Question: Question 4 (8 marks) At its inception, the mission assigned to the International Monetary Fund (IMF) was to maintain order in the international monetary system

Question 4 (8 marks)

At its inception, the mission assigned to the International Monetary Fund (IMF) was to maintain order in the international monetary system through a combination of discipline and flexibility. Explain how this mission was challenged during the 1997 East Asian Financial Crisis. Discuss its performance during the COVID-19 period.

Question 5 (4 marks)

Discuss conditions under which the deficit in the balance of payment can be sometimes good for a country.

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