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Thursday, October 22, 1998 Published at 20:45 GMT 21:45 UK Crunch time for the IMF The International Monetary Fund is under a critcial spotlight as its annual meeting gets into full swing this week amid growing calls for its overhaul. IMF committee urges 'forceful action' The interim committee of the IMF says members must take 'forceful action' to restore growth and investor confidence. Clinton: Act together to end crisis President Clinton has called for urgent and decisive action to stave off the world's "most serious financial crisis for half a century". Clinton urges global reform The US president sets out his strategy for tackling "the world's worst economic crisis in 50 years" ahead of the IMF and World Bank annual meetings. IMF chief warns of world crisis Michel Camdessus says the global economic crisis is now affecting the whole financial system, not just individual countries. IMF warns of world growth threat The world economy is in a "fragile state" according to the latest forecast from the International Monetary Fund, which has slashed its forecasts for global growth as a result. UK economy heading for a 'dramatic slowdown' Gordon Brown, the UK Chancellor, has admitted that economic growth in Britain will be much slower than expected next year due to the financial turmoil around the world. Brown pushes for IMF reform As the world's finance ministers gathered in Washington for the International Monetary Fund's and World Bank's annual meeting, UK Chancellor Gordon Brown pushed for a global financial watchdog. Curbing global turmoil The dramatic swings in foreign investment in emerging markets have led to calls for curbs on capital movements, in opposition to the IMF's usual prescription. Solve banks problem, Japan told Financial leaders of the G7 group of industrial nations have called on Japan to reform its debt-ridden banking system as a matter of urgency. What is the IMF? It was at the Bretton Woods holiday resort in New Hampshire, USA, that the International Monetary Fund was born in 1944 - but what exactly does it do? What is the World Bank? The World Bank and the International Monetary Fund were established to help bring greater prosperity to the world economy, but they have distinctly different roles. What is the G7? The International Monetary Fund has urged the G7 nations to help get the world economy back on track - but what is the G7? Back to top | BBC News Home | BBC Homepage ©