IWF weiterhin auf Stabilitätskurs

Abstract

IMF still on a Stability Path

This year’s Annual Meeting of the IMF and the World Bank has resulted in a clear re-endorsement of the original aims of both institutions. For the IMF this means that it will continue to function as an institution providing help to countries in balance of payments difficulties, particularly by means of short-term loans, thereby curbing its tendency towards becoming a development bank. Further extension of its scope to grant credit outside the quotas was not envisaged for the time being, and in particular the calls for additional SDR allocations were not complied with. Representatives of the 143 Member Countries were agreed on the priority of the fight against inflation and the need for conditional IMF loans designed to bring about better balance of payments adjustment. The ordinary member quotas will, in the future, continue to be the most important sources of IMF financing. The talks and discussions before and during the Annual Meeting, despite some differences of opinion, reflected a practical, understanding approach and a desire to achieve acceptable solutions for industrialised and developing countries.