Federal Reserve exists to play a role as the last resort of lender for the US economy where International Monetary Funds (IMF) exists to play a similar role for global economy. The International Monetary Fund has become a powerful international institution that provides loans to governments of member countries unable to meet their international financial obligations, such as to public and private lenders or to trade partners. The IMF has played a role as a …
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showed last 75 words of 1114 total
…turnaround and there was an upsurge of inward investment. The economy was expected to resume positive growth in 1999. In short, the IMF medicine appeared to have worked. By securing the IMF's support and taking the economic pain up-front, Korea's prospects now look far better than most people would have thought possible a year ago. The IMF certainly taught Koreans the right way to sail the financial sea and gave confidence to overcome the economic crisis.