HIS: This Day in History: 1945 – The International Monetary Fund is created with the signing of an agreement by 29 nations.

The International Monetary Fund (IMF) is an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. It claims to be "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." Formed in 1944, started on 27 December 1945, at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international monetary system. It now plays a central role in the management of balance of payments difficulties and international financial crises. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. As of 2016, the fund had XDR 477 billion (about US$667 billion).

Through the fund and other activities such as the gathering of statistics and analysis, surveillance of its members' economies, and the demand for particular policies, the IMF works to improve the economies of its member countries. The organization's objectives stated in the Articles of Agreement are: to promote international monetary co-operation, international trade, high employment, exchange-rate stability, sustainable economic growth, and making resources available to member countries in financial difficulty. IMF funds come from two major sources: quotas and loans. Quotas, which are pooled funds of member nations, generate most IMF funds. The size of a member's quota depends on its economic and financial importance in the world. Nations with greater economic significance have larger quotas. The quotas are increased periodically as a means of boosting the IMF's resources in the form of special drawing rights.

The current managing director (MD) and Chairwoman of the IMF is Bulgarian economist Kristalina Georgieva, who has held the post since October 1, 2019. Gita Gopinath was appointed as Chief Economist of IMF from 1 October 2018. Prior to her appointment at the IMF, Gopinath served as the economic adviser to the Chief Minister of Kerala, India.

Comments

HIS: This Day in History: 1999 – Olusegun Obasanjo takes office as President of Nigeria, the first elected and civilian head of state in Nigeria after 16 years of military rule.

HIS: This Day in History: 1999 – Olusegun Obasanjo takes office as President of Nigeria, the first elected and civilian head of state in Nigeria after 16 years of military rule. In 1993, Sani Abacha seized power in a military coup. Openly critical of Abacha's administration, in 1995 Obasanjo was arrested and convicted of being part of a planned coup, despite protesting his innocence. While imprisoned, he became a born again Christian, with providentialism strongly influencing his subsequent worldview. He was released following Abacha's death in 1998. Entering electoral politics, Obasanjo became the PDP candidate for the 1999 presidential election, which he won comfortably. As president, he de-politicised the military and both expanded the police and mobilised the army to combat widespread ethnic, religious, and secessionist violence. He withdrew Nigeria's military from Sierra Leone and privatised various public enterprises to limit his country's spiralling debt. He was...

HIS: This Day in History: 1343 – Pope Clement VI issues the papal bull Unigenitus to justify the power of the pope and the use of indulgences. Nearly 200 years later, Martin Luther would protest this.

In the teaching of the Catholic Church, an indulgence (Latin: indulgentia, from indulgeo, 'permit') is "a way to reduce the amount of punishment one has to undergo for sins". The Catechism of the Catholic Church describes an indulgence as "a remission before God of the temporal punishment due to sins whose guilt has already been forgiven, which the faithful Christian who is duly disposed gains under certain prescribed conditions through the action of the Church which, as the minister of redemption, dispenses and applies with authority the treasury of the satisfactions of Christ and all of the saints". The recipient of an indulgence must perform an action to receive it. This is most often the saying (once, or many times) of a specified prayer, but may also include the visiting of a particular place, or the performance of specific good works. Indulgences were introduced to allow for the remission of the severe penances of the early Church and granted at the ...

HIS: 1997 – Fela Kuti, Nigerian singer-songwriter and activist died of AIDS in Lagos.

HIS: 1997 – Fela Kuti, Nigerian singer-songwriter and activist died of AIDS in Lagos. Fela Aníkúlápó Kuti (born Olufela Olusegun Oludotun Ransome-Kuti; 15 October 1938 – 2 August 1997), also known as Abami Eda, was a Nigerian multi-instrumentalist, bandleader, composer, political activist, and Pan-Africanist. He is regarded as the pioneer of Afrobeat, an African music genre that combines West African music with American funk and jazz. At the height of his popularity, he was referred to as one of Africa's most "challenging and charismatic music performers". AllMusic described him as a musical and sociopolitical voice of international significance. Kuti was the son of Nigerian women's rights activist Funmilayo Ransome-Kuti. After early experiences abroad, he and his band Africa 70 (featuring drummer and musical director Tony Allen) shot to stardom in Nigeria during the 1970s, during which he was an outspoken critic and target of Nigeria's military juntas. In 1970,...

His Onyichinaz

Search This Blog