Fiftieth Anniversary of the Bretton Woods Conference

Date: 2015-10-07; view: 521.

The fiftieth anniversary of the Bretton Woods Conference that led to the foundation of the International Monetary Fund (IMF) (to mark) by a considerable increase in all areas of the IMF's operations. The anniversary (to stimulate) an assessment of changes in the international monetary system and reflections on the ways in which the IMF should respond to them.

In this connection 1995, the anniversary year, (to be) the year of intense activity for the IMF. First of all, the IMF adequately (to respond) to the financial crisis in Mexico. The year also (to see) a further evolution in the IMF's role of assisting countries in the transition from command to market economies. The IMF (to approve) substantial financial arrangements for Russia and Ukraine, extended its financial support to a large number of developing countries, increased access to its resources for all members, and carried out surveillance over members' economic policies.

In 1995 the call on the IMF to provide financial support (to lead) to exceptionally heavy demands on the IMF resources. Total drawings from the IMF's General Resources Account during 1994/95 (to amount) to SDR 10.6 billion. Of this total, SDR 7.6 billion was provided under stand-by arrangements; SDR 1.6 billion – under extended arrangements; SDR 0.3 billion-under the compensatory and contingency financing facility (CCFF); and SDR 1.1 billion - under the systemic transformation facility (STF). In addition, SDR 0.6 billion in concessional assistance (to disburse) under the structural adjustment facility (SAP) and enhanced structural adjustment facility
(ESAF). Among the IMF's most important responsibilities (to be) its mandate to oversee the effective functioning of the international monetary system and to exercise firm surveillance over members' economic policies.

The IMF (to fulfil) these oversight and surveillance roles in a variety of ways. The IMF has regular annual consultations with member countries. The IMF (to assess) a member's macroeconomic and structural policies and (to encourage) all members to adopt policies that are in their long-term interests and contribute to their expansion and balanced growth of the world economy.

During the anniversary year this work (to give) an added impetus by the "Madrid Declaration" adopted by the IMF in 1994.

Access to technical assistance and training (to become) an increasingly valuable benefit of the IMF membership. The global revolution in favour of market-oriented economies and the widening implementation of structural adjustment policies (to increase) member countries' requests for IMF assistance.

It should be mentioned, however, that in spite of the activities serious policy challenges (to remain), like how to sustain economic growth, to reduce unemployment, to prevent a resurgence of inflation in the industrial countries, to maintain and extend growth through strong programs of adjustment and structural reform in developing countries, to integrate the economies in transition into the world economy and to set them firmly on the path of sustainable growth.

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