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Monday, 29 August 2011

Word of the Day


The International Monetary Fund is an IGO (Inter-Governmental Organisation) that loans money out to countries in financial instability. It loans money out with 'strings' attached where countries must agree to implement certain policies or meet the terms and conditions in order to receive the loan. Recent interference by the IMF include negotiating bail out packages for the Greece and Ireland. The IMF have also in the past given loans to developing countries such as Uganda, in order to help them develop. There are 187 member nations in the IMF, the most powerful member being the USA - with the highest voting power.