April 13, 2020. Over the years the IMF have been able to classify the types of loans countries need depending on the reasons the money is needed. Britain negotiated an IMF loan in 1976 and, depending on how well our economic recovery plan works out, we might be looking to the IMF again in the future. First the country has to submit a letter of intent, specifying its economic plan to recover and repay the IMF loan. © 2016 Guardian News and Media Limited or its affiliated companies. Japanese yen, pound sterling, and US dollar) reviewed by IMF every five years. When a country is in such financial trouble that even the cost of getting a loan is unaffordable, then there is one last place to turn - the IMF. The 15th Review was concluded in February 2020 with… To comment on crosswords, please, Bradley Wiggins capped his remarkable sporting year by taking home the big prize at the ceremony in London, A glass of wine with a rough sleeper, Santa in trunks, a thousand partying Muscovites … in a My Best Shot special, top photographers pick the image that sums up winter for them, Kimon, an eight-year-old pet female long-tailed monkey, treats a kitten as her baby in Bintan Island, Indonesia, Search the world's government data with our gateway, Search the world's global development data with our gateway, switch over to the new version to comment, BBC Sports Personality of the Year – in pictures, Dinner, dusk and dancing Russians: my best winter shot. Dominique Strauss-Kahn has hit the news for his alleged misconduct and resignation from his position as International Monetary Fund (IMF) chief. The most recent increase in quotas, to SDR 477 billion (US$ 651 billion), was agreed under the 14th Review (concluded in December 2010, effective from January 2016.) The greatest amount to be paid back per member of the population is Iceland ($2,828.67 per person) and Ireland ($2,619.14 per person). But when you look at the loan as a percentage of GDP, Liberia then Iceland are the highest with 8.5% and 7.4% respectively. What can you do with the data - or what else would you like to see us do with it? Who will be Strauss-Kahn's successor and what will they be responsible for? The IMF is providing financial assistance and debt service relief to member countries facing the economic impact of the COVID-19 pandemic. For optimum experience we recommend to update your browser to the latest version. We can't help with the first question but we can shed some light on the last. GDP, Gross Domestic Product, Real, Nominal, Deflator, Index, Growth, Change Here are all the members of the IMF and the amount they contribute to the big pot of funds, and here are the loans by country: The IMF will issue a loan to one of its member countries, but there are conditions. Data journalism and data visualisations from the Guardian, • Search the world's government data with our gateway, • Search the world's global development data with our gateway, • Flickr Please post your visualisations and mash-ups on our Flickr group• Contact us at data@guardian.co.uk, • Get the A-Z of data• More at the Datastore directory• Follow us on Twitter• Like us on Facebook. Your browser is not up-to-date. causes of crises are varied and complex, and can be domestic, external As on May 31, 2015, the value of one SDR in dollar terms stood at 1.390500, valuing the total amount due from the borrowing countries at $84.57 billion. For example low-income countries may borrow on relatively generous terms through one of the: Then there are other loans for more established countries that come under one of the following categories: The greatest amount currently on loan is to Mexico, and then Greece. Please activate cookies in order to turn autoplay off. Here are all the members of the IMF and the amount they contribute to the big … Each member of the IMF is assigned a quota, based broadly on its relative position in the world economy. We have included the repayment time in the descriptions of the loans for further analysis. What does it do and who does it lend money to? The IMF considers country-specific features of financial systems and tailors its analysis to the needs of each member participating in the program. Photograph: Cathal McNaughton/Reuters, We have switched off comments on this old version of the site. Quotas are the IMF’s main source of financing. IMF Home page with links to News, About the IMF, Fund Rates, IMF Publications, What's New, Standards and Codes, Country Information and featured topics LIVE Presentation of the 2020 External Sector Report: Global Imbalances and the COVID-19 Crisis The IMF regularly conducts general reviews of quotas to assess the adequacy of overall quotas and their distribution among members. With the departure of the head of the International Monetary Fund, Dominique Strauss-Kahn, attention has focussed on the IMF. These figures do not take into account the length of the repayment, so comparisons between countries are purely on an amount borrowed basis. IMF Executive Board Approves Immediate Debt Relief for 25 Countries. To get an IMF loan, though, a country has to be a member and contribute something of its wealth regularly to the big pot of IMF funds. All rights reserved. The executive board then agree with the country the terms and conditions. IMF loans by country: Comments about the International Monetary Fund on a wall in Dublin, Ireland.