The Objectives of establishing International Monetary Fund, with reference of members countries

                     All praise is due to Allah, may peace, salutation and the blessing be upon The prophet Muhammad (ﷺ), his entire family, his companions and those that follow their footsteps with righteous until the last day. Indeed International Monetary Fund know as IMF was created in 1946 but initiated at the Bretton Woods Newhamshire meeting in July 1944, moreover IMF comprises of delegates from 44 countries. International Monetary Fund play a vital role in our exchange rate stability and working very hard to ensure the international Monetary System is stabilized among the member countries; via removing of all the restriction on the international trade, orderly adjustment of balance of payment (BOP) disproportions. IMF also lend money to those having problem with their balance of payment and make the general fund available to the member countries. Furthermore it was created to prevent a return of the international finance from state of total confusion with preceded some ways precipitated world war two. In 1930s, many nations follow their neighbor “begging’ economic policies, cutting the value of their currency, restricting purchases from overseas in order to save scarce of exchange etc.

                        The role or Objective of International Monetary Fund (IMF) as noted in their agreement, IMF must contribute or facilitate to the following:

•       The international Monetary Co-Operation among the members.
•       To eliminate exchange control among the member countries.
•       To establish the multilateral trade and payment among the members countries.
•        To the expansion of fund and balance growth among member countries.
•       The balance of growth of our trade among the member countries.
•       To prevent bad economic policies among member nations.
•       To ensure the exchange stability among the members countries.
•        To correct our balance of payment system maladjustments.
•       The investment of our capital among the members countries and promote confident between them.

               Firstly IMF also promote monetary cooperation and collaboration within the members’ countries, regarding monetary problem through permanent institute that provides a machine for the meeting or consultation and collaboration in different global monetary issues and problem.  

                Secondly IMF prevent exchange restrictions and trade barriers in within the members’ countries and establish multilateral system of payment. To eliminate exchange restriction imposed almost very countries; this was done before World War II as a device to intentionally fix the exchange rate at a specific level and to encourage the flows of international trade among the member countries. Moreover multilateral system of payment was designed to replace old system of bilateral trade agreements in our current transaction among the member countries.

                  Thirdly IMF facilitate the expansion and balance growth of our worldwide trade contribute immensely to the real incentive, productive capacity and employment. For that reason it also support to attain balance growth via our exchange level of employment which immensely help the member countries to boom up their economy; particularly a country with level of growth and employment rates.

                    Fourthly IMF prevent bad economic policies in particular, which in order way may lead to financial crisis of a particular country. Moreover these policies contribute immensely in managing the economic situation of a member countries more efficiently. Eventually IMF provide training and assistance, wanting to strengthen the institutional and human capacity of a particular member countries. Furthermore this is very significant to those countries that fail in their past policy, scarce resources or weak institutions.

                      Fifthly Moreover IMF stabilized exchange and orderly exchange arrangements however prevent competitive currency depreciation or devaluation. Besides it’s stabilize the currencies and then strengthen the economic condition of growth of the member countries. The International monetary fund expect the loans given to a member countries to be pay back and embark on the structural fine-tuning policies made via monitored by the Internal Monetary Fund (Investopedia, 2018)

                                   

                     Furthermore IMF promote or facilitate a confident among the member countries by means of taking sufficient measures to defend both international and national headway. Moreover International monetary fund facilitate the continue flow of capital from develop countries to under develop countries from their resources for attaining higher standard of living of its citizens also from the capital flow from the richer to the poorer as a general.   (Jonathan E. Sanford and Martin A. Weiss, 2004)

                   The international Monetary Fund (IMF) has indeed make a successful achievement in implementing the above mention objectives they play so far in our monetary system internationally.  Moreover IMF become successful in certain area as follows:

•       IMF has achieved the expansion of fund and creating sufficient provision of credit for the developing member countries throughout the global. 
•       They ensure the attaining exchange stability of the member countries.
•       IMF also attain the expansion of world trading system.
•       They also play significant role in raising the international liquidity.
•       IMF have attained in given help especially in term difficulties.
•       IMF eventually succeeded in eliminating international monetary system, moreover setting up the multilateral trade and payment system.
•       The IMF likewise eliminate the short-term disequilibrium of our balance of payments system.

      Furthermore IMF succeeded in checking competitive currency depreciation besides setting up machinery for their consultation as a result to provide export guidance in formulating both of its financial and fiscal policies of their member countries.  (Suman, 2017)

                     The example of its member countries that International Monetary Fund has successfully attained their objective are as follows.

•   India is among the member of IMF, it is evident that International Monetary Fund has been instrumental in assisting India in regard to balance of payment Issues they are experience in two occasions. Moreover this was noted in 1981-1982, has result India borrowed SDR 3.9 billion which was under the extended fund Facility as the largest agreement in International Monetary Fund. India in 1991-93 has borrowed SDR 2.2 billion under standby agreement. Furthermore India borrow SDR 1.4 billion in 1991 which under compensatory Finance Facility. (India, 2015)
•        International Monetary Fund has also help Ghana in their economic Sector and development.
•       International Monetary Fund have help The Gambia in there Micro financial linkages persist the between the banks, the public sector and Banking Sector characteristics and Risk. 

                           In conclusion, IMF indeed has contributed immensely in making the monetary system conducive  for the member countries via   eliminating international monetary system and implement multilateral trade and payment system, the short-term disequilibrium; making exchange stability as well as expanding the fund with adequate of credit for developing nations. Moreover prevent bad economic policies perhaps may lead to financial crisis and trade barriers and exchange restrictions for the betterment of the member countries.

                                                              Jazakallahu khairan

References

India. (2015, November 16). India and the IMF. Retrieved from At a Glance - India and the IMF: http://www.At a Glance - India and the IMF.htm

Investopedia. (2018, September 11). How does the International Monetary Fund function. Retrieved November 16, 2018, from http://www.How does the International Monetary Fund function%20%20%20 Investopedia.htm

Jonathan E. Sanford and Martin A. Weiss. (2004). International Monetary Fund: Organization, Functions, and Role in the International Economy. Washington, D.C.: CRS Web.

saab, K. (2012, August 8). Easy Notes and Assignments. Retrieved from Write a note on the IMF or objective and functions of the IMF: http://www.Write a note on the IMF or objective and functions of the IMF.htm

Suman, S. (2017, July 11). Economic Discussion. Retrieved from 15 Major Achievements of International Monetary Fund: http://www.15 Major Achievements of International Monetary Fund.htm