Fund(IMF) · Part 3

financial markets regarding a country’s economic future and the impact on investor and market confidence in the economy. Strengthening the International Monetary System: Being the central institution in the international monetary system, the IMF serves as a forum for consultation and collaboration by members on international and monetary matters. It works with other multilateral institutions to devise international rules that would help prevent and promote an orderly resolution of international economic problems. Increasing the Global Supply of International Reserves: If there is a global need to supplement existing reserves, the IMF has the authority to issue an international asset called the Special Drawing Right (SDR). These SDRs belong to the net international reserves of members and can be exchanged for convertible currencies. Building Capacity Through Technical Assistance and Training: The IMF with its expertise provides training and technical assistance for member countries to design economic policies and improve economic management capabilities. This helps in reduction of policy failures and resilience to shocks and facilitates program design and implementation. These activities are important particularly for developing countries where resources are scarce and institutions are often weak. Dissemination of Information and Research: The IMF is a premier source for Economic analysis of its member countries’ economic policies and statistical information. The IMF disseminates information through numerous reports, research studies and specialized statistical publications. It also conducts research in areas that are in accordance with its mandate and operations mainly to improve its economic analysis and its advice to ( member countries. These publications often appear in books, articles in journal, working papers, occasional papers and the internet. However there prevails a general criticism that the MIF, at present, function as an institution to promote corporate interests, through commercialisation of the services, including education and health, and by subordinating peoples’ welfare and development to profiteering business interest, and the sovereign states are compelled to be subservient to international corporate business.