The exhibition "International Monetary Fund: yesterday, today, tomorrow", dedicated to the 70th anniversary of the IMF creation, is opened in the in the official documents department (207g) from December 16 to January 11.
The International Monetary Fund is an intergovernmental monetary and credit institution to promote international monetary cooperation through consultation of its members and provide them with loans. The IMF is a specialized agency of the United Nations, with its own charter, governance structure and finances.
The idea of the IMF creation appeared at the UN International Conference on monetary affairs, which was held in Bretton Woods (New Hampshire, the United States) in July 1944. Delegates from 44 countries agreed on the basis of economic cooperation, designed to prevent a repetition of the disastrous economic policy that was one of the causes of the Great Depression of the 1930s. Representatives of participating countries have developed a charter (Articles of Agreement), the final version of which was signed by the first 29 states on December 27, 1945. Currently, the IMF brings together 188 countries, and its structures include 2 600 people from 147 countries. The Fund headquarters is in Washington, DC (the USA).
According to the 1st Article of Agreement, the IMF has set itself the following objectives: to promote international cooperation in the monetary field; facilitate the expansion and balanced growth of international trade; ensure the stability of exchange rates; assist in the establishment of a multilateral system of payments between member states as well as in eliminating foreign exchange restrictions; provide temporarily to member states foreign currency, which would give them an opportunity to correct the imbalance in their payments.
To achieve these goals the IMF carries out the following activities: monitors the economic policy and the economic and financial changes in the countries and regions of the world; provides recommendations on economic policy; provides loans to member states experiencing imbalance of payments – not only for temporary financing, but also for support of the policies of stabilization and reform; provides technical assistance to governments and central banks of the member states and conducts staff training.
As the only international agency, which powers include maintaining of an active dialogue with all countries on economic policy, the IMF serves as the main forum for discussing not only the economic policies in a global context, but also matters of great importance for the stability of the international monetary and financial system. These include: the selection of the exchange rate mechanism by the countries, the prevention of destabilizing international capital flows and the development of internationally recognized standards and codes for policies and institutions in their respective fields. Acting in the interests of strengthening of the international financial system and accelerating of the process of poverty reduction, as well as supporting all member states to conduct sound economic policies, the IMF helps to use the results of globalization for the benefit of all.
The Republic of Belarus has been a member of the IMF since 1992. The Office of the IMF Resident Representative was opened in Minsk the same year. The aim of the Fund in our country is to cooperate with the Government and the National Bank of Belarus in the preparation of policy programs with a focus on fiscal and monetary policy, exchange rate and trade policies in order to achieve significant economic growth, low inflation and balance of payment. Belarusian representatives regularly participate in various activities of the Fund, including the annual meetings of the IMF Board of Governors.
The exhibition presents more than 50 documents in Russian and English: books, brochures, periodicals, booklets.
The exposition includes the following sections:
- IMF: history and modernity.
- Main activities of the IMF.
- IMF and the Republic of Belarus.
The exhibition is interesting to specialists in the field of finance, entrepreneurs, researchers in the field of small and medium-sized businesses, students and teachers of the economic and financial subjects.
Useful links
- Review of the International Monetary Fund
- What is the International Monetary Fund
- Articles of Agreement of the International Monetary Fund
- Organizational structure
- Annual reports
- Representatives of the IMF in Belarus
- Representative of the IMF in Russia
- Financing of the sustainable development
- Financial resources and mechanisms
- Development Loans
- Loans for achieving stability
- Financial crisis
- Web site of the International Monetary Fund
- World Economic Outlook
- Global Financial Stability Report
