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71-693: The Bangladesh, Bhutan, India, Nepal ( BBIN ) Initiative is a subregional architecture of countries in Eastern South Asia , a subregion of South Asia . It meets through official representation of member states to formulate, implement and review quadrilateral agreements across areas such as water resources management, connectivity of power, transport, and infrastructure. In light of economic interdependence demonstrated by "growth triangles" across Asia and hitherto unheeded concerns of eastern subcontinent nations, its Council of Ministers in May 1996 approved

142-434: A January 2014 report entitled "Fiscal Policy and Income Inequality" that stated that "Some taxes levied on wealth, especially on immovable property, are also an option for economies seeking more progressive taxation ... Property taxes are equitable and efficient, but underutilized in many economies ... There is considerable scope to exploit this tax more fully, both as a revenue source and as a redistributive instrument." At

213-483: A broader focus of promoting market-liberalizing reforms through structural adjustment programs. This shift occurred without a formal renegotiation of the organization's charter or operational guidelines. The Ronald Reagan administration , in particular Treasury Secretary James Baker , his assistant secretary David Mulford and deputy assistant secretary Charles Dallara , pressured the IMF to attach market-liberal reforms to

284-532: A central role in the management of balance of payments difficulties and international financial crises. Through a quota system, countries contribute funds to a pool from which countries can borrow if they experience balance of payments problems. The IMF works to stabilize and foster the economies of its member countries by its use of the fund, as well as other activities such as gathering and analyzing economic statistics and surveillance of its members' economies. The current managing director (MD) and chairperson of

355-639: A fresh look at the forum and find ways to widen the scope and pace of BBIN activity. Meanwhile, there is growing interest in Bhutan and Nepal for economic integration with Bangladesh." Sanjeev Ahluwalia, an advisor at Observer Research Foundation , writes that BBIN, as a sub-region within BIMSTEC, should forge "an interparliamentary group to enlarge cooperation say in cross border energy trade, digital security, space applications and green technology." That said," Myanmar and Thailand could join as observers to internalise

426-490: A pilot run under the agreement. The first cargo truck to take advantage of the motor vehicle agreement was flagged off from Kolkata on 1 November 2015. The truck travelled 640 km to reach Agartala via Dhaka . Prior to the signing of the BBIN Motor Vehicle Agreement, the truck would have had to travel 1550 km through Indian territory to reach Agartala. Officials cited this as an example of

497-487: A position of oversight of only exchange rates, their function became one of surveillance of the overall macroeconomic performance of member countries. Their role became a lot more active because the IMF now manages economic policy rather than just exchange rates. In addition, the IMF negotiates conditions on lending and loans under their policy of conditionality , which was established in the 1950s. Low-income countries can borrow on concessional terms , which means there

568-471: A sub regional Motor Vehicle Agreement that garnered assent in Thimphu would allow buses and later private vehicles with BBIN permits to travel unobstructed by border hindrances. Although manifestly of economic intent, the diplomatic weight accorded to this structure as opposed to alternatives in a region considered least integrated, was seen to connote purpose beyond interwoven commerce. Data sourced from

639-595: A sub regional body of Nepal , Bhutan , north east India and Bangladesh as the South Asian Growth Quadrangle (SAGQ). A Malé summit one year later agreed to co-ordinate efforts catered "to the special individual needs of three or more Member States," and formalised procedures focused on the subcontinent's north east to develop intra-regional trade and investment, tourism, communication, and energy resources. Particular areas of collaboration were targeted to channel growth and complementarity. As

710-503: A year and is responsible for electing or appointing an executive director to the executive board. While the board of governors is officially responsible for approving quota increases, special drawing right allocations, the admittance of new members, compulsory withdrawal of members, and amendments to the Articles of Agreement and By-Laws, in practice it has delegated most of its powers to the IMF's executive board. The board of governors

781-641: Is a major financial agency of the United Nations , and an international financial institution funded by 190 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate stability . Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade , promote high employment and sustainable economic growth, and reduce poverty around

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852-933: Is a period of time with no interest rates, through the Extended Credit Facility (ECF), the Standby Credit Facility (SCF) and the Rapid Credit Facility (RCF). Non-concessional loans, which include interest rates, are provided mainly through the Stand-By Arrangements (SBA), the Flexible Credit Line (FCL), the Precautionary and Liquidity Line (PLL), and the Extended Fund Facility. The IMF provides emergency assistance via

923-400: Is scheduled to be completed by 2018. It is estimated that this project will increase the regional trade by 60% while that with rest of the world by 30%. C. Raja Mohan , Director, Institute of South Asian Studies, National University of Singapore , receives the idea of BBIN positively; while he agrees that the initiative didn't make enough progress, he still wants India and Bangladesh "to take

994-441: Is that private international capital markets function imperfectly and many countries have limited access to financial markets. Such market imperfections, together with balance-of-payments financing, provide the justification for official financing, without which many countries could only correct large external payment imbalances through measures with adverse economic consequences. The IMF provides alternate sources of financing such as

1065-520: The COVID-19 pandemic . This was in addition to the $ 50 billion fund it had announced two weeks earlier, of which $ 5 billion had already been requested by Iran . One day earlier on 11 March, the UK called to pledge £150 million to the IMF catastrophe relief fund. It came to light on 27 March that "more than 80 poor and middle-income countries" had sought a bailout due to the coronavirus. On 13 April 2020,

1136-793: The Cold War limited the Fund's membership, with most countries in the Soviet sphere of influence not joining until 1970s and 1980s. The Bretton Woods exchange rate system prevailed until 1971 when the United States government suspended the convertibility of the US$ (and dollar reserves held by other governments) into gold. This is known as the Nixon Shock . The changes to the IMF articles of agreement reflecting these changes were ratified in 1976 by

1207-708: The Great Depression , countries sharply raised barriers to trade in an attempt to improve their failing economies. This led to the devaluation of national currencies and a decline in world trade. This breakdown in international monetary cooperation created a need for oversight. The representatives of 45 governments met at the Bretton Woods Conference in the Mount Washington Hotel in Bretton Woods, New Hampshire , in

1278-710: The International Monetary Fund , current as of April 2015, and is given in US dollars. [1] India proposed a SAARC Motor Vehicle Agreement during the 18th SAARC summit in Kathmandu in November 2014. Due to objections from Pakistan, an agreement could not be reached. India instead pursued a similar motor vehicle agreement with the BBIN. The BBIN Motor Vehicles Agreement (MVA) was signed on 15 June 2015 at

1349-494: The Jamaica Accords . Later in the 1970s, large commercial banks began lending to states because they were awash in cash deposited by oil exporters. The lending of the so-called money center banks led to the IMF changing its role in the 1980s after a world recession provoked a crisis that brought the IMF back into global financial governance. In the mid-1980s, the IMF shifted its narrow focus from currency stabilization to

1420-562: The Poverty Reduction and Growth Facility . Upon the founding of the IMF, its three primary functions were: The IMF's role was fundamentally altered by the floating exchange rates after 1971. It shifted to examining the economic policies of countries with IMF loan agreements to determine whether a shortage of capital was due to economic fluctuations or economic policy. The IMF also researched what types of government policy would ensure economic recovery. A particular concern of

1491-830: The Special Data Dissemination Standard (SDDS). The executive board approved the SDDS and GDDS in 1996 and 1997, respectively, and subsequent amendments were published in a revised Guide to the General Data Dissemination System . The system is aimed primarily at statisticians and aims to improve many aspects of statistical systems in a country. It is also part of the World Bank Millennium Development Goals (MDG) and Poverty Reduction Strategic Papers (PRSPs) . The primary objective of

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1562-458: The first Greek bailout that totaled €110 billion, to address the great accumulation of public debt, caused by continuing large public sector deficits. As part of the bailout, the Greek government agreed to adopt austerity measures that would reduce the deficit from 11% in 2009 to "well below 3%" in 2014. The bailout did not include debt restructuring measures such as a haircut , to the chagrin of

1633-415: The 1930s . The IMF formally came into existence on 27 December 1945, when the first 29 countries ratified its Articles of Agreement. By the end of 1946 the IMF had grown to 39 members. On 1 March 1947, the IMF began its financial operations, and on 8 May France became the first country to borrow from it. The IMF was one of the key organizations of the international economic system; its design allowed

1704-428: The 1940s and 1950s, and the recruitment of staff exposed to new thinking in economics. The IMF provided two major lending packages in the early 2000s to Argentina (during the 1998–2002 Argentine great depression ) and Uruguay (after the 2002 Uruguay banking crisis ). However, by the mid-2000s, IMF lending was at its lowest share of world GDP since the 1970s. In May 2010, the IMF participated, in 3:11 proportion, in

1775-506: The BBIN transport ministers meeting in Thimpu, Bhutan. The agreement will permit the member states to ply their vehicles in each other's territory for transportation of cargo and passengers, including third country transport and personal vehicles. Each vehicle would require an electronic permit to enter another country's territory, and border security arrangement between nations' borders will also remain. Cargo vehicles will be able to enter any of

1846-524: The Code of Conduct in the IMF Articles of Agreement, and to provide national economic information. However, stricter rules were imposed on governments that applied to the IMF for funding. The countries that joined the IMF between 1945 and 1971 agreed to keep their exchange rates secured at rates that could be adjusted only to correct a "fundamental disequilibrium" in the balance of payments, and only with

1917-467: The GDDS is to encourage member countries to build a framework to improve data quality and statistical capacity building to evaluate statistical needs, set priorities in improving timeliness, transparency , reliability, and accessibility of financial and economic data. Some countries initially used the GDDS, but later upgraded to SDDS. Some entities that are not IMF members also contribute statistical data to

1988-523: The IMF in 1980 after losing the support of the then United States President Jimmy Carter and was replaced by the People's Republic of China . However, "Taiwan Province of China" is still listed in the official IMF indices. Poland withdrew in 1950—allegedly pressured by the Soviet Union —but returned in 1986. The former Czechoslovakia was expelled in 1954 for "failing to provide required data" and

2059-609: The IMF is Bulgarian economist Kristalina Georgieva , who has held the post since 1 October 2019. Indian-American economist Gita Gopinath , previously the chief economist, was appointed as first deputy managing director, effective 21 January 2022. Pierre-Olivier Gourinchas was appointed chief economist on 24 January 2022. According to the IMF itself, it works to foster global growth and economic stability by providing policy advice and financing to its members. It also works with developing countries to help them achieve macroeconomic stability and reduce poverty. The rationale for this

2130-425: The IMF is part, are joint managers of this programme, which was approved by the executive directors of the IMF on 15 March 2012 for XDR 23.8 billion and saw private bondholders take a haircut of upwards of 50%. In the interval between May 2010 and February 2012 the private banks of Holland, France, and Germany reduced exposure to Greek debt from €122 billion to €66 billion. As of January 2012 ,

2201-564: The IMF said that it "would provide immediate debt relief to 25 member countries under its Catastrophe Containment and Relief Trust (CCRT)" programme. Not all member countries of the IMF are sovereign states, and therefore not all "member countries" of the IMF are members of the United Nations. Amidst "member countries" of the IMF that are not member states of the UN are non-sovereign areas with special jurisdictions that are officially under

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2272-537: The IMF was to prevent financial crises, such as those in Mexico in 1982, Brazil in 1987, the 1997 Asian financial crisis , and the 1998 Russian financial crisis , from spreading and threatening the entire global financial and currency system. The challenge was to promote and implement a policy that reduced the frequency of crises among emerging market countries, especially the middle-income countries which are vulnerable to massive capital outflows. Rather than maintaining

2343-551: The IMF's agreement. Member countries of the IMF have access to information on the economic policies of all member countries, the opportunity to influence other members' economic policies, technical assistance in banking, fiscal affairs, and exchange matters, financial support in times of payment difficulties, and increased opportunities for trade and investment. The board of governors consists of one governor and one alternate governor for each member country. Each member country appoints its two governors. The Board normally meets once

2414-489: The Rapid Financing Instrument (RFI) to members facing urgent balance-of-payments needs. The IMF is mandated to oversee the international monetary and financial system and monitor the economic and financial policies of its member countries. Accurate estimations require a degree of participatory surveillance. Market sizes and economic facts are estimated using member-state data, shared and verifiable by

2485-486: The Swiss, Brazilian, Indian, Russian, and Argentinian Directors of the IMF, with the Greek authorities themselves (at the time, PM George Papandreou and Finance Minister Giorgos Papakonstantinou ) ruling out a haircut. A second bailout package of more than €100 billion was agreed upon over the course of a few months from October 2011, during which time Papandreou was forced from office. The so-called Troika , of which

2556-458: The UN, the assignment of countries or areas to specific groupings is for statistical convenience and does not imply any assumption regarding political or other affiliation of countries or territories. The following is a non-exhaustive list of subregions, arranged alphabetically by region (i.e., by continent); in the UN geoscheme, higher-level, macro-geographical regions are arranged to the extent possible according to continents. Sequence used in

2627-453: The UN. In 1999, it developed a system of macro-geographical (continental) regions, subregions, and other selected economic groups to report advances towards achieving numerous millennial development goals worldwide. These statistical divisions were devised for statistical purposes and is used for carrying out statistical analysis. The division's first publication was the book World's Women 2000: Trends and Statistics in 2000. According to

2698-405: The United States, to discuss a framework for postwar international economic cooperation and how to rebuild Europe. There were two views on the role the IMF should assume as a global economic institution. American delegate Harry Dexter White foresaw an IMF that functioned more like a bank, making sure that borrowing states could repay their debts on time. Most of White's plan was incorporated into

2769-440: The agreement stating that it was natural that all members could not proceed at the same pace, and that India would continue its engagement with Bhutan on the issue. In December 2018, Bhutanese Foreign Minister Tandi Dorji stated that the new government would reconsider the motor vehicle agreement noting that Bhutanese trucks were facing difficulties entering Bangladesh while trucks from India and Nepal were afforded easy access. At

2840-1575: The benefits of such trade remain untapped in the absence of concerted strategy to remove barriers. Over years its objectives expanded to incorporate land and port connectivity. Procurement of funds for this purpose was discussed at ADB headquarters, Manila , where formulation of the South Asia Sub regional Economic Cooperation ( SASEC ) Program within auspices of ADB concluded in March 2001. The formation worked toward economic synergy through arterial channels of trade and cross border initiatives. For instance, to link West Bengal and remote north eastern states through Bangladesh by rail, highway and maritime corridors, alongside north–south transport routes that span Nepal, Bhutan and Indian hill states to northern Bay of Bengal ports. These grids would then bridge extraneous regions throughout member states and beyond eastwards. With accession of Maldives and Sri Lanka to SASEC in March 2014, notions of quadripartite integration appeared subsumed or rendered dormant. Informal discussions led to renewed consensus on sub regional ties outside bilateral agreements, owing partly to continued failure of extant systems. A November 2014 Kathmandu summit saw endorsement of an accord on land transport by regional states, apart from one country's reservations causing it to fall through. The subsequent Summit Declaration reiterated sub regional steps as contributory to wider connectedness. A framework for co-operation

2911-420: The consequences of these policies for other countries and for the global economy . For instance, The IMF played a significant role in individual countries, such as Armenia and Belarus, in providing financial support to achieve stabilization financing from 2009 to 2019. The maximum sustainable debt level of a polity, which is watched closely by the IMF, was defined in 2011 by IMF economists to be 120%. Indeed, it

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2982-452: The country will be able to rectify its macroeconomic and structural imbalances. In the judgment of the IMF, the adoption by the member of certain corrective measures or policies will allow it to repay the IMF, thereby ensuring that the resources will be available to support other members. As of 2004 , borrowing countries have had a good track record for repaying credit extended under the IMF's regular lending facilities with full interest over

3053-418: The detriment of others because they do not bear the full consequences of their actions—is mitigated through conditions rather than providing collateral; countries in need of IMF loans do not generally possess internationally valuable collateral anyway. Conditionality also reassures the IMF that the funds lent to them will be used for the purposes defined by the Articles of Agreement and provides safeguards that

3124-438: The duration of the loan. This indicates that IMF lending does not impose a burden on creditor countries, as lending countries receive market-rate interest on most of their quota subscription, plus any of their own-currency subscriptions that are loaned out by the IMF, plus all of the reserve assets that they provide the IMF. The IMF was originally laid out as a part of the Bretton Woods system exchange agreement in 1944. During

3195-509: The end of March 2014, the IMF secured an $ 18 billion bailout fund for the provisional government of Ukraine in the aftermath of the Revolution of Dignity . In late 2019, the IMF estimated global growth in 2020 to reach 3.4%, but due to the coronavirus, in November 2020, it expected the global economy to shrink by 4.4%. In March 2020, Kristalina Georgieva announced that the IMF stood ready to mobilize $ 1 trillion as its response to

3266-455: The final acts adopted at Bretton Woods. British economist John Maynard Keynes , on the other hand, imagined that the IMF would be a cooperative fund upon which member states could draw to maintain economic activity and employment through periodic crises. This view suggested an IMF that helped governments and act as the United States government had during the New Deal to the great depression of

3337-422: The form of policy reform. If the conditions are not met, the funds are withheld. The concept of conditionality was introduced in a 1952 executive board decision and later incorporated into the Articles of Agreement. Conditionality is associated with economic theory as well as an enforcement mechanism for repayment. Stemming primarily from the work of Jacques Polak , the theoretical underpinning of conditionality

3408-483: The four nations without the need for trans-shipment of goods from one country's truck to another's at the border. Under the system, cargo vehicles are tracked electronically, permits are issued online and sent electronically to all land ports. Vehicles are fitted with an electronic seal that alerts regulators every time the container door is opened. DHL Global Forwarding was appointed by the Indian government to carry out

3479-421: The importance of an integrated market. Considerable emphasis was placed upon power trading between naturally abundant and energy-scarce localities to address the impact of shortages on industrial production, reverse consequently depressed rates of growth, reduce transmission and distribution losses through interconnected grids, and provide needed revenue for upstream nations with adverse balance of payments. However,

3550-544: The largest borrowers from the IMF in order were Greece, Portugal, Ireland, Romania, and Ukraine. On 25 March 2013, a €10 billion international bailout of Cyprus was agreed by the Troika , at the cost to the Cypriots of its agreement: to close the country's second-largest bank ; to impose a one-time bank deposit levy on Bank of Cyprus uninsured deposits. No insured deposit of €100k or less were to be affected under

3621-518: The lessons learnt in AIPA." Pradumna B Rana, a visiting associate professor at Nanyang Technological University , finds BBIN economic cooperation gaining "considerable traction". "With BBIN," Rana writes, "India’s Northeast region is emerging as the bridgehead between South and Southeast Asia." Subregion The Statistics Division of the United Nations (UN) is in charge of the collection, processing, and dissemination of statistical information for

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3692-814: The list (not all criteria are applied to each continent): Afro-Eurasia is a continental landmass comprising the continents of Africa , Asia , and Europe . Eurasia is a continental mainland comprising the continents of Asia and Europe . The Americas is a continental landmass comprising the continents of North America and South America . [REDACTED] Africa [REDACTED] Antarctica [REDACTED] Asia [REDACTED] Australia [REDACTED] Europe [REDACTED] North America [REDACTED] South America [REDACTED] Afro-Eurasia [REDACTED] Americas [REDACTED] Eurasia [REDACTED] Oceania International Monetary Fund The International Monetary Fund ( IMF )

3763-507: The measure in Bhutan claimed that the agreement would increase vehicular traffic from the other nations which would affect Bhutanese truckers and also cause environmental damage. An existing bilateral agreement between Bhutan and India already permits seamless vehicle movement between the two countries. Therefore, Bhutan's decision to not ratify the BBIN MVA would only affect its trade with Nepal and Bangladesh. The Bhutanese government requested

3834-445: The mechanism operated through specific projects, constituent members endeavoured to integrate without requiring alteration in broader policy or methods of governance. It sought to impel the subregion's latent socio economic potential, harnessing disparate stages of development to augment each other. Borders of member states rest within 50 kilometres of Siliguri , ergo contiguous norms, tradition and lifestyle amongst inhabitants underscore

3905-428: The organization's conditional loans. During the 20th century, the IMF shifted its position on capital controls. Whereas the IMF permitted capital controls at its founding and throughout the 1970s, IMF staff increasingly favored free capital movement from 1980s onwards. This shift happened in the aftermath of an emerging consensus in economics on the desirability of free capital movement, retirement of IMF staff hired in

3976-491: The organization's other member-states. This transparency is intended to facilitate international co-operation and trade. Since the demise of the Bretton Woods system of fixed exchange rates in the early 1970s, surveillance has evolved largely by way of changes in procedures rather than through the adoption of new obligations. The Fund typically analyses the appropriateness of each member country's economic and financial policies for achieving orderly economic growth, and assesses

4047-525: The other BBIN members to proceed with the agreement and also clarified that it would attempt to ratify the MVA after the country held general elections in 2018. Due to strained relations between Bhutan and Nepal, the Tshering Tobgay-led government feared that permitting Nepalese trucks to enter Bhutan would upset the electorate. India described Bhutan's decision as a "setback" and not a "rejection" of

4118-618: The second Foreign Office Consultations (FOC) between Bangladesh and Bhutan in Dhaka in March 2019, Bangladeshi Foreign Secretary M. Shahidul Haque stressed the importance of Bhutan ratifying the agreement calling it "crucial" for the future development of the region. In 2016, India approved $ 1.08 billion for construction and upgrading of 558 kilometres (347 mi) long roads that join Bangladesh , Bhutan and Nepal . The project will receive 50% funding from Asian Development Bank . The project

4189-409: The sovereignty of full UN member states, such as Aruba , Curaçao , Hong Kong , and Macao , as well as Kosovo . The corporate members appoint ex-officio voting members, who are listed below . All members of the IMF are also International Bank for Reconstruction and Development (IBRD) members and vice versa. Former members are Cuba (which left in 1964), and Taiwan , which was ejected from

4260-416: The system to balance the rebuilding of international capitalism with the maximization of national economic sovereignty and human welfare, also known as embedded liberalism . The IMF's influence in the global economy steadily increased as it accumulated more members. Its membership began to expand in the late 1950s and during the 1960s as many African countries became independent and applied for membership. But

4331-455: The systems: A 2021 study found that the IMF's surveillance activities have "a substantial impact on sovereign debt with much greater impacts in emerging than high-income economies". IMF conditionality is a set of policies or conditions that the IMF requires in exchange for financial resources. The IMF does require collateral from countries for loans but also requires the government seeking assistance to correct its macroeconomic imbalances in

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4402-597: The terms of a novel bail-in scheme. The topic of sovereign debt restructuring was taken up by the IMF in April 2013, for the first time since 2005, in a report entitled "Sovereign Debt Restructuring: Recent Developments and Implications for the Fund's Legal and Policy Framework". The paper, which was discussed by the board on 20 May, summarised the recent experiences in Greece, St Kitts and Nevis, Belize, and Jamaica. An explanatory interview with deputy director Hugh Bredenkamp

4473-406: The time and cost savings that the BBIN Motor Vehicle Agreement would bring. In August 2016, Bangladesh dispatched a truck carrying garments from Dhaka to New Delhi as part of a trial run of the agreement. The truck received an electronic permit to enter Indian territory through an online web-based system. Instead of having to undergo customs clearance and formalities as it would prior to the agreement,

4544-460: The truck was fitted with an electronic seal with a GPS tracking device. The truck was then inspected for custom clearance at New Delhi, rather than at the border. The agreement will enter into force after it is ratified by all four member nations. The agreement has been ratified by Bangladesh, India and Nepal. The lower house of the Bhutanese parliament approved the agreement in early 2016, but it

4615-464: The world." Established in July of 1944 at the Bretton Woods Conference , primarily according to the ideas of Harry Dexter White and John Maynard Keynes , it started with 29 member countries and the goal of reconstructing the international monetary system after World War II . In its early years, the IMF primarily focused on facilitating fixed exchange rates across the developed world. It now plays

4686-608: Was at this number that the Greek government-debt crisis started in 2010. In 1995, the International Monetary Fund began to work on data dissemination standards with the view of guiding IMF member countries to disseminate their economic and financial data to the public. The International Monetary and Financial Committee (IMFC) endorsed the guidelines for the dissemination standards and they were split into two tiers: The General Data Dissemination System (GDDS) and

4757-488: Was published a few days later, as was a deconstruction by Matina Stevis of The Wall Street Journal . In the October 2013, Fiscal Monitor publication, the IMF suggested that a capital levy capable of reducing Euro-area government debt ratios to "end-2007 levels" would require a very high tax rate of about 10%. The Fiscal Affairs department of the IMF, headed at the time by Acting Director Sanjeev Gupta, produced

4828-590: Was readmitted in 1990, after the Velvet Revolution . Apart from Cuba, the other UN states that do not belong to the IMF are Monaco and North Korea . Liechtenstein became the 191st member on 21 October 2024. Any country may apply to be a part of the IMF. Post-IMF formation, in the early postwar period, rules for IMF membership were left relatively loose. Members needed to make periodic membership payments towards their quota, to refrain from currency restrictions unless granted IMF permission, to abide by

4899-420: Was rejected by the upper house in November 2016. Bhutan has requested for a cap to be fixed on the number of vehicles entering its territory. In May 2017, media reports stated that the Bhutanese government had told the Indian government to proceed with the agreement without Bhutan as the Bhutanese government was unable to ratify the agreement in the upper house due to objections from opposition parties. Opponents of

4970-650: Was subsequently drawn, with the first quaternary Joint Working Group (JWG) meeting in January 2015. Through regular JWG sessions, representatives explore avenues of co-operation, exchange experiences and best practices, review data sharing arrangements for disaster forecasts and mitigation, besides strengthening transit facilitation measures such as shared border stations on key routes and harmonised customs procedures. The priority of "connectivity" further embodies seamless electrical grids, shared access to road, rail, air and port infrastructure, and ease of travel. To such ends,

5041-584: Was the "monetary approach to the balance of payments". Some of the conditions for structural adjustment can include: These conditions are known as the Washington Consensus . These loan conditions ensure that the borrowing country will be able to repay the IMF and that the country will not attempt to solve their balance-of-payment problems in a way that would negatively impact the international economy . The incentive problem of moral hazard —when economic agents maximise their own utility to

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