Context:
Recently, in its Fiscal Monitor the International Monetary Fund said industrial policy initiatives pursued by the United States, Europe and other countries to steer innovation in certain sectors were no panacea to boost economic growth.
Relevance:
Facts for Prelims
Dimensions of the Article:
- About the Fiscal Monitor Report
- Key Facts about the International Monetary Fund (IMF)
About the Fiscal Monitor Report
Overview
- The Fiscal Monitor Report offers a snapshot of the latest developments in public finance, updates the medium-term fiscal outlook, and evaluates the fiscal consequences of policies pertinent to the global economy.
- This biannual report is produced by the IMF’s Fiscal Affairs Department.
- The projections in the report are derived from the same database utilized for the World Economic Outlook (WEO) and the Global Financial Stability Report (GFSR).
- IMF desk economists are responsible for preparing the fiscal projections for individual countries in accordance with WEO guidelines.
Key Facts about the International Monetary Fund (IMF)
Formation and Mission
- Established in 1944 at the Bretton Woods Conference with the aim of rebuilding the international monetary system.
- The IMF’s mission is to foster global economic growth and financial stability, promote international trade, and alleviate poverty worldwide.
Funding
- The IMF finances its operations through quotas and subscriptions from its member countries.
Objectives
- It aims to stimulate economic growth and employment by offering temporary financial assistance to countries to facilitate balance of payments adjustments and provide technical assistance.
IMF Reports
- The IMF publishes the World Economic Outlook and the Global Financial Stability Report.
Headquarters
- Located in Washington, DC, USA.
-Source: The Hindu
