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1998 Annual Report
Asking
the Right Questions
About the IMF
Purposes of the IMF
Article I of the Agreement describes the purposes of the IMF.
The agreement imposed obligations on members. Members were to conduct
their policies so as to maintain a stable global financial system.
Article I: Purposes
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To promote international monetary cooperation through a permanent
institution which provides the machinery for consultation and collaboration
on international monetary problems.
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To facilitate the expansion and balanced growth of international
trade, and to contribute thereby to the promotion and maintenance
of high levels of employment and real income and to the development
of the productive resources of all members as primary objectives
of economic policy.
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To promote exchange stability, to maintain orderly exchange arrangements
among members, and to avoid competitive exchange depreciation.
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To assist in the establishment of a multilateral system of payments
in respect of current transactions between members and in the elimination
of foreign exchange restrictions which hamper the growth of world
trade.
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To give confidence to members by making the general resources of
the Fund temporarily available to them under adequate safeguards,
thus providing them with opportunity to correct maladjustments in
their balance of payments without resorting to measures destructive
of national or international prosperity.
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In accordance with the above, to shorten the duration and lessen
the degree of disequilibrium in the international balances of payments
of members.
The Fund shall be guided in all its policies and decisions by the purposes
set forth in this Article.
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About the IMF
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