The Role of the International Monetary Fund
Mr. Camdessus, managing director of the International Monetary Fund (IMF), examined the IMF’s role in the economic transition of… read more
Mr. Camdessus, managing director of the International Monetary Fund (IMF), examined the IMF’s role in the economic transition of Eastern Europe and the rapid change in the overall global economy. Founded in 1945, the purpose of the IMF is to help reduce the negative economic effects of crises and conflicts, and assist countries during economic transitions. Mr. Camdessus described the IMF as “an international organization of 154 member countries working together to find common solutions to economic problems. There must always be a cooperative solution to any global problem. That is far better than a go-it- alone approach.” The most important function of the IMF “is to give confidence to members that some policies work, and trigger extended support.” IMF, the sister organization to the World Bank, is the main conditional lender in the world. Loans are based on member countries compliance with economic advice. The most recent counsel the IMF has given the United States is to cut trade deficits, reduce the national budget deficit, and encourage savings. Mr. Camdessus ended his remarks by describing the seven most important global economic problems of today. The first IMF director to address the press club, Mr. Camdessus has held the directorship for four years. Prior to the IMF, he was the governor of the Bank of France and the director of the French Treasury. close
*The transcript for this program was compiled from uncorrected Closed Captioning.
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