User:Rpizano9/Vietnam and the IMF

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Vietnam and the IMF

Vietnam has joined the IMF on September 21, 1956, under the policy of Article VIII. Their quota contributes and estimated SDR of 1,153 millions/ 100 percent of the quota. Their current Resident Representative is Jonathan Dunn. So far they have taken about two ECF type loans, one on April 13, 2001, which estimated 290 SDR million, and the other in November 11, 1994, which had reached about 145 SDR million.

In 1998, Vietnam was in slow recovery of its economy after the Southeast Asia Economic Crisis. As a member of ASEAN, their best solution was to heavily rely on loans from the IMF. In 2001, Vietnam sent a letter of intent to the IMF to receive a loan to fund the Poverty Reductions and Growth Funds arrangement. In order to create a greater macroeconomic stability for Vietnam they would rely on the monetary policy while under shock scenarios as it has proven to lift off interest rates. Since 2012, the Vietnemese dong closely tied to the U.S. dollar. According to IMF records, Vietnam is still paying that loan and continues their membership with the IMF.

Every year or two Vietnam undergoes a cycle staff report based off Article IV Consultation and hold discussions of their economic developments. As of July 2016, Vietnam has found some promising progress as they have decreased their poverty rate by one percent and managed to lower their inflation. Their main source of exports are crude oil, electronics, coffee, rice, and rubber, while their key export buyers is U.S., Japan, and the developing members of ASEAN. Rpizano9 (talk) 00:54, 7 June 2017 (UTC) Rpizano9 (talk) 12:14, 13 June 2017 (UTC)