International monetary fund was established in Bretton woods after World War 2 in 1944 after creating the World Bank. IMF was created to return equilibrium to countries that were suffering from economic deficit. Countries that are facing economic and financial problems, and are affected with the economic crisis, should be supported by the IMF, but there are some conditions in order to take that support and help, as well as the IMF have policies that works through. Members of IMF are 188 countries; these countries have the right to get helped from the program. IMF track the situations of the member companies and if they find any economic difficulties they help the country financially to achieve economic stability.
IMF is lending some companies that are suffering from financial troubles for many reasons, the main role of IMF lending are handling the countries that are suffering from financial problems, settling their economies as well as helping the sustainable economic growth to retain. Helping countries financially helps those avoiding adverse shocks, which was caused by the global financial crisis, so IMF is needed to prevent countries from financial crisis. IMF also helps the suffered countries that work with short-trade in order to help them avoid some trade shocks by supporting their adjustments and the balance of payments. Examples of adjustments to shocks is disruptive economic adjustment which will have bad economic and financial effects on the country itself and on other countries
The first condition that a country should meet if it request for a financial help from the IMF, is that the country should be in an economic crisis or in a threat that may lead it to an economic crisis, through its currency or its economic situation and bankruptcy causes. The IMF will choose to help the most country that is weak toward its crisis. The IMF and the suffered country should have an agreement with policies stated between them about the loan disbursements and with a program to achieve a target goal to overcome the economic problem, this program lasts for 3 years and is able to be supported by another program and this depends on the economic problem.
IMF includes an ethical program that states the ethics for the funds and the staff by training, advising, and investigations. The main conflicts of interests that this program advice and makes statistics for are: Obligations as an International Civil Servant, financial Conflicts of Interest, personal conflicts of Interest, gifts, political activities, post-fund employment, external activities. The fund’s ethical program was very important to check and ensure that the fund program is working to support the global community. They created a public website for ethics in order to teach the code of conduct and the ethical issues and provide the guidelines and procedures about the fund’s ethical standards.
IMF programs and policies help poor countries and low-income countries, since the IMF helps in increasing the economic growth and growth of poor countries; it also helps in decreasing the average of poverty, as well as preventing poor countries from shocks. The IMF executive board made a report on September 6, stating that the resources was allocating properly in supporting countries’ needs. In the recent economic crisis, the IMF helped low-income countries and support them in two channels. The first channel is longer-term support which helps in raise longer term growth, poverty, social spending, and help the countries respond to crisis. The second channel is increasing IMF’s sharp and help the countries to increase governmental spending even if the revenues are declining.
It is unethical from policymakers of IMF to disclose some purposes and policies, because from the transparency policy of IMF is to disclose all their economic policies and documents to the member countries, unless there is a great reason to undisclose it. Article 7 of the agreement states the publication of the funds with respect to members, and it states in details how that should be done. The open sharing of information, policies and data between member country and IMF, insures accountability of policymakers. Also there is an internal “watchdog” which is called independent evaluation office, which promotes cultures with IMF, understanding of funds, support its credibility externally as well as the corporate governance. These may help in keeping the policies and objective public because IMF is working to help member countries not private issues.
IMF plays important role since it was established. It helped poor countries with debt problems, but only for member countries, so there should be some conditions for the country to get the benefits from IMF and have the loan. Since these countries need the fund, they will have advantage from IMF because the main role of IMF is helping these countries. Policies and rules of IMF should be respected from policymakers as well as IMF itself, and also from member countries.

References:

Joyce, J. P. (2009). International monetary fund (IMF). Princeton: Princeton University Press
www.imf.org