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    3 views1 page

    Ifm 11

    Uploaded by

    gaurav_john
    11

    Copyright:

    © All Rights Reserved
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    International Financial Management 29 ended over a longer period. For ‘Extended Fund Facility (BFF), the repayments are in the case of loans from IMF's if the loan is made out of Fund's, rrowed financial reso’ ‘The IMF provides concessional ance extended riod of more than 10 years out of the ad. It is thus clear that IMF has in recent yeai da more liberal attitude in the extension of credit and has brought abou broadening of the structure of international credit. (v) Multilateral payments system : The IME has achieved some e of a multilateral system of international payments particularly in respectof current transactions. Howover operation of certain agencies ar organisations which are out of the purview of the Fund has created some hurdles in this direction. (vi) Compromise between gold standard and managed paper standard : The system of exchange rate evolved by IMF ha: been a compromise between the gold standard and managed paper standard. Ithas secured the advantages of the both. On the one hand, it has ensured the benefits of managed paper standard such as maximisation of employment and acceleration of development. On the other hand, it has helped in the maintenance of international xchange stability. Moreover the IMP system has/earefully avoided the disadvantages of both gold and managed paper standard. (vii) Institution for consultation and guidance : Thi International Monetary Fund has created a consciousness among the member countries that their economic problems are the matters of concern not only exclusively for them but for the whole international ‘community. The IMF provides an excellent forum for discussions on y fiseal, financial , trade and problems in general and international payments problems in particular. The Fund ‘tution to under: bout various as mi ‘and provides an ions for efficiently dealing with (viii) Convertibility of currencies : The IMF visualises the ement of full global convertibility of curvencies in the nex decade, One-quarter to one third of all developing coun already achieved full currency convertibility. The industrialis countries have abandoned fore ntrols with regard t trade transacti

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