rate policies of major industrial countries, and evaluates to what extent these policies can promote a healthy world economic environment. The supervision based on individual countries is mainly to check whether the exchange rate policies of member countries are consistent with the obligations stipulated in Article 4 of the International Monetary Fund Agreement. It requires all member countries to inform the IMF of changes in their exchange rate arrangements in a timely manner so as to facilitate its continuous supervision.
Consultations between the International Monetary Fund and member countries
Article 4, paragraph 1 of the Agreement of the International Monetary Fund stipulates that member countries should undertake the obligation of cooperation with the International Monetary Fund and other member countries to ensure the orderly conduct of foreign exchange arrangements and promote the stability of the exchange rate system. The fourth paragraph of Article 4 of the Second Revised Agreement of the International Monetary Fund stipulates that member countries should undertake the obligation of cooperation with the International Monetary Fund in order to promote foreign exchange stability, maintain the order of foreign exchange arrangements with other member countries and avoid changing exchange rates in disguise.
The above-mentioned provisions stipulate the obligation of member countries to cooperate, and one of the means to realize this provision is to establish a system of consultation between the International Monetary Fund and member countries on the international and domestic financial policies of member countries.
As long as the IMF thinks or there are signs that the financial policies chosen by any member country may affect the stability of the exchange rate, the IMF can ask for consultations with that country. At the beginning of the establishment of the International Monetary Fund, regular consultations were only mandatory for countries that restricted currency exchange, but after 1978, the International Monetary Fund began to hold consultations with all member countries.
The legal basis for consultation is the provisions of Article 4. In addition, the Executive Board of the International Monetary Fund adopted five resolutions as legal documents for the implementation of Article 4. The first resolution stipulated the procedures for regular and special consultations between the International Monetary Fund and its member countries. The second resolution is mainly aimed at special consultations. Resolutions No.3, No.4 and No.5 mainly stipulated some specific issues in detail on the basis of summing up the consultation experience.
The purpose of the consultation is: (1) to enable the International Monetary Fund to fulfill its responsibility of supervising the exchange rate policies of member countries; (2) It is helpful for the International Monetary Fund to understand the economic development and policy measures of member countries, so as to quickly handle the loan requests of member countries.
The consultation cycle is generally held once a year. Sometimes, consultations can be held once every two years or twice a year. Members whose economic development may have a significant impact on other members, as well as those who use IMF resources or encounter balance of payments problems, must consult with the International Monetary Fund once a year. 1985, the Executive Board of the International Monetary Fund announced that the economic development of its 25 largest shareholders has a great impact on other member countries. According to the prior consultation system implemented by 1983, when the IMF negotiates with member countries, the specific time of the next consultation is agreed. Therefore, whether member countries should negotiate in two years, one year or less is decided in advance by the International Monetary Fund and relevant member countries. The implementation of this pre-agreed consultation system has greatly increased the frequency of consultations between member countries and the International Monetary Fund in the past decade.
In addition to regular consultations, the IMF also conducts informal secret consultations or ad hoc consultations with member countries. The Decision of the Executive Board of the International Monetary Fund on Supplementary Supervision Procedures stipulates that at any time, as long as the managing director thinks that the changes in foreign exchange arrangements, exchange rate policies or foreign exchange market situation of any member country may be important or may have an important impact on other members, regardless of the foreign exchange arrangements of that member country, he may propose informal secret consultations to discuss the financial situation. If the chairman thinks the issues involved are very important through the above discussion, he can take the initiative to hold interim consultations with member States.
The general procedure of consultation is as follows:
(1) Preparation before negotiation. Before the consultation, the staff of the International Monetary Fund provided a background report entitled "Recent Economic Development". The report mainly introduces the economic and financial situation and recent development of the countries concerned, such as the current situation of foreign exchange arrangements and foreign exchange control, and the changes in foreign exchange declaration exchange rate policies since the last consultation. At the same time, foreign exchange control or behavior that requires the approval of Article 8 of the Agreement of the International Monetary Fund should also be included in the report. The trends and trends in production, wages and prices, consumption and savings, money and credit, national budget and other aspects of the country are almost invariably included in the recent economic development report. Generally speaking, the report also includes the composition of import and export commodities, capital flows, foreign debts and foreign aid, and other matters that have short-term and long-term effects on the country's balance of payments. In addition, when submitting the report, the staff of the International Monetary Fund should also draft a confidential summary and analysis report outlining the preliminary policies and positions that should be determined during the consultation. The report is reviewed by the management body of the International Monetary Fund, paying special attention to sensitive policy issues.
(2) field trip. After the preparatory work is completed, the International Monetary Fund will send a delegation to the countries concerned for an official field trip. Its delegation is generally composed of four or five professionals and a secretary, headed by a senior lawyer. The delegation usually conducts an investigation in the relevant countries for about two weeks. The first step of the representative's work is to collect statistical data on the country's import and export, wages, prices, employment, interest rates, currency circulation, investment, taxation, budget and other aspects of economic life related to the currency exchange rate. The second step is to discuss with senior government officials, especially those from the Ministry of Finance or the central bank, to understand the effectiveness of the country's economic policies in the past year, what improvements should be made in the coming year, and what progress has been made in lifting the restrictions on currency exchange in the country. Sometimes, the head of government will directly participate in the discussion. Step 3: After the discussion, the delegation will return to Washington headquarters and begin to prepare a detailed report, and submit the contents of the inspection and the delegation's analysis and suggestions on the economic and financial situation of the inspected object to the Executive Board for study. On the one hand, field visits provide IMF staff with opportunities to visit relevant member countries regularly to understand the situation and discuss the issues involved; On the other hand, they also provide opportunities for responsible officials of many relevant countries to have direct contact with the International Monetary Fund and exchange views on issues of common concern.
(3) The Executive Board of the International Monetary Fund discusses the inspection report and makes a resolution. After receiving the report from the delegation, the executive board usually discusses it within three to four weeks. The executive director of the inspected country shall participate in the discussion, explain the economic situation of the country and listen to the opinions of other directors on the economic situation of the country. Then the executive board meeting formally discussed the report. After the discussion, the IMF will make a summary, including suggestions on how to strengthen the weak links in the country's economy, and then submit it to the governments of member countries. Documents related to the consultation will not be published unless the relevant member States voluntarily publish them.
The consultation was mainly concluded by the Executive Board of the International Monetary Fund, urging member countries not to implement policies that violate the agreements or resolutions of the International Monetary Fund. Exchange rate policy and exchange rate have always been the concern of the International Monetary Fund, and they are also the central topics of consultation. Since 1984, the International Monetary Fund has reformed the consultation system. First of all, it further expanded the scope of consultation. This mainly includes the following two aspects:
(1) The investigation report of the delegation, especially the report involving developing countries, should explain the relationship between developing China countries and the World Bank, including the World Bank's evaluation and policy research on the country's investment or development plan.
(2) When consulting with member countries, the International Monetary Fund always compares the country's economic development at that time with the conclusion reached after the last consultation, so as to see whether the country has revised its political week or economic development direction according to the resolution of the Executive Board.
In addition to expanding the content of consultation, the consultation procedure has also been reformed. With the debt crisis of some developing countries continuing, the International Monetary Fund began to implement an accelerated consultation system for a few countries. Under this system, countries with serious debts and undergoing debt adjustment voluntarily request to consult with the International Monetary Fund within a short period of time (that is, within one year), so that the International Monetary Fund can supervise their implementation programs and policies. This practice can make the outside world have a more specific and clear understanding of the domestic economic situation of the member country, and also increase the confidence of credit banks to speed up the process of debt adjustment.
Loans from the International Monetary Fund
The International Monetary Fund (IMF) enables its member countries to restructure their economies through loans, so as to better cooperate within the international monetary system. The characteristics of loans granted by the International Monetary Fund are:
(1) The target is only the governments of member countries, and loans are not granted to private enterprises and organizations;
(2) The main purpose is to solve the balance of payments difficulties of member countries and ensure the stable economic development of member countries;
(3) The method is that member countries apply to the International Monetary Fund for foreign exchange or special drawing rights in their own currencies, which is called "purchase"; Buying back the domestic currency with foreign exchange or special drawing rights at the time of repayment is called "repurchase".
(4) The loan amount is in direct proportion to the share paid by the member countries, and the value is calculated by special drawing rights, and the expenses are paid by special drawing rights. Member countries need to pay fees, commitment fees, interest and other fees to the International Monetary Fund for borrowing money, and the International Monetary Fund should also pay remuneration to the member countries' currencies it uses.
(5) In order to obtain loans, member countries must formulate policies and measures that meet the requirements of the International Monetary Fund, and must also meet certain implementation standards to ensure that member countries can achieve sustainable balance of payments and sustained economic growth in a certain period of time, and ensure that the use of IMF funds is temporary.