Editing International Monetary Fund (section)

===21st century===
The IMF provided two major lending packages in the early 2000s to Argentina (during the [[1998–2002 Argentine great depression]]) and Uruguay (after the [[2002 Uruguay banking crisis]]).<ref>{{cite book |url=https://books.google.com/books?id=zdrrW4pn-88C&q=imf+uruguay+2002&pg=PA214 |title=Imf Survey No. 13 2002 |last1=Fund |first1=International Monetary |date=2002 |publisher=International Monetary Fund |isbn=978-1-4552-3157-7 }}</ref> However, by the mid-2000s, IMF lending was at its lowest share of world GDP since the 1970s.<ref>{{cite journal |last1=Reinhart |first1=Carmen M. |last2=Trebesch |first2=Christoph |date=2016 |title=The International Monetary Fund: 70 Years of Reinvention |journal=Journal of Economic Perspectives |volume=30 |issue=1 |pages=3–28 |doi=10.1257/jep.30.1.3 |issn=0895-3309 |doi-access=free |hdl=10419/128382 |hdl-access=free }}</ref>

In May 2010, the IMF participated, in 3:11 proportion, in the [[Greek government-debt crisis#Rescue packages provided by the EU and IMF|first Greek bailout]] that totaled €110 billion, to address the great accumulation of public debt, caused by continuing large public sector deficits. As part of the bailout, the Greek government agreed to adopt austerity measures that would reduce the deficit from 11% in 2009 to "well below 3%" in 2014.<ref>{{Cite web |url=https://www.imf.org/en/News/Articles/2015/09/14/01/49/pr10187 |title=Press Release: IMF Executive Board Approves €30 Billion Stand-By Arrangement for Greece |website=IMF |access-date=8 May 2023 |archive-date=8 May 2023 |archive-url=https://web.archive.org/web/20230508150757/https://www.imf.org/en/News/Articles/2015/09/14/01/49/pr10187 |url-status=live }}</ref> The bailout did not include [[debt restructuring]] measures such as a [[Haircut (finance)|haircut]], to the chagrin of the Swiss, Brazilian, Indian, Russian, and Argentinian Directors of the IMF, with the Greek authorities themselves (at the time, PM [[George Papandreou]] and Finance Minister [[Giorgos Papakonstantinou]]) ruling out a haircut.<ref name="tpp3feb">{{Cite web |url=https://www.thepressproject.net/article/55653/IMF-leak-European-banks-had-committed-to-maintain-exposure-in-Greek-bonds-after-first-bailout---but-didnt |archive-url=https://web.archive.org/web/20141019030859/http://www.thepressproject.net/article/55653/IMF-leak-European-banks-had-committed-to-maintain-exposure-in-Greek-bonds-after-first-bailout---but-didnt |title=IMF leak: European banks had committed to maintain exposure in Greek bonds after first bailout - but didn't |archive-date=19 October 2014 |website=The Press Project |date=3 February 2014 }}</ref>

A second bailout package of more than €100&nbsp;billion was agreed upon over the course of a few months from October 2011, during which time Papandreou was forced from office. The so-called [[Troika (finance)|Troika]], of which the IMF is part, are joint managers of this programme, which was approved by the executive directors of the IMF on 15 March 2012 for [[Special drawing rights|XDR]] 23.8&nbsp;billion<ref>{{cite web |url=http://www.treasury.gov/resource-center/international/int-monetary-fund/Documents/1Q-REPORT%2012.pdf |title=Quarterly Report to Congress on International Monetary Fund Lending: 1st Qtr 2012 |website=U.S. Department of the Treasury |archive-url=https://web.archive.org/web/20120917014000/http://www.treasury.gov/resource-center/international/int-monetary-fund/Documents/1Q-REPORT%2012.pdf |archive-date=17 September 2012 |url-status=dead }}</ref> and saw private bondholders take a [[Haircut (finance)|haircut]] of upwards of 50%. In the interval between May 2010 and February 2012 the private banks of Holland, France, and Germany reduced exposure to Greek debt from €122&nbsp;billion to €66&nbsp;billion.<ref name="tpp3feb" /><ref name="elp131">{{cite news |url=http://economia.elpais.com/economia/2014/01/31/actualidad/1391203282_052648.html |title=Berlín y París incumplen con Grecia |date=1 February 2014 |newspaper=El País |first1=Luis |last1=Doncel |access-date=12 April 2014 |archive-url=https://web.archive.org/web/20140418102419/http://economia.elpais.com/economia/2014/01/31/actualidad/1391203282_052648.html |archive-date=18 April 2014 }}</ref>

{{as of|2012|January|}}, the largest borrowers from the IMF in order were Greece, Portugal, Ireland, Romania, and Ukraine.<ref>[http://www.aljazeera.com/news/europe/2012/01/2012117101021447184.html IMF's biggest borrowers] {{Webarchive |url=https://web.archive.org/web/20200809011723/https://www.aljazeera.com/news/europe/2012/01/2012117101021447184.html |date=9 August 2020 }}, ''[[Al Jazeera Media Network|Al Jazeera]]'' (17 Jan 2012)</ref>

On 25 March 2013, a €10&nbsp;billion international [[bailout]] of Cyprus was agreed by the [[Troika (finance)|Troika]], at the cost to the Cypriots of its agreement: to close the [[Cyprus Popular Bank|country's second-largest bank]]; to impose a one-time [[bank deposit levy]] on Bank of Cyprus uninsured deposits.<ref>{{cite news |url=https://www.washingtonpost.com/business/cypriot-banks-to-reopen-amid-criticism-of-bailout/2013/03/27/dd56757c-96e1-11e2-b68f-dc5c4b47e519_story.html |title=Cypriot banks to reopen amid criticism of bailout |newspaper=The Washington Post |date=27 March 2013 |first1=Max |last1=Ehrenfreund |access-date=1 September 2017 |archive-date=1 January 2021 |archive-url=https://web.archive.org/web/20210101061150/https://www.washingtonpost.com/business/cypriot-banks-to-reopen-amid-criticism-of-bailout/2013/03/27/dd56757c-96e1-11e2-b68f-dc5c4b47e519_story.html |url-status=live }}</ref><ref>{{cite web |url=http://tv.msnbc.com/2013/03/26/cyprus-disaster-shines-light-on-global-tax-haven-industry/#discussions |publisher=MSNBC |date=26 March 2013 |title=Cyprus disaster shines light on global tax haven industry no |access-date=2 April 2013 |archive-date=27 March 2013 |archive-url=https://web.archive.org/web/20130327212857/http://tv.msnbc.com/2013/03/26/cyprus-disaster-shines-light-on-global-tax-haven-industry/#discussions |url-status=live }}</ref> No [[Deposit insurance|insured deposit]] of €100k or less were to be affected under the terms of a novel [[bail-in]] scheme.<ref name="ReutersNewdeal">{{cite news |author=Jan Strupczewski |author2=Annika Breidthardt |title=Last-minute Cyprus deal to close bank, force losses |work=Reuters |date=25 March 2013 |url=https://www.reuters.com/article/us-cyprus-parliament-idUSBRE92G03I20130325 |access-date=25 March 2013 |archive-date=25 March 2013 |archive-url=https://web.archive.org/web/20130325042059/https://www.reuters.com/article/2013/03/25/us-cyprus-parliament-idUSBRE92G03I20130325 |url-status=live }}</ref><ref name="Ekathimerini">{{cite news |title=Eurogroup signs off on bailout agreement reached by Cyprus and troika |newspaper=Ekathimerini |location=Greece |date=25 March 2013 |url=http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_25/03/2013_489702 |access-date=25 March 2013 |archive-date=26 March 2013 |archive-url=https://web.archive.org/web/20130326124216/http://www.ekathimerini.com/4dcgi/_w_articles_wsite1_1_25/03/2013_489702 |url-status=live }}</ref>

The topic of sovereign debt restructuring was taken up by the IMF in April 2013, for the first time since 2005, in a report entitled "Sovereign Debt Restructuring: Recent Developments and Implications for the Fund's Legal and Policy Framework".<ref name="imf.org">{{cite web |url=https://www.imf.org/external/np/pp/eng/2013/042613.pdf |title=Sovereign Debt Restructuring – Recent Developments and Implications for the Fund's Legal and Policy Framework |date=26 April 2013 |publisher=imf.org |archive-url=https://web.archive.org/web/20130612121339/https://www.imf.org/external/np/pp/eng/2013/042613.pdf |archive-date=12 June 2013 |url-status=live }}</ref> The paper, which was discussed by the board on 20 May,<ref name="ReferenceA">{{cite web |url=https://www.imf.org/external/np/sec/pn/2013/pn1361.htm |title=IMF Executive Board Discusses Sovereign Debt Restructuring – Recent Developments and Implications for the Fund's Legal and Policy Framework |publisher=IMF Public Information Notice |access-date=19 June 2014 |archive-date=22 April 2017 |archive-url=https://web.archive.org/web/20170422013253/http://www.imf.org/external/np/sec/pn/2013/pn1361.htm |url-status=live }}</ref> summarised the recent experiences in Greece, St Kitts and Nevis, Belize, and Jamaica. An explanatory interview with deputy director Hugh Bredenkamp was published a few days later,<ref name="ReferenceB">{{Cite web |url=https://www.imf.org/en/News/Articles/2015/09/28/04/53/sopol052313a |title=IMF Survey: IMF Launches Discussion of Sovereign Debt Restructuring |first1=IMF Survey |last1=online |website=IMF |access-date=24 May 2020 |archive-date=1 August 2020 |archive-url=https://web.archive.org/web/20200801205618/https://www.imf.org/en/News/Articles/2015/09/28/04/53/sopol052313a |url-status=live }}</ref> as was a deconstruction by [[Matina Stevis]] of ''[[The Wall Street Journal]]''.<ref name="blogs.wsj.com">{{cite news |url=https://blogs.wsj.com/brussels/2013/05/24/imf-searches-soul-blames-europe/ |title=IMF Searches Soul, Blames Europe |first1=Matina |last1=Stevis |newspaper=The Wall Street Journal |date=24 May 2013 |access-date=4 August 2017 |archive-date=10 July 2017 |archive-url=https://web.archive.org/web/20170710012441/https://blogs.wsj.com/brussels/2013/05/24/imf-searches-soul-blames-europe/ |url-status=live }}</ref>

In the October 2013, '''Fiscal Monitor''' publication, the IMF suggested that a [[capital levy]] capable of reducing Euro-area government debt ratios to "end-2007 levels" would require a very high tax rate of about 10%.<ref>{{cite web |url=http://www.imf.org/external/pubs/ft/fm/2013/02/pdf/fm1302.pdf |title=Fiscal Monitor: "Taxing Times" Oct 2013, p. 49 |archive-url=https://web.archive.org/web/20131015055625/http://www.imf.org/external/pubs/ft/fm/2013/02/pdf/fm1302.pdf |archive-date=15 October 2013 |url-status=live }}</ref>

The '''Fiscal Affairs''' department of the IMF, headed at the time by Acting Director Sanjeev Gupta, produced a January 2014 report entitled "Fiscal Policy and Income Inequality" that stated that "Some taxes levied on wealth, especially on immovable property, are also an option for economies seeking more [[progressive taxation]] ... Property taxes are equitable and efficient, but underutilized in many economies ... There is considerable scope to exploit this tax more fully, both as a revenue source and as a redistributive instrument."<ref>{{cite web |url=http://www.imf.org/external/np/pp/eng/2014/012314.pdf |title=IMF: "Fiscal Affairs and Income Inequality" 23 Jan 2014 |archive-url=https://web.archive.org/web/20140316063646/http://www.imf.org/external/np/pp/eng/2014/012314.pdf |archive-date=16 March 2014 |url-status=live }}</ref>

At the end of March 2014, the IMF secured an $18&nbsp;billion bailout fund for the provisional government of Ukraine in the aftermath of the [[Revolution of Dignity]].<ref>{{cite web |url=https://www.telegraph.co.uk/finance/economics/10725541/Ukraine-to-get-15bn-as-Russia-hit-by-downgrades.html |archive-url=https://ghostarchive.org/archive/20220110/https://www.telegraph.co.uk/finance/economics/10725541/Ukraine-to-get-15bn-as-Russia-hit-by-downgrades.html |archive-date=10 January 2022 |url-access=subscription |url-status=live |title=Ukraine to get $15bn as Russia hit by downgrades |date=26 March 2014}}{{cbignore }}</ref><ref>{{cite web |url=https://www.telegraph.co.uk/finance/financialcrisis/10728149/Windfall-for-hedge-funds-and-Russian-banks-as-IMF-rescues-Ukraine.html |archive-url=https://ghostarchive.org/archive/20220110/https://www.telegraph.co.uk/finance/financialcrisis/10728149/Windfall-for-hedge-funds-and-Russian-banks-as-IMF-rescues-Ukraine.html |archive-date=10 January 2022 |url-access=subscription |url-status=live |title=Windfall for hedge funds and Russian banks as IMF rescues Ukraine |date=27 March 2014}}{{cbignore }}</ref>

====Response and analysis of coronavirus====
In late 2019, the IMF estimated global growth in 2020 to reach 3.4%, but due to the coronavirus, in November 2020, it expected the global economy to shrink by 4.4%.<ref>{{cite news |date=15 October 2019 |title=IMF warns world growth slowest since financial crisis |language=en-GB |publisher=BBC News |url=https://www.bbc.com/news/business-50047929 |access-date=22 November 2020 |archive-date=30 November 2020 |archive-url=https://web.archive.org/web/20201130171251/https://www.bbc.com/news/business-50047929 |url-status=live }}</ref><ref name="BBC News">{{Cite news |date=19 November 2020 |title=IMF: Economy 'losing momentum' amid virus second wave |language=en-GB |publisher=BBC News |url=https://www.bbc.com/news/business-55006982 |access-date=22 November 2020 |archive-date=21 November 2020 |archive-url=https://web.archive.org/web/20201121202830/https://www.bbc.com/news/business-55006982 |url-status=live }}</ref>

In March 2020, [[Kristalina Georgieva]] announced that the IMF stood ready to mobilize $1 trillion as its response to the [[COVID-19 pandemic]].<ref name="cornbc">{{cite news |title=IMF says it's ready to mobilize its $1 trillion lending capacity to fight coronavirus |url=https://www.cnbc.com/2020/03/16/imf-says-its-ready-to-mobilize-its-1-trillion-lending-capacity-to-fight-coronavirus.html |publisher=CNBC |date=16 March 2020 |access-date=29 March 2020 |archive-date=29 March 2020 |archive-url=https://web.archive.org/web/20200329125513/https://www.cnbc.com/2020/03/16/imf-says-its-ready-to-mobilize-its-1-trillion-lending-capacity-to-fight-coronavirus.html |url-status=live }}</ref> This was in addition to the $50 billion fund it had announced two weeks earlier,<ref name="corbbc">{{cite news |title=IMF provides $50bn to fight coronavirus outbreak |url=https://www.bbc.com/news/business-51732459 |publisher=BBC |date=5 March 2020 |access-date=29 March 2020 |archive-date=28 March 2020 |archive-url=https://web.archive.org/web/20200328155423/https://www.bbc.com/news/business-51732459 |url-status=live }}</ref> of which $5 billion had already been requested by [[Iran]].<ref name="coralj">{{cite news |title=Iran asks IMF for $5bn emergency funding to fight coronavirus |url=https://www.aljazeera.com/ajimpact/iran-asks-imf-5bn-emergency-funding-fight-coronavirus-200312124121692.html |publisher=Al Jazeera Media Network |date=12 March 2020 |access-date=29 March 2020 |archive-date=30 March 2020 |archive-url=https://web.archive.org/web/20200330001811/https://www.aljazeera.com/ajimpact/iran-asks-imf-5bn-emergency-funding-fight-coronavirus-200312124121692.html |url-status=live }}</ref> One day earlier on 11 March, the UK called to pledge £150 million to the IMF catastrophe relief fund.<ref name="corimf">{{cite news |title=United Kingdom Boosts IMF's Catastrophe Relief Fund with £150 million |url=https://www.imf.org/en/News/Articles/2020/03/11/pr2084-united-kingdom-boosts-imfs-catastrophe-relief-fund-with-gbp150-million |issue=Press release 20/84 |publisher=INTERNATIONAL MONETARY FUND |date=11 March 2020 |access-date=29 March 2020 |archive-date=29 March 2020 |archive-url=https://web.archive.org/web/20200329130506/https://www.imf.org/en/News/Articles/2020/03/11/pr2084-united-kingdom-boosts-imfs-catastrophe-relief-fund-with-gbp150-million |url-status=live }}</ref> It came to light on 27 March that "more than 80 poor and middle-income countries" had sought a bailout due to the coronavirus.<ref name="cortg">{{cite news |title=Dozens of poorer nations seek IMF help amid coronavirus crisis |url=https://www.theguardian.com/world/2020/mar/27/dozens-poorer-nations-seek-imf-help-coronavirus-crisis |work=The Guardian |date=27 March 2020 }}</ref>

On 13 April 2020, the IMF said that it "would provide immediate debt relief to 25 member countries under its [[Catastrophe Containment and Relief Trust]] (CCRT)" programme.<ref name="gnmc">{{cite news |title=Global Covid-19 cases near 2 million as Putin warns Russia faces 'extraordinary' crisis |url=https://www.theguardian.com/world/2020/apr/14/global-covid-19-cases-near-2-million-as-putin-warns-russia-faces-extraordinary-crisis |work=The Guardian |date=14 April 2020 }}</ref>