Gita Gopinath has been chosen the chief economist of the International Monetary Fund (IMF). It is the first time a woman will hold this position. The announcement was made on October 1st by the managing director of the IMF, Christine Lagarde, who also made history by becoming the first woman to hold the organization’s most important position.

Gita Gopinath completed her post-doctorate degree in economics at Princeton University in 2001 and has been an economics professor at Harvard University for 13 years – both universities are in the United States. She was born and raised in India, but is an American citizen.

JOCA interviewed Walter Franco, an economics professor at the Instituto Brasileiro de Mercado de Capitais (IBMEC) to explain the IMF and its purpose. Check it out:

What is the IMF?

The International Monetary Fund is a United Nations (UN) agency made up of many countries. It was created in 1944 by rich nations to rescue economies that were in crisis at the end of World War II (1939-1945), and to promote economic equilibrium in the world.

What is its role?

The organization’s main purpose is to lend money to member countries that find themselves in an economic crisis. The IMF requires that these countries follow hard rules to ensure that they pay back the funds. The organization also encourages trade between countries, advises on how they should conduct their economic policies, and publishes studies on the outlook of economic sectors from all regions of the world.

Where does the IMF’s money come from?

Mainly from amounts deposited by the countries that belong to the institution, the member countries. The country that contributes the most is the United States; it is also the only country that can bar a decision made by the other countries. Brazil is ranked 17th among the countries that most contribute money to the IMF.

QUESTIONS
1) Which of the options is not a role of the IMF?
a) Lend money to rich countries
b) Lend money to countries with economic challenges
c) Advise countries on how to manage their economy
d) Conduct studies on economic sectors

2) Why do you think it is important for women to hold positions in international institutions?

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