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Get a Demo Price a Job. Get a Demo My Account. United States. Job Listings. Similar Companies. How should I pay? Price a Job. What am I worth? Find market worth. Find out what you should be paid Use our tool to get a personalized report on your market worth. What's this? United States change. No results found. Try another search query or take our salary survey to get a personalized salary report for your job title. Join here. All Jobs. About Reviews Jobs. About IMF The International Monetary Fund IMF is an organization of countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
Supporting economic growth, stability and prosperity in the world economy is challenging work. We take great pride in our staff being among the best and brightest in their fields, solidifying our reputation as an organization that solves problems and creates opportunities. Along with its sister organization, the World Bank , it was created to prevent economic crises such as the Great Depression.
It is a specialized agency of the United Nations and is run by its member countries. Membership is open to any country that conducts foreign policy and accepts the organization's statutes. The IMF is responsible for the creation and maintenance of the international monetary system, the system by which international payments among countries take place. It provides a systematic mechanism for foreign exchange transactions in order to foster investment and promote balanced global economic trade.
To achieve these goals, the IMF focuses and advises on the macroeconomic policies of a country, which impacts its exchange rate , governmental budget, money, and credit management.
The IMF will also appraise a country's financial sector and regulatory policies, as well as structural policies within the macroeconomy that relate to the labor market and employment.
In addition, as a fund, it may offer financial assistance to nations in need of correcting balance of payment discrepancies. The IMF is entrusted with nurturing economic growth and maintaining high levels of employment within countries. The IMF is funded by quota subscriptions paid by member states. The size of each quota is determined by the size of each member's economy.
The quota in turn determines the weight each country has within the IMF — and hence its voting rights —as well as how much financing it can receive from the IMF. Twenty-five percent of each country's quota is paid in the form of special drawing rights SDRs , which are a claim on the freely usable currencies of IMF members.
Before SDRs, the Bretton Woods system had been based on a fixed exchange rate , and it was feared that there would not be enough reserves to finance global economic growth. They were created to supplement the international reserves of the time, which were gold and the U.
The SDR is not a currency; it is a unit of account by which member states can exchange with one another in order to settle international accounts. A country may do this when it has a deficit and needs more foreign currency to pay its international obligations. Each member country is assigned a certain amount of SDRs based on how much the country contributes to the IMF which is based on the size of the country's economy.
However, the need for SDRs lessened when major economies dropped the fixed exchange rate and opted for floating rates instead. The value of the SDR is adjusted daily against a basket of currencies, which includes the U. The larger the country, the larger its contribution. Thus the U. If called upon by the IMF, a country can pay the rest of its quota in its local currency. So far, SDR The IMF offers its assistance in the form of surveillance, which it conducts on a yearly basis for individual countries, regions, and the global economy as a whole.
However, a country may ask for financial assistance if it finds itself in an economic crisis, whether caused by a sudden shock to its economy or poor macroeconomic planning. A financial crisis will result in severe devaluation of the country's currency or a major depletion of the nation's foreign reserves.
There are three more widely implemented facilities by which the IMF can lend its money. A Stand-By Arrangement SBA offers financing of a short-term balance of payments, usually between 12 to 24 months, but no more than 36 months. The Extended Fund Facility EFF is a medium-term arrangement by which countries can borrow a certain amount of money, typically over four to 10 years. The EFF aims to address structural problems within the macroeconomy that are causing chronic balance of payment inequities.
The structural problems are addressed through financial and tax sector reform and the privatization of public enterprises.
As the name implies, it aims to reduce poverty in the poorest of member countries while laying the foundations for economic development.
Loans are administered with especially low interest rates. The IMF offers technical assistance to transitional economies in the changeover from centrally planned to market-run economies. The IMF also offers emergency funds to collapsed economies, as it did for South Korea during the financial crisis in Asia, which allowed it to avoid sovereign default. Emergency funds can also be loaned to countries that have faced an economic crisis as a result of a natural disaster.
All facilities of the IMF aim to create sustainable development within a country and try to create policies that will be accepted by the local population.
However, the IMF is not an aid agency, so all loans are given on the condition that the country implements the SAPs and makes it a priority to pay back what it has borrowed.
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