71-520: Garry Conille ( French pronunciation: [ɡaʁi kɔnij] ; born 26 February 1966) is a Haitian academic, development worker, author, and he was the acting prime minister of Haiti until 10 November 2024. He previously served as the Prime Minister from 2011 to 2012, submitting his resignation on 24 February 2012, and being officially succeeded by Laurent Lamothe on 16 May 2012. On 28 May 2024, Haiti's transition council tapped Conille to return to
142-434: A January 2014 report entitled "Fiscal Policy and Income Inequality" that stated that "Some taxes levied on wealth, especially on immovable property, are also an option for economies seeking more progressive taxation ... Property taxes are equitable and efficient, but underutilized in many economies ... There is considerable scope to exploit this tax more fully, both as a revenue source and as a redistributive instrument." At
213-480: A broader focus of promoting market-liberalizing reforms through structural adjustment programs. This shift occurred without a formal renegotiation of the organization's charter or operational guidelines. The Ronald Reagan administration , in particular Treasury Secretary James Baker , his assistant secretary David Mulford and deputy assistant secretary Charles Dallara , pressured the IMF to attach market-liberal reforms to
284-484: A loss of confidence in him from his ministers. He had clashed with ministers and Martelly over several issues, the most recent being a parliamentary investigation into whether senior government officials held dual nationality , a violation of the Constitution of Haiti. Martelly refused to comply with the investigation, stating the executive branch did not have to comply with the investigation. Some ministers cooperated with
355-487: A position of oversight of only exchange rates, their function became one of surveillance of the overall macroeconomic performance of member countries. Their role became a lot more active because the IMF now manages economic policy rather than just exchange rates. In addition, the IMF negotiates conditions on lending and loans under their policy of conditionality , which was established in the 1950s. Low-income countries can borrow on concessional terms , which means there
426-774: A program officer under the same agency in April 2001, where he remained until October 2002. In May 2004, he became an international official inside the United Nations system. Until January 2006, he was a country technical advisor for the UNFPA, as well as a sub-regional technical advisor under the Africa/Ethiopia Division. In this capacity, he was responsible for providing technical assistance and for ensuring capacity building in key areas of population and health reproduction. From January to December 2006, he worked as technical advisor for
497-415: A quota system, countries contribute funds to a pool from which countries can borrow if they experience balance of payments problems. The IMF works to stabilize and foster the economies of its member countries by its use of the fund, as well as other activities such as gathering and analyzing economic statistics and surveillance of its members' economies. The current managing director (MD) and chairperson of
568-613: A total of 1,550 days in office. Jacques-Édouard Alexis served the second-longest time in office. He held the position for 1,526 days during his two terms, and was the longest-serving prime minister appointed to the position by an elected president. International Monetary Fund The International Monetary Fund ( IMF ) is a major financial agency of the United Nations , and an international financial institution funded by 190 member countries, with headquarters in Washington, D.C. It
639-498: A year and is responsible for electing or appointing an executive director to the executive board. While the board of governors is officially responsible for approving quota increases, special drawing right allocations, the admittance of new members, compulsory withdrawal of members, and amendments to the Articles of Agreement and By-Laws, in practice it has delegated most of its powers to the IMF's executive board. The board of governors
710-869: Is a period of time with no interest rates, through the Extended Credit Facility (ECF), the Standby Credit Facility (SCF) and the Rapid Credit Facility (RCF). Non-concessional loans, which include interest rates, are provided mainly through the Stand-By Arrangements (SBA), the Flexible Credit Line (FCL), the Precautionary and Liquidity Line (PLL), and the Extended Fund Facility. The IMF provides emergency assistance via
781-563: Is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate stability . Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade , promote high employment and sustainable economic growth, and reduce poverty around the world." Established in July of 1944 at the Bretton Woods Conference , primarily according to
SECTION 10
#1733085516652852-441: Is that private international capital markets function imperfectly and many countries have limited access to financial markets. Such market imperfections, together with balance-of-payments financing, provide the justification for official financing, without which many countries could only correct large external payment imbalances through measures with adverse economic consequences. The IMF provides alternate sources of financing such as
923-480: Is the son of Marie Antoinette Darbouze and Dr. Serge Conille, former Minister of Sports and Youth in the Duvalier government . He is married to Betty Rousseau, the step daughter of Marc Bazin , a former prime minister of Haiti and has twin girls, Soraya and Gaelle. Betty and her twin sister Kathy are Bazin's daughters from his wife Marie Yolène's (née Sam) first marriage. After graduating from Collège Canado-Haïtien and
994-512: The COVID-19 pandemic . This was in addition to the $ 50 billion fund it had announced two weeks earlier, of which $ 5 billion had already been requested by Iran . One day earlier on 11 March, the UK called to pledge £150 million to the IMF catastrophe relief fund. It came to light on 27 March that "more than 80 poor and middle-income countries" had sought a bailout due to the coronavirus. On 13 April 2020,
1065-764: The Cold War limited the Fund's membership, with most countries in the Soviet sphere of influence not joining until 1970s and 1980s. The Bretton Woods exchange rate system prevailed until 1971 when the United States government suspended the convertibility of the US$ (and dollar reserves held by other governments) into gold. This is known as the Nixon Shock . The changes to the IMF articles of agreement reflecting these changes were ratified in 1976 by
1136-607: The Great Depression , countries sharply raised barriers to trade in an attempt to improve their failing economies. This led to the devaluation of national currencies and a decline in world trade. This breakdown in international monetary cooperation created a need for oversight. The representatives of 45 governments met at the Bretton Woods Conference in the Mount Washington Hotel in Bretton Woods, New Hampshire , in
1207-714: The International Monetary Fund . In the wake of Haiti's 2010 earthquake , he was requested by the Administrator of UNDP and the UN Secretary-General to assume the duties of head office of the Special Envoy of the UN Secretary-General to Haiti. Conille worked with the Haitian government, the United Nations' Haiti office and major donors to develop and implement a strategic plan for the reconstruction of Haiti. He
1278-487: The Jamaica Accords . Later in the 1970s, large commercial banks began lending to states because they were awash in cash deposited by oil exporters. The lending of the so-called money center banks led to the IMF changing its role in the 1980s after a world recession provoked a crisis that brought the IMF back into global financial governance. In the mid-1980s, the IMF shifted its narrow focus from currency stabilization to
1349-554: The Poverty Reduction and Growth Facility . Upon the founding of the IMF, its three primary functions were: The IMF's role was fundamentally altered by the floating exchange rates after 1971. It shifted to examining the economic policies of countries with IMF loan agreements to determine whether a shortage of capital was due to economic fluctuations or economic policy. The IMF also researched what types of government policy would ensure economic recovery. A particular concern of
1420-784: The Special Data Dissemination Standard (SDDS). The executive board approved the SDDS and GDDS in 1996 and 1997, respectively, and subsequent amendments were published in a revised Guide to the General Data Dissemination System . The system is aimed primarily at statisticians and aims to improve many aspects of statistical systems in a country. It is also part of the World Bank Millennium Development Goals (MDG) and Poverty Reduction Strategic Papers (PRSPs) . The primary objective of
1491-454: The first Greek bailout that totaled €110 billion, to address the great accumulation of public debt, caused by continuing large public sector deficits. As part of the bailout, the Greek government agreed to adopt austerity measures that would reduce the deficit from 11% in 2009 to "well below 3%" in 2014. The bailout did not include debt restructuring measures such as a haircut , to the chagrin of
SECTION 20
#17330855166521562-455: The parliament to dismiss a prime minister, and at the time of Conille's dismissal, there was no parliament to speak of. Prime Minister of Haiti The prime minister of Haiti ( French : Premier ministre d'Haïti , Haitian Creole : Premye Minis Ayiti ) is the head of government of Haiti . The office was created under the Constitution of 1987 ; previously, all executive power
1633-415: The 1930s . The IMF formally came into existence on 27 December 1945, when the first 29 countries ratified its Articles of Agreement. By the end of 1946 the IMF had grown to 39 members. On 1 March 1947, the IMF began its financial operations, and on 8 May France became the first country to borrow from it. The IMF was one of the key organizations of the international economic system; its design allowed
1704-428: The 1940s and 1950s, and the recruitment of staff exposed to new thinking in economics. The IMF provided two major lending packages in the early 2000s to Argentina (during the 1998–2002 Argentine great depression ) and Uruguay (after the 2002 Uruguay banking crisis ). However, by the mid-2000s, IMF lending was at its lowest share of world GDP since the 1970s. In May 2010, the IMF participated, in 3:11 proportion, in
1775-603: The Bahamas, Bermuda, Turks and Caicos, and the Cayman Islands. By the end of August 2011, unofficial comments of Haitian politicians indicated that Garry Conille might be the next nomination for the post of Prime Minister. On 5 September, he received the official designation for this office from the President Michel Martelly . This would be the third nomination after Jean-Max Bellerive 's resignation on 15 May 2011, and
1846-514: The Code of Conduct in the IMF Articles of Agreement, and to provide national economic information. However, stricter rules were imposed on governments that applied to the IMF for funding. The countries that joined the IMF between 1945 and 1971 agreed to keep their exchange rates secured at rates that could be adjusted only to correct a "fundamental disequilibrium" in the balance of payments, and only with
1917-840: The Faculty of Medicine and Pharmacy of University of Haiti , Garry Conille obtained an MA in Political and Health Administration, as a fellow of the Fulbright Scholar Program at the University of North Carolina at Chapel Hill . Afterwards, he received a certificate of specialty in gynecology and obstetrics at the Isaïe Jeanty Maternity Hospital and a Ph.D. in Medicine at the University of Haiti. Between July 1994 and June 1998, at
1988-463: The GDDS is to encourage member countries to build a framework to improve data quality and statistical capacity building to evaluate statistical needs, set priorities in improving timeliness, transparency , reliability, and accessibility of financial and economic data. Some countries initially used the GDDS, but later upgraded to SDDS. Some entities that are not IMF members also contribute statistical data to
2059-661: The Haitian Association for the National Development, he developed and implemented a primary care system that provided basic health care in poor areas of Haiti. In August 1999, as an evaluation consultant, Garry Conille was responsible for the impact assessment of the Albert Schweitzer Hospital, an NGO in the field of community development, providing community care to over 260,000 people in Artibonite . Between
2130-513: The IMF in 1980 after losing the support of the then United States President Jimmy Carter and was replaced by the People's Republic of China . However, "Taiwan Province of China" is still listed in the official IMF indices. Poland withdrew in 1950—allegedly pressured by the Soviet Union —but returned in 1986. The former Czechoslovakia was expelled in 1954 for "failing to provide required data" and
2201-609: The IMF is Bulgarian economist Kristalina Georgieva , who has held the post since 1 October 2019. Indian-American economist Gita Gopinath , previously the chief economist, was appointed as first deputy managing director, effective 21 January 2022. Pierre-Olivier Gourinchas was appointed chief economist on 24 January 2022. According to the IMF itself, it works to foster global growth and economic stability by providing policy advice and financing to its members. It also works with developing countries to help them achieve macroeconomic stability and reduce poverty. The rationale for this
Garry Conille - Misplaced Pages Continue
2272-425: The IMF is part, are joint managers of this programme, which was approved by the executive directors of the IMF on 15 March 2012 for XDR 23.8 billion and saw private bondholders take a haircut of upwards of 50%. In the interval between May 2010 and February 2012 the private banks of Holland, France, and Germany reduced exposure to Greek debt from €122 billion to €66 billion. As of January 2012 ,
2343-497: The IMF said that it "would provide immediate debt relief to 25 member countries under its Catastrophe Containment and Relief Trust (CCRT)" programme. Not all member countries of the IMF are sovereign states, and therefore not all "member countries" of the IMF are members of the United Nations. Amidst "member countries" of the IMF that are not member states of the UN are non-sovereign areas with special jurisdictions that are officially under
2414-533: The IMF was to prevent financial crises, such as those in Mexico in 1982, Brazil in 1987, the 1997 Asian financial crisis , and the 1998 Russian financial crisis , from spreading and threatening the entire global financial and currency system. The challenge was to promote and implement a policy that reduced the frequency of crises among emerging market countries, especially the middle-income countries which are vulnerable to massive capital outflows. Rather than maintaining
2485-551: The IMF's agreement. Member countries of the IMF have access to information on the economic policies of all member countries, the opportunity to influence other members' economic policies, technical assistance in banking, fiscal affairs, and exchange matters, financial support in times of payment difficulties, and increased opportunities for trade and investment. The board of governors consists of one governor and one alternate governor for each member country. Each member country appoints its two governors. The Board normally meets once
2556-641: The MDG Unit at the United Nations Development Program (UNDP). There, he developed a framework for MDG acceleration used by more than 30 countries, organized jointly with UNDESA the process of preparing the Secretary-General's report on the MDGs, which was presented at the 2010 G8 Summit , and led the preparation of Gleneagles scenarios in more than a dozen African countries, in collaboration with
2627-478: The Rapid Financing Instrument (RFI) to members facing urgent balance-of-payments needs. The IMF is mandated to oversee the international monetary and financial system and monitor the economic and financial policies of its member countries. Accurate estimations require a degree of participatory surveillance. Market sizes and economic facts are estimated using member-state data, shared and verifiable by
2698-482: The Swiss, Brazilian, Indian, Russian, and Argentinian Directors of the IMF, with the Greek authorities themselves (at the time, PM George Papandreou and Finance Minister Giorgos Papakonstantinou ) ruling out a haircut. A second bailout package of more than €100 billion was agreed upon over the course of a few months from October 2011, during which time Papandreou was forced from office. The so-called Troika , of which
2769-566: The United Nations' Millennium Development Goals (MDGs) project, under the supervision of Jeffrey Sachs , then-Special Representative of the UN Secretary-General. In January 2007, Conille returned to UNFPA as Chief Technical Advisor for Africa, following which he acted as coordinator for the Global Program to Enhance Reproductive Health Commodity Security. From September 2008 until his special assignment in Haiti, Garry Conille worked as team leader of
2840-581: The United Nations, paying taxes to the United Nations for Haiti. The review and ratification process of his nomination began on 8 September 2011, following which the Chamber of Deputies approved his appointment on 16 September in a unanimous vote. On 5 October, the Senate confirmed Garry Conille's appointment as the 16th Prime Minister of Haiti, making him the youngest Prime Minister under the previous Constitution of 1987 . Conille resigned on 24 February 2012, following
2911-405: The United States, to discuss a framework for postwar international economic cooperation and how to rebuild Europe. There were two views on the role the IMF should assume as a global economic institution. American delegate Harry Dexter White foresaw an IMF that functioned more like a bank, making sure that borrowing states could repay their debts on time. Most of White's plan was incorporated into
Garry Conille - Misplaced Pages Continue
2982-420: The consequences of these policies for other countries and for the global economy . For instance, The IMF played a significant role in individual countries, such as Armenia and Belarus, in providing financial support to achieve stabilization financing from 2009 to 2019. The maximum sustainable debt level of a polity, which is watched closely by the IMF, was defined in 2011 by IMF economists to be 120%. Indeed, it
3053-452: The country will be able to rectify its macroeconomic and structural imbalances. In the judgment of the IMF, the adoption by the member of certain corrective measures or policies will allow it to repay the IMF, thereby ensuring that the resources will be available to support other members. As of 2004 , borrowing countries have had a good track record for repaying credit extended under the IMF's regular lending facilities with full interest over
3124-418: The detriment of others because they do not bear the full consequences of their actions—is mitigated through conditions rather than providing collateral; countries in need of IMF loans do not generally possess internationally valuable collateral anyway. Conditionality also reassures the IMF that the funds lent to them will be used for the purposes defined by the Articles of Agreement and provides safeguards that
3195-438: The duration of the loan. This indicates that IMF lending does not impose a burden on creditor countries, as lending countries receive market-rate interest on most of their quota subscription, plus any of their own-currency subscriptions that are loaned out by the IMF, plus all of the reserve assets that they provide the IMF. The IMF was originally laid out as a part of the Bretton Woods system exchange agreement in 1944. During
3266-554: The end of March 2014, the IMF secured an $ 18 billion bailout fund for the provisional government of Ukraine in the aftermath of the Revolution of Dignity . In late 2019, the IMF estimated global growth in 2020 to reach 3.4%, but due to the coronavirus, in November 2020, it expected the global economy to shrink by 4.4%. In March 2020, Kristalina Georgieva announced that the IMF stood ready to mobilize $ 1 trillion as its response to
3337-450: The final acts adopted at Bretton Woods. British economist John Maynard Keynes , on the other hand, imagined that the IMF would be a cooperative fund upon which member states could draw to maintain economic activity and employment through periodic crises. This view suggested an IMF that helped governments and act as the United States government had during the New Deal to the great depression of
3408-422: The form of policy reform. If the conditions are not met, the funds are withheld. The concept of conditionality was introduced in a 1952 executive board decision and later incorporated into the Articles of Agreement. Conditionality is associated with economic theory as well as an enforcement mechanism for repayment. Stemming primarily from the work of Jacques Polak , the theoretical underpinning of conditionality
3479-608: The government stating to media that his condition was caused by an asthma attack. He was released after a night of treatment. Conille's cabinet was sworn in on 12 June, with him being appointed as the Minister of Interior and Territorial Communities . Conille's government appointed Rameau Normil, the former acting director-general of the Haitian National Police who served under former president Jovenel Moïse for 15 months before his dismissal, back to his post in order to handle
3550-427: The ideas of Harry Dexter White and John Maynard Keynes , it started with 29 member countries and the goal of reconstructing the international monetary system after World War II . In its early years, the IMF primarily focused on facilitating fixed exchange rates across the developed world. It now plays a central role in the management of balance of payments difficulties and international financial crises. Through
3621-553: The investigation, but others refused. When Conille called a meeting with ministers to discuss the matter, none of them appeared. The incident served to demonstrate their lack of confidence in him, triggering his resignation. Conille remained prime minister until his successor was appointed, as per Article 165 of the constitution. He was succeeded by Laurent Lamothe , who was voted through by both parliamentary legislative chambers before being formally appointed in May 2012. On 28 May 2024, Conille
SECTION 50
#17330855166523692-535: The largest borrowers from the IMF in order were Greece, Portugal, Ireland, Romania, and Ukraine. On 25 March 2013, a €10 billion international bailout of Cyprus was agreed by the Troika , at the cost to the Cypriots of its agreement: to close the country's second-largest bank ; to impose a one-time bank deposit levy on Bank of Cyprus uninsured deposits. No insured deposit of €100k or less were to be affected under
3763-428: The organization's conditional loans. During the 20th century, the IMF shifted its position on capital controls. Whereas the IMF permitted capital controls at its founding and throughout the 1970s, IMF staff increasingly favored free capital movement from 1980s onwards. This shift happened in the aftermath of an emerging consensus in economics on the desirability of free capital movement, retirement of IMF staff hired in
3834-491: The organization's other member-states. This transparency is intended to facilitate international co-operation and trade. Since the demise of the Bretton Woods system of fixed exchange rates in the early 1970s, surveillance has evolved largely by way of changes in procedures rather than through the adoption of new obligations. The Fund typically analyses the appropriateness of each member country's economic and financial policies for achieving orderly economic growth, and assesses
3905-541: The president, and goes before the National Assembly to obtain a vote of confidence for their declaration of general policy. The prime minister enforces the laws and, along with the president, is responsible for national defense. In addition, the prime minister oversees the National Commission on Government Procurement (CNMP), a decentralized body. Gérard Latortue served the longest time as prime minister for
3976-491: The role as the Caribbean nation works to restore stability and take back control from violent gangs. On 10 November 2024, the transitional council replaced Conille with businessman and former political candidate Alix Didier Fils-Aimé . However, Conille remains in the Haitian government as Minister of Interior and Territorial Communities. Garry Conille is the second of a family of four brothers (Serge, Pierre and Jean Conille). He
4047-409: The sovereignty of full UN member states, such as Aruba , Curaçao , Hong Kong , and Macao , as well as Kosovo . The corporate members appoint ex-officio voting members, who are listed below . All members of the IMF are also International Bank for Reconstruction and Development (IBRD) members and vice versa. Former members are Cuba (which left in 1964), and Taiwan , which was ejected from
4118-449: The subsequent rejections by the Senate of the nominees Daniel Rouzier and Bernard Gousse. Conille's nomination faced questions as to whether he fulfilled the requirement regarding his recent residency, prescribed in the Constitution of Haiti , of having resided in the country for five consecutive years prior to ratification. The president countered by arguing that Conille was exempt from the residency requirement as he had been working for
4189-416: The system to balance the rebuilding of international capitalism with the maximization of national economic sovereignty and human welfare, also known as embedded liberalism . The IMF's influence in the global economy steadily increased as it accumulated more members. Its membership began to expand in the late 1950s and during the 1960s as many African countries became independent and applied for membership. But
4260-455: The systems: A 2021 study found that the IMF's surveillance activities have "a substantial impact on sovereign debt with much greater impacts in emerging than high-income economies". IMF conditionality is a set of policies or conditions that the IMF requires in exchange for financial resources. The IMF does require collateral from countries for loans but also requires the government seeking assistance to correct its macroeconomic imbalances in
4331-541: The terms of a novel bail-in scheme. The topic of sovereign debt restructuring was taken up by the IMF in April 2013, for the first time since 2005, in a report entitled "Sovereign Debt Restructuring: Recent Developments and Implications for the Fund's Legal and Policy Framework". The paper, which was discussed by the board on 20 May, summarised the recent experiences in Greece, St Kitts and Nevis, Belize, and Jamaica. An explanatory interview with deputy director Hugh Bredenkamp
SECTION 60
#17330855166524402-633: The worsening security situation, replacing Frantz Elbé on 21 June. The first contingent of the Multinational Security Support Mission in Haiti was deployed to Haiti on 25 June under Conille's premiership. His first official trip after assuming the premiership was to the United States, in order to ask for additional assistance for Haiti. On 29 July, the General Hospital in Port-au-Prince was attacked by gang members while Conille
4473-573: The years 2000 to 2002, he created and hosted, on Radio Vision 2000 , the first national interactive program focused on issues related to reproductive and sexual health. From October 2002 to May 2004, he worked as a technical advisor for Population Services International (PSI). Garry Conille began his career with the United Nations (UN) in October 1999 as a project officer with the United Nations Population Fund (UNFPA), before becoming
4544-623: Was also involved in coordinating the humanitarian response and in the establishment of the Interim Haiti Recovery Commission, the central pillar of the reconstruction effort. Conille has also served as United Nations Resident Coordinator for three countries, namely Niger (2011–2011), Burundi (2017–2020), and Jamaica (2020–2022), in that order. In the latter, he helmed the Multi-Country Office in Jamaica, which also covers
4615-593: Was at this number that the Greek government-debt crisis started in 2010. In 1995, the International Monetary Fund began to work on data dissemination standards with the view of guiding IMF member countries to disseminate their economic and financial data to the public. The International Monetary and Financial Committee (IMFC) endorsed the guidelines for the dissemination standards and they were split into two tiers: The General Data Dissemination System (GDDS) and
4686-536: Was elected as the interim prime minister by six out of seven members of the Transitional Presidential Council of Haiti with voting rights, following a nomination procedure that received domestic criticism for its slow progress since the resignation of Ariel Henry on 24 April 2024 amidst the ongoing turmoil in Haiti . He was sworn in on 3 June 2024. Shortly afterwards, Conille was hospitalised on 8 June for undisclosed reasons, with sources from within
4757-688: Was giving an interview there to CNN . He however managed to escape unharmed. Following the massacre carried out in October 2024 by a gang in Pont-Sondé , Conille travelled to the United Arab Emirates and Kenya in order to seek security assistance. On 10 November 2024, the transitional council published an executive order in Le Moniteur replacing Conille with businessman and former political candidate Alix Didier Fils-Aimé . Conille called his dismissal "illegal". The Constitution of Haiti only permits
4828-410: Was held by the president or head of state, who appointed and chaired the Council of Ministers. The office is currently held by Alix Didier Fils-Aimé who has been serving as acting prime minister since 10 November 2024. The prime minister is appointed by the president and ratified by the National Assembly . The prime minister appoints the ministers and secretaries of state by consulting with
4899-433: Was published a few days later, as was a deconstruction by Matina Stevis of The Wall Street Journal . In the October 2013, Fiscal Monitor publication, the IMF suggested that a capital levy capable of reducing Euro-area government debt ratios to "end-2007 levels" would require a very high tax rate of about 10%. The Fiscal Affairs department of the IMF, headed at the time by Acting Director Sanjeev Gupta, produced
4970-523: Was readmitted in 1990, after the Velvet Revolution . Apart from Cuba, the other UN states that do not belong to the IMF are Monaco and North Korea . Liechtenstein became the 191st member on 21 October 2024. Any country may apply to be a part of the IMF. Post-IMF formation, in the early postwar period, rules for IMF membership were left relatively loose. Members needed to make periodic membership payments towards their quota, to refrain from currency restrictions unless granted IMF permission, to abide by
5041-513: Was the "monetary approach to the balance of payments". Some of the conditions for structural adjustment can include: These conditions are known as the Washington Consensus . These loan conditions ensure that the borrowing country will be able to repay the IMF and that the country will not attempt to solve their balance-of-payment problems in a way that would negatively impact the international economy . The incentive problem of moral hazard —when economic agents maximise their own utility to
#651348