Globalisation:International Monetary Fund:History

The International Monetary Fund (IMF) was officially established on Deceber 27th, 1945. Subsequently due to 29 countries signing the Articles of Agreement at the United Nations Monetary and Financial Conference in Bretton Woods, New Hampshire one the 1-22 of July, 1944. All the same it was not until the 1st of March, 1947 the IMF began financial operations. At this time the IMF's aims was to monitor exchnage rates,to increase international trade, to provide a forum for discussion about international monetary concerns, to give technical assisstance to member countries and lastly, the IMF's main purpose was the lending of money to member countries who cannot ake the loan repayments. However, money was only made available to countries if they acknowledged the IMf's policy and implemented certain structural adjustent programs.

In many countries where the IMF imposed economic programs have been implemented, the general deterioration of living standards among ordinary people has not gone unnoticed, and many have organised themselves to protest against the program. Countries which have protested include; Algeria, Benin, Bolivia, Ecuador, Jamaica, Jordon, Mexico, Niger, Nigeria, Russia, Sudan, Trinidad, Uganda, Venezuala, Zaire and Zambia. (http://www.whirledbank.org/development/sap.html) These protests date back to 1985. Despite these protests, institutions ignored them, and mainstream media rarely give them due covergage, despite the fact that many have been killed during the protests.