International Financial Institutions: IMF, OECD, WTO
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International Monetary Fund (IMF)
The IMF is an organization created to control the fixed exchange rate established in Bretton Woods.
Mission
The International Monetary Fund (IMF) is an organization of 188 countries, 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.
The IMF's primary purpose is to ensure the stability of the international monetary system—the system of exchange rates and international payments that enables countries (and their citizens) to transact with each other. The Fund's mandate was updated in 2012 to include all macroeconomic and financial sector issues that bear on global stability.
How do they do it?
- Surveillance - watch out risks to stability.
- Lending - to cope with balance of payment problems.
- Technical assistance - Policymaking consulting.
Organisation for Economic Co-operation and Development (OECD)
Mission
The mission of the Organisation for Economic Co-operation and Development (OECD) is to promote policies that will improve the economic and social well-being of people around the world.
The OECD promotes policies designed:
- To achieve the highest sustainable economic growth and employment and a rising standard of living in Member countries, while maintaining financial stability, and thus to contribute to the development of the world economy.
- To contribute to sound economic expansion in Member as well as non-member countries in the process of economic development.
- To contribute to the expansion of world trade on a multilateral, non-discriminatory basis in accordance with international obligations.
What do they do?
Mainly related to publications and recommendations, they are not lending money or giving technical assistance. Their job is related to data analytics.
It serves as a forum for the member countries that want to share experiences on policymaking:
- Peer reviews
- Agreements, standards and recommendations
- Publications
World Trade Organization (WTO)
Mission
The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. At its heart are the WTO agreements, negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments. The goal is to help producers of goods and services, exporters, and importers conduct their business.
What do they do?
- Trade negotiations (Trade agreements)
- Implementation and monitoring (watch and enforce the implementation of the agreements)
- Dispute settlement (Countries bring disputes to the WTO)
- Building trade capacity (Consulting and training for developing countries)