What is IMF Essay Example | Topics and Well Written Essays - 1000 words

What is IMF - Essay ExampleGood governance is a set of principles that have been relieveed by both the World Bank and the IMF to guide them and help them to compass their objectives and goals in their member countries. The current scenario is that these organizations now are in the process of applying similar standards as the, legal governance techniques to various other aspects of the institution, much(prenominal) as transparency and accountability. Other facets include fairness, impartiality, efficiency and ownership (Woods 2000).Though IMF itself is a vast topic, I would like to target solely the governance aspect of the organization. scarce beloved and sound governance of an organization can result in the complete and adequate instruction execution of its policies. According to Beke (2002) the underlying rationale for governance in IMF is to eliminate corruption and to encourage transparency as well as accountability in all economic policies and issues of whatsoever giv en country. Since, 1997 the IMF has introduced methods to look subsequently the resources of the organization so as to prevent laundering of monetary funds. In addition, means are too taken to track all sorts of expenditures specifically those on poverty related issues. Therefore, governance is required in all phases. Be it the way the money is lent or discharged to a country, in the carrying out of certain economy related policies, or be it in within the IMF itself. Therefore, I would like to inquiry all three of these aspects of governance in my study. There are practical reasons in arrears the adoption of the good governance criteria by the IMF. One of the foremost according to Woods (2000) is ownership and participation. The reason behind them is that these ii means will increase the efficiency and effectiveness of IMF. It has also been stated that in the past any unpopular or unjust act of a countrys government was blamedd on IMF. Therefore, these policies also rise the image of the government by stating that there is no imposition by the IMF upon any country to adopt its polity. Any country that does to take the advice of the IMF and follow its policies and guidelines does so of its own accord. In the past, the IMF consisted of an enclosed group of policy makers, however, in recent years due to its good governance criteria the organization has opened-up. This induces the concept of transparency. The reason behind this is that when an organization in enclosed (in the form of financial institutions and governments only), transparency is difficult thus, corruption prevails. In such a scenario bribery takes place and the government can easily deceive its citizens by putting the blame for economic upheaval on an institution such as the IMF. In order to prevent such dire situations from arising it is imperative that good governance policies (especially those that include transparency procedures and processes) are included. Research MethodologyThe int errogation methodology will such that the background and cranial orbit of the paper will be given. The basic scope of this paper is that it will help future policy makers as well as researchers to further their studies. In the practical sense this