Abstract:

There has been a significant change in the role of International Monetary Fund (IMF) since its establishment. In the beginning, The IMF’s aim was to provide exchange stability in the member countries and establish a system of payments which facilitates world trade. In time, changes in international financial system and failures of most IMF-backed stability programs applied in order to overcome financial troubles that occur in the member countries paved the way for questioning IMF’s role. With the recent global financial crisis the criticism towards IMF and the role that undertakes becomes harsher. This paper is to display, in particular in relation with the recent global financial crisis, how the role that IMF is entrusted with in its establishment has changed in time.

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