Describe the functions of the International Monetary Fund (IMF).

Explanation

The following are the functions of IMF:

(i) To promote international monetary cooperation.

(ii) To promote stability in exchange arrangements among members and to avoid competitive exchange rate or depreciation

(iii)To provide financial aid to member nations experiencing balance of payments difficulties on a temporary basis

(iv) It gives financial aid to members having balance of payments difficulties.

(v) The I.M.F. establishes and maintains stable exchange rates between member countries.

(vii) To help developing nations pay their trading partners in foreign currency.