IMF

The International Monetary Fund The International Monetary Fund (IMF) was created to promote international monetary cooperation; to facilitate the expansion and balanced growth of international trade; to promote exchange stability; to assist in the establishment of a multilateral system of payments; to make its general resources temporarily available to its members experiencing balance of payments difficulties under adequate safeguards; and to shorten the duration and lessen the degree of lack of equilibrium in the international …

…Fund, commercial banks, and creditor nations in the late 1980’s brought about a set of plans to reduce the debt and debt service payments of the debtor nations. New reduction guidelines were developed in 1989 where the Fund provided support for commercial bank debt and debt service-reduction operations by member countries. The effectiveness of this debt strategy is still under examination and it has not been fully determined whether this tactic will be success or failure.