IMF
IMF: International Monetary Fund. One of the organizations established at the 1944 United Nations Monetary and Financial Conference held at Bretton Woods. It oversees the international monetary system through (a) encouraging international monetary cooperation, (b) facilitating the expansion of balanced growth of international trade, (c) assisting member countries in correcting balance of payments deficits through short- to medium-term credits and (d) promoting foreign exchange stability and orderly exchange relations among its members. GATT Article XV provides for consultation and coordination between the two organizations on matters concerning monetary reserves, balances of payment or foreign exchange arrangements. GATT members either had to join the IMF or enter into a special exchange arrangement with the other GATT members to ensure that the provisions of the Agreement were not frustrated by foreign exchange measures. The relationship of the WTO with the IMF is based on the provisions that have governed the GATT's relationship with it. The IMF participates in balance-of-payments consultations conducted under Articles XII and XVIII:B of the GATT. See also Bretton Woods Agreements.
Source: http://ctrc.sice.oas.org/trc/WTO/Documents/Dictionary%20of%20trade%20%20policy%20terms.pdf
Web site to visit: http://ctrc.sice.oas.org
Author of the text: W. Goode
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