What Are the Functions of the International Monetary Fund (IMF)

What are the functions of the International Monetary Fund (IMF)?
D.C.Its governance mechanisms allocate votes based on financial contributions,which are in turn based on the output of national economies.IMF loans usually go to poor,indebted countries.Many loans are conditional.If the country accepts financial aid,it must agree to take actions that strengthen its economy.In the 1980s and 1990s,the organization often required structural adjustment programs.Because these policies were based on a philosophy of liberalization,deregulation,privatization,fiscal austerity,and tax reforms,it was criticized by global progressives as promoting a form of free market fundamentalism.The conditions in IMF loans were often said to be based on a Washington Consensus.British economist John Williamson set forth 10 policies that economists in the World Bank,IMF,and the U.S.Department of the Treasury prescribed as economic reforms for heavily indebted Latin American countries.He believed there was a consensus among them that these policies would promote growth.