Informal consultations between IMF staff and the WTO Secretariat are held regularly on developments in trade and the global economy, as well as on how to advise individual countries. Examples of consultations include visits by senior IMF officials to the WTO and vice versa to make presentations and participate in discussions on issues of common interest. The IMF, WTO and World Bank regularly organize a conference to further facilitate the exchange of views between academics, civil society and staff of the three organizations on current trade issues. The first joint trade workshop between the IMF, the World Bank and the WTO took place in December 2011, and the seventh conference was hosted by the WTO in June 2019. On the way to a useful response to Europe`s problems, three main obstacles had to be overcome. On the one hand, as Foreign Minister Marshall`s invitation indicated, the European nations had to agree on a plan together. Second, the administration and Congress had to reach their own agreement on a legislative agenda. After all, the resulting plan was to be one that, in Marshall`s words, “would provide a cure rather than a mere palliative.” 7 As required by ERP legislation, the United States has bilateral agreements with each country. These were fairly uniform – they required certain commitments to achieve the objectives of the ERP, such as measures to stabilize the currency and increase production, as well as commitments to provide economic information, at the au-de-cent of what the country needs and the results of the program can be evaluated. Regular consultation: The IMF has observer status with certain WTO bodies and may participate in meetings of certain WTO committees and working groups. The WTO Secretariat participates in meetings of the IMF Executive Board or the Liaison Committee with the World Bank and other international organizations on issues of common interest. Macro-specific trade issues may be part of the IMF`s surveillance activities and may be addressed as necessary under IMF-supported programs to achieve program objectives. IMF surveillance reports are also important contributions to the WTO`s regular trade policy reviews.
Grants accounted for more than 90% of the ERP. The Court granted direct subsidies that were used to pay for the costs and cargo of essential goods and services, primarily from the United States. Conditional subsidies were also granted, obliging the participating country to set aside foreign currency so that other participating countries could purchase their export products. This was done to boost intra-European trade. The IMF and the WTO work together at many levels to ensure greater coherence in global economic policy. Shortly after the establishment of the WTO, a cooperation agreement was signed between the two organizations covering various aspects of their relations. The IMF and the WTO are international organizations with about 150 joint members. While the IMF focuses on the international monetary and financial system and the WTO on the international trading system, the two work together to ensure a strong system for global trade and payments. Each country had to comply with the U.S. grant contribution: one dollar of its own currency for every dollar of unsubsidized aid provided by the United States.
The currency of the participating country has been placed in a counterpart fund that could be used for infrastructure projects (e.B roads, power plants, residential projects, airports) for the benefit of that country. .