Custom Paper: Articles of Agreement
Articles of Agreement
The World Bank was given the mandate over long-term financing for states in need, while the IMF’s agenda was to oversee exchange rates, provide short-term financing for the balance of payments adjustments, provide a forum for discussions about international monetary concerns, and give technical assistance to member states. These functions are still held by both organizations. Although for some functions, the policies determining how they are executed have been modified and strengthened over time.
The Fund’s legal mandate is based on an international treaty called the Articles of Agreement, which was enforced in December 1945. The first Article of the Agreement outlines the purposes of the Fund. Although the agreements have been amended three times during the last 47 years prior to 1998, the contents of the original agreement have never been changed (Veritta 2008).
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