The International Monetary Fund: Current Reforms

Publication Date: April 2004

Publisher: Library of Congress. Congressional Research Service

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Research Area: Banking and finance

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Abstract:

In the wake of financial crises in Mexico (1994-1995), East Asia (1997-1998), Russia (1998), Argentina and Turkey (2000-2001), the IMF has been challenged to rethink both its core mission, its operations, and its lending activities. The IMF has responded to its critics with numerous reforms. The reforms fall into three broad categories: crisis prevention, crisis management, and the IMF's role in economic development. This issue is of ongoing interest to Congress, which plays an active role in the reform agenda and periodically is asked to appropriate funds for the U.S. quota in the IMF. This report will be updated as events warrant.