NHSMUN’s philosophy on crisis-oriented committees is that all crisis elements should contribute to a student’s understanding of the body being simulated. Therefore, we strive to simulate only UN bodies, governments, and other important international organizations. In these committees, delegates are challenged not only to have a strong understanding of the topic at hand and their assigned role in it, but also to be creative and flexible as confounding problems arise. By having delegates think critically about how their body would react to different crises, delegates strengthen their appreciation for the decision making that takes place within these bodies. This committee will simulate the International Monetary Fund (IMF), a major part of the international finance systems that support countries’ balance of payments and budget deficits. During times of crisis, the IMF steps in to provide stability to global markets, with a recent notable example being the bailout packages provided to Greece following the European debt crisis that began in 2019.
Topic: Financial Crisis in Southeast Asia – International Monetary Fund
The International Monetary Fund (IMF) is a global organization working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. The IMF covers all macroeconomic and financial sector issues that bear on global stability. The Fund ensures the stability of the international monetary system in three ways: economic surveillance of the global economy and member countries; lending to countries with balance of payments difficulties; and giving practical help to members. In the event that member countries face financial crises, the IMF provides emergency financial assistance and debt relief to member countries. This committee will place delegates in a scenario where, due in large part to the coronavirus pandemic, economies throughout Southeast Asia are showing severe warning signs of a pending economic collapse. The Senior Officials of the International Monetary Fund are responsible for managing the day-to-day business of the IMF. In times of financial crises, the IMF holds emergency meetings to address and resolve these issues. As Senior Officials of the IMF, delegates will be expected to utilize various financial instruments to either prevent or contain a major economic disaster by making critical decisions about how to allocate precious funding before the problem spirals out to devastate the global economy.