IMF’S ROLE IN SUSTAINABLE DEVELOPMENT

Abstract: The United Nations' Sustainable Development Goals 2030 are a collection of goals aimed at achieving global social, environmental, and economic sustainability. This agenda includes 17 main goals, as well as targets and indicators, that will be used to track the progress of all 193 member countries that have signed on to the SDGs. To achieve the SDGs, member countries must align their national policies with the SDGs and strive towards achieving the goals by constructing the necessary infrastructure. However, this can result in significant expenditures for countries, and many emerging and impoverished countries will be unable to meet these costs. The International Monetary Fund (IMF) assists member countries, particularly low-income countries, in meeting their financial obligations by providing financial assistance such as loans, policy-making and borrowing guidance, and so on. The Rapid Credit Facility, Infrastructure Policy Support Initiative, and G20 Compact with Africa are just a few of the IMF's significant measures that have aided member countries in attaining the SDGs. The IMF is also committed to overcoming the challenges that stand in the way of achieving the SDGs, such as corruption and infrastructure deficiencies. The IMF has made significant contributions to the SDGs, but it lacks transparency and stability. To maintain its development and stability, the IMF will need to strengthen its worldwide footprint and reach out to more vulnerable and poor countries around the world.

Keywords: Sustainable Development Goals, International Monetary Fund, United Nations, United Nations General Assembly, Developing Countries.?

The Sustainable Development Goals (SDGs) are a set of global development goals that will be implemented by 2030. These are the global development goals set by the United Nations General Assembly in September 2015 and endorsed by all UN member countries. The SDGs are an extended version of the millennial development goals, with the purpose of promoting and achieving global social, environmental, and economic development. Goals, targets, and indicators make up the SDGs. This agenda, which strives to reduce poverty, gender inequality, promote diversity, provide excellent health, and safeguard the environment, is built around 17 principal goals. These objectives represent an urgent call to action for all 193 countries, both developed and developing. All of these countries are committed to attaining these goals by reshaping their national policies to align with the SDGs and collaborating on a global level with other countries to meet the targets by 2030.?

The money and investment for the various goals is a critical aspect of attaining the SDGs. It is predicted that each aim will cost between $2 trillion and $5 trillion per year, which is a large quantity of money. The UN has asked public and commercial players, as well as financial institutions, to contribute to large-scale funding. To meet these goals, private and governmental institutions must devote the majority of their resources to philanthropy and long-term development. Major financial institutions such as the International Monetary Fund and the World Bank are also stepping up to help satisfy this cash requirement.

The International Monetary Fund (IMF) is a collection of 190 countries that came together in 1944 to promote global sustainable development and global financial development by promoting inclusion among states, reducing disparities, reducing poverty, and facilitating international trade. The International Monetary Fund (IMF) aspires to establish a financially stable world by studying economic risks and recommending solutions. The IMF also provides training to governments, central banks, and other financial institutions around the world in order to help them attain economic stability. The IMF assists poor countries in meeting their financial obligations and promoting economic stability. It also offers loans to member countries in order to help them stabilize their currencies, ease imports, and carry out other developmental initiatives.

The IMF has taken a number of steps and is committed to assisting member countries in all areas, including the achievement of the SDGs. To respond to these urgent calls for action, concrete initiatives are being made. The policies for achieving the SDGs were agreed in 2015 at a meeting of the IMF-World Bank Development Committee to assist member nations in expanding their economies and policy farming in line with the SDGs. The IMF's policies aid countries in developing around the three pillars of sustainable development, which are social, economic, and environmental development. The IMF is committed to providing financial assistance to both developed and developing countries. It ensures that developing and low-income nations receive more financial assistance to cover their national expenses and engage in various developmental activities. The IMF is constantly expanding its access to potential developing countries and assisting them in their development efforts. Concessional loans with no interest rates have been made available to low-income and underdeveloped countries through the Rapid Credit Facility. Grants for debt reduction for LICs damaged by catastrophic natural disasters under the Catastrophe Containment and Relief Trust. For lower-income and vulnerable nations, the IMF is constantly collaborating with bilateral and multilateral development partners and has even granted debt relief and additional financial support during the period of the COVID-19 pandemic.? The IMF is providing additional financial assistance to member nations in order to help them achieve specified goals such as universal education, clean water for everybody, universal electricity, appropriate roads, and sanitization. It helps developing countries on their expenditure decisions as well as the country's financial framework. The IMF conducts in-depth cost analyses for developing countries and also advises them on borrowing decisions and financial options in order to achieve the SDGs. The IMF guides low-income and developing member nations with collaboration on international organizations?and to enhance domestic revenues through the Platform for Collaboration on Tax. The IMF is assisting countries with capacity building and increased public spending and infrastructure through the Infrastructure Policy Support Initiative. It is also assisting countries in addressing significant infrastructural deficiencies. Another IMF effort, the G20 Compact with Africa, focuses on encouraging private spending and infrastructure development in African countries. It is also supporting fragile and conflict-affected states with their own challenges?in meeting the SDGs and improving coordination with other member?countries. The IMF is committed to ensuring member nations' macroeconomic and financial stability. The IMF also organizes frequent awareness and learning events for its member countries, as well as policy-oriented research work on the main SDGs, to guarantee increasing engagement of the member nations.?

All of the IMF's member countries, particularly the impoverished and vulnerable, have benefited greatly from its help. However, the objectives have yet to be accomplished, and there is still a long way to go in terms of economic stabilization in poor countries. The IMF's biggest difficulty is a lack of openness and involvement, which means there is frequently little to no dialogue with the impacted countries. Another complaint of the IMF is that, with the exception of low-income countries, the terms of loans to developing countries may require macroeconomic restructuring of the country's economy, which might exacerbate the economic situation. In addition, the IMF's credibility has recently been questioned due to a lack of openness and stability.

It is critical for the world's major countries and organisations to reaffirm the IMF's role as a key pillar of the multilateral system in order to improve the IMF's activities and operations. The IMF should work with development finance institutions to build counter-cyclical components for IMF programmes, as well as devise a "social protection tool" to prevent unintended impacts of IMF programmes and assist in aligning IMF programmes with the SDGs. The IMF should also expand its reach to include additional low-income nations and assist them in achieving the Sustainable Development Goals. In addition, the IMF's toolset can be expanded and improved to better reach member nations and promote growth and stability.