Critical Role of the International Monetary Fund IMF in the Global Financial System as an International Lender of Last Resort: Effect from Mexico, Russia, And Zimbabwe

Abstract

The purpose of this paper is to have an in-depth look on how the International Monetary Fund has operated in the global financial crisis and how it has strategically manoeuvred itself as an international lender of last resort as it tackles economic collapses in various affected economic countries. The paper addressed key points on how the International Monetary Fund reacts to  global crisis and how it sets up financial assistance within an economy who seeks financial assistance. The paper however, evaluated the IMF's effects on Mexico, Russia and Zimbabwe who had in the past faced with the same financial situation under different circumstances. Also, the future trend of the International Monetary Fund was discussed thoroughly to determine whether it will continue to act as an international lender of last resort or will it adopt a new measurement of unilateral and regional approaches to create sustainable solutions to future lending among key countries in time of financial distress.

Key Words: IMF, MEXICO, RUSSIA, ZIMBABWE, TEQUILA CRISIS/PESO CRISIS.