Sample Essay
An example of the IMF’s role in the modern world, is its recent role in helping Pakistan recover from the balance of payment crisis it had gotten into. Pakistan is a typical example of what role the IMF can play and how productive it can be. Due to the global crisis and many local issues (like a huge current account deficit) Pakistan came dangerously close to running out of forex reserves. Basically when a country reaches this amount and has lost too much credibility to accept loans from other sources it is forces to go the IMF to stave off bankruptcy.
The IMF intervened in November 2008 and along with an installment of the promised amount committed Pakistan to a series of structural adjustment’s. In the 80’s and 90’s these were known as the Structural Adjustment Programs and included strict economic regulation. However the recent loans that the IMF has given out include regulations which are slightly more relaxed and in which the IMF has become more flexible in its expectations, in recognition of the needs of developing nations and the problems they experience.(In 1980’s and 1990’s IMF shut off funding to countries who were unable to meet their targets-An example is Pakistan). Other then the Structural Adjustment Programs other programs that the IMF gives to developing nations with different regulations such as Poverty Reduction Growth Fund and Stand By Arrangements.
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