PLACES TO VISIT IN 2020

INETRNATIONAL MONETARY FUND 

The International Monetary Fund is a well-known organisation which has brought about drastic changes in many countries. The word monetary means something related to money and the IMF takes care of this all over the world. The International Monetary Fund was formed amongst the ashes of World War II on December 27, 1945 in Brettonwoods, USA, then consisting of 44 nations. The headquarters of IMF is located in Washington DC, USA. The IMF has since then taken up several projects for the upliftment of third world countries. From resolving the Suez Crisis to helping to ensure the stability of economy during the fall of Lehman Brothers in 2008, the IMF has helped to resolve crisis and ensure stability of its member countries. It works closely with its member countries and helps to promote growth and alleviate poverty. It does this in three ways. Firstly, it keeps track of the global economy. Secondly, it lends to countries with payment difficulties and thirdly, by giving practical help to its member. It consists of 189 members in 2020 with Nauru being the latest member to join in 2016.

The International Monetary Fund has played a vital role in the eradication of poverty in India. It regularly holds conferences and comes up with new plans and ideas for financial development in the country. The governor of Reserve Bank of India, Shaktikantha Das and the financial minister of India, Nirmala Sitaraman helped in the smooth functioning of IMF in India. Moreover, John Maynard also recently said that he hopes to have an Indian Managing Director for the IMF in the near Future. IMF has made great strides bringing millions of people out of poverty in India. It also supports small businesses across different states.

 IMF is my favorite organisation because of the work it puts in to maintain and grow the economies of different countries. The role it plays teaches me something more than maintaining stability of economies. It teaches me to help others in times of need. It has shown me how small changes in ones life can bring a about a big change for the better. The way it helps nations inspires me to do great things for my community and remove all social ills. It makes me dream to one day help to overcome poverty in not just in India, but in other developing nations around the world. The key values of integrity, respect, impartiality and honesty are clearly highlighted in their work and this inspires me the most. The initiatives and programs they have launched in my community motivate me to also do great things for my community.

Quick worldwide help is fundamental to give basic clinical equipment and bolster the essential increment in healthcare spending, and moreover to give some social protection and monetary help to decrease the human hardship. During the time of COVID-19 pandemic, the IMF has offered lending to more than 90 countries to battle the crisis caused by COVID-19. The IMF has can offer India $4 Billion or more to combat the COVID-19 pandemic and decrease the impact on the country’s economic growth. The IMF also recently stated that despite the fall of growth rate of India from 5.8% to 1.9%, India would still be one of the few countries to mark growth while others contract during this recession.

IMF has an incredible impact and each action influences the global economy. So it is required that they have responsibility for their actions. Especially, they have the obligation to explain to the youth who will become pioneers in the future. Individuals in the nation need to comprehend why it is expected to carry out the policies, and what are its impacts. It will bring perilous outcomes if individuals of the nation are excluded and enforce conservative policies from outside. Youngsters who will become leaders later on need to demand the policies which are reasonable and democratic and bring about sustainable development. A little minority of the individuals may not choose the approach, however we need to adopt the strategy which changes the general public and raises the living standards of poor individuals and gives everyone the chance of progress, clinical treatment, training and obligation regarding future. IMF has an extraordinary duty and significant part for future to settle the worldwide economy and decrease poverty.

 We can all be a part of the IMF by either being a volunteer or becoming an intern. They also have a wide range of learning resources and activities for students. Moreover, passionate writers can write blogs for their Youth Dialog. They also have an online library which one can access for free. IMF provides research opportunities for high school students across the globe.