The main task of the IMF is to monitor the economic policies of its member states. It thereby contributes to the stability of the international financial and monetary system. The IMF also offers its member countries technical assistance and training opportunities to help them in formulating and implementing an effective economic and financial sector policy.
These activities are geared towards crisis prevention. Where crises nevertheless arise, the IMF helps the affected member countries by way of comprehensive financial assistance and the development of reform programmes for monetary, budgetary and financial sector policies. In response to the financial and economic crisis, the IMF adopted a whole series of financial assistance packages and committed a substantial share of its resources.
The financial crisis has made clear that the IMF has an even more significant role to play in monitoring the financial sectors of its member states and that its expertise in this regard must be further developed. The interplay between financial systems and the real economy must be better researched, and the monitoring of financial sectors must be embedded more strongly in the regular IMF country reviews. It is important for the cooperation with other specialist bodies, particularly the Financial Stability Board (FSB), to be strengthened also. At present, 188 nations worldwide are members of the IMF. This gives the institution a high degree of legitimacy.
Last modification 25.01.2019