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Hi, need to submit a 2250 words paper on the topic Balance of Payments. The Articles of Agreement of the IMF were drafted and signed by representatives of forty-four nations at Bretton Woods in July 1
Hi, need to submit a 2250 words paper on the topic Balance of Payments. The Articles of Agreement of the IMF were drafted and signed by representatives of forty-four nations at Bretton Woods in July 1944. By the end of 1945, enough countries had ratified the Agreement to bring the IMF into existence.2 The IMF, seen as the culmination of the evolved stages of the international monetary system, has re-shaped the old and introduced a new “rules” game.3 It promotes international monetary cooperation, facilitates the expansion of international trade, promotes exchange-rate stability, and avoids competitive depreciation.4 By collecting standardized comparable BoP data, it executes its primary function of preventing financial crises and assist countries in BoP difficulties.5
 .If there is more money flowing into a country than there is flowing out, that country has a positive BoP. if more money flows out than in, the BoP is negative.9 Usually calculated every quarter and every calendar year,10 the BoP methodology uses a double-entry accounting system, meaning that every recorded item should have a debit and credit and there should be a net balance of zero.11
A country’s BoP is determined by its exports and imports of goods, services, and financial capital as well as financial transfers.12 Transactions are generally between residents and non-residents. the exceptions are the exchange of transferable foreign assets between residents and transferable foreign financial liabilities between non-residents. For the purpose of the BoP.
