The IMF (International Monetary Fund) is an independent organization. Even though, it is officially a United Nations specialized agency. The IMF began in 1946 with the basis that a lot of countries encounter monetary problems because of flawed domestic policies . The main focus of the IMF is to monitor and regulate economic and financial programs of their members. The IMF also possesses a large sum of financial resources that can be used to help countries experiencing balance-of-payments difficulties. Generally if a country wishes to receive financial aid from the IMF, that country is required to alter their domestic economic and financial policies as the IMF sees fit, this is referred to as the “stand by” arrangement.

The lending process of the IMF is quite different from that of a traditional loan. Basically instead of just providing money to a country, th

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