International Monetary Fund Annual Report 1946

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended September 1946. This report covers the operations and policies of the IMF in the period from May 6, 1946, when the Executive Directors held their first meeting in Washington, through early September 1946. Since it is intended that in future years the annual report of the Executive Directors will cover the operations of the IMF in the preceding fiscal year, such figures as are here presented deal mainly with the period ending June 30, 1946.

This paper outlines that many countries have only begun to recover from the devastation of war; and the reconstruction of their economic and monetary systems will take several years. The wartime economic controls of many members of the IMF are still in force. Concrete measures for international economic cooperation, in spheres other than the financial, are not as far advanced as had earlier been hoped. International political cooperation leaves much to be desired. A number of countries, particularly in Europe and the Far East, find their international economic position seriously deteriorated as a result of the war. Their first task is to restore agricultural and industrial production on a modern and efficient basis and to bring it into line with the new requirements of the market. Although foreign aid has been of great assistance, it is important to recognize that recovery in the occupied countries has depended and will continue to depend primarily on their own efforts.

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1957. The report highlights that boom conditions continued throughout 1956, sustained by an undercurrent of private business investment sufficiently strong to compensate for such weaknesses as appeared in some individual sectors. Any apprehensions, which might have been entertained in the early months of the year that the upward trend of business was soon to be reversed, were thus shown to be without foundation.

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 1948. The report highlights that during 1947 and in the early part of 1948, considerable progress was made in strengthening the economies that suffered devastation and dislocation as a result of the war. Over the world, generally production rose and recovery continued, despite widespread political tension and conflict, and disturbances. In nearly all countries, however, the need and demand for goods continued to be abnormally great, and there were increasing difficulties in meeting international payments for import surpluses.

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 30, 1960. The report highlights that the year ended April 1960 showed a continued upswing in world industrial activity and an increase in world trade. Industrial production in 1959 was greater by 10 percent than in the recession year of 1958, and the value of world trade increased by 6 percent, both increases being more or less continuous from about the middle of 1958.

This paper reviews key findings of the IMF’s Annual Report for the fiscal year ended April 1950. The report highlights that the widespread devaluation of currencies that took place in September 1949 was the most far-reaching in any comparable period in recent times. Thirteen members agreed new par values with the IMF, most of them involving a devaluation of approximately 30.5 percent in relation to the U.S. dollar. Six member countries with which the IMF has no agreed par value also depreciated their exchange rates.