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As of 2023, Vietnam has not needed to borrow from the International Monetary Fund since 1995. It had borrowed in 1993 and additional loans in 1994 before Vietnam started to pay some back every year until they paid it all back in 2012. [14] They had borrowed money from the IMF to alleviate poverty and its economy after being affected by war. [15]
The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 191 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate stability.
The IMF and World Bank meet each autumn in what is officially known as the Annual Meetings of the International Monetary Fund and the World Bank Group and each spring in the Spring Meetings of the International Monetary Fund and the World Bank Group. Names of the two groups are alternated each year so a different one has top billing.
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The Agreement Between the International Monetary Fund and the World Trade Organization also states that: "The Fund shall inform in writing the relevant WTO body (including dispute settlement panels) considering exchange measures within the Fund's jurisdiction whether such measures are consistent with the Articles of Agreement of the Fund." [15]
After making overdue payments to the international financial community, the country regained its eligibility to borrow directly from them through an Extended Fund Facility. [4] On the other hand, there was a short-term decline in real earnings and rise in unemployment, done in order to bring down excess demand thought to be inflationary.
The Thai government initially attempted to protect the Baht by buying it back and expending its international reserves, but was ultimately forced to float the currency. [6] In August 1997, the IMF unveiled a relief package for Thailand that would offer a total of 17.2 billion US dollar's worth of bilateral and multilateral assistance.
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