Economic Assistance to Developing Countries through the IMF

Economic Assistance to Developing Countries through the IMF

Economic Assistance to Developing Countries through the IMF

Economic Assistance to Developing Countries through the IMF

Excerpt

THE MEMBERSHIP and scope of the activities of the International Monetary Fund have expanded greatly since it began operations in 1946. In support of its primary purposes of promoting international monetary cooperation, orderly exchange arrangements, and balance-of-payments adjustment, the IMF has extended substantial amounts of credit to member countries and has allocated special drawing rights to them. Developing countries have especially benefited from the IMF's basic financing and from certain facilities designed mainly for them.

In this study Richard Goode describes IMF policies and operations and examines the question whether the IMF, besides discharging its other functions, should provide additional economic assistance to developing countries. He analyzes the possible advantages and disadvantages of alternative proposals and discusses the relation between the IMF and the World Bank. He emphasizes that the function of serving as a channel for economic assistance to developing countries should be considered as distinctly secondary to the IMF's other activities.

Richard Goode is a guest scholar at the Brookings Institution. He is indebted to Ralph C. Bryant and Sir Joseph Gold for advice and for critical reading of an early draft of the study. He also acknowledges with thanks comments and suggestions from W. A. Beveridge, Sidney Dell, Barend de Vries, Margaret Garritsen de Vries, C. David Finch, Edward R. Fried, Walter Habermeier, Leslie Lipschitz, Richard P. Mattione, Costas Michalopoulos, Walter S. Salant, Robert Solomon, Alan A. Tait, C. A. Yandle, and several participants in a workshop on the evolution of the International Monetary Fund held at Brookings on January 7, 1985. Carol Clark edited the manuscript, Carolyn A. Rutsch verified its factual content, and Charlotte Kaiser did the typing.

This study was supported by an experimental grant in international economic policy awarded to the Brookings Institution by the National Science Foundation. The views expressed here are those of the author and should not be ascribed to those who commented on the manuscript, to the National Science Foundation, or to the officers, trustees, or staff members of the Brookings Institution.

BRUCE K. MAC LAURY
President

July 1985
Washington, D.C.

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