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AI and IMF

The IMF has deployed cutting-edge technologies like AI to tackle powerful societal problems.

The International Monetary Fund (IMF) is a global organization focused on building a framework for international economic cooperation and the elimination of competitive currency devaluations. It helps to ensure the stability of the international monetary system so that countries and citizens can transact with each other efficiently at greater speed. It provides oversight, financial assistance, capacity development, special drawing rights (SDRs), resources and governance. It proposes to facilitate the balanced growth of international trade, to promote exchange stability, to help set up a multilateral payment system, and many others.

On the other hand, the International Monetary Fund has started leveraging artificial intelligence to efficiently support social goods without any potential errors. He realized the need for a holistic approach to data in the digital age with the Global Principles on Data Policy. According to the IMF blogs, artificial intelligence can have a major impact on developing economies – it can widen the gap between rich and poor countries in times to come. He presented a ministerial paper entitled “Powering the Digital Economy: Opportunities and Risks of Artificial Intelligence in Finance”. Artificial intelligence has enormous potential for huge societal and economic impact with new benefits. Several financial institutions and banks have started leveraging AI systems to manage high volumes of loan applications to improve the underwriting process as well as fraud detection. AI-powered data analytics help improve the analysis of complex balance sheets and stress test patterns.

Four areas of artificial intelligence and machine learning matter to IMF functionality: governance, labor markets, taxes, and social equity. The IMF must develop expertise in the use of micro-data from e-commerce, IoT, satellite data and many others. The International Monetary Fund has looked at all sorts of AI use cases in fintech as well as banking. Use cases include predictions with multiple data sources, fraud detection, and loan portfolio analysis. The global organization has predicted an imminent shift towards artificial intelligence to pursue monetary and macroprudential mandates.

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Analytics Insight is an influential platform dedicated to ideas, trends and opinions from the world of data-driven technologies. It monitors the developments, recognition and achievements of artificial intelligence, big data and analytics companies across the globe.

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