The international monetary fund is another body that was formed in 1944 with the World Bank. It was set up to help in increasing globalization throughout the continents regardless of the economic situation facing the countries (Rodrick, 2011). Since globalization deals with the accelerated movement of capital, services and commodities across country border the IMF has played a role of lending money and harmonizing the different economies especially in ensuring their currencies are stable. Moreover the IMF carries out the vital functions of lending, technical assistance and financial and surveillance. Surveillance as a function of the IMF deals with advisory functions where governments are encourage to come up economic policies that are effective.
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Policy advice and regular dialogue with the respective governments is done to enable the countries to boost their economy. Trainings are offered in form of technical assistance by the IMF to prepare the countries to deal issues that may affect the economy. The trainings are offered on various subjects like statistics, financial and banking system relegation and supervision, exchange rate and monetary policies together with fiscal policies to further accelerate globalization. Lending helps considerably in ensuring that the countries have enough foreign exchange to carry out international trade.
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As such the lend enables the movement of resources though, through loans and gives the respective counties buying power in the international market which helps them to develop their economies as facilitates the movements of resources thus facilitating globalization. As such, the lending contributes to the movement of capital while at the same time boosting international trade. Technical assistance enables the spread of ideas from different countries by the IMF and thus helps in boosting globalization. The IMF is thus an institution that is important in the globalization progression globally.
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