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International Monetary Fund (IMF) is an important topic for the IAS Exam and is included under the international relations and economy sections. This article will discuss the origin of the IMF and its controlling bodies, apart from India’s relations with the IMF. IAS aspirants can also download the notes PDF at the end of the article. Aspirants can find information on the structure and other important details related to the IAS Exam, in the linked article. Why one should read about the IMF?The international organizations like the International Monetary Fund recur in then news. Also, GS 2 syllabus of the IAS Mains contains topic on international organizations. Hence, it becomes imperative for the aspirants to know about such institutions/organizations for their preparation. As of February 2021, the IMF has been in the news for the following:
Complement your reading with the related articles linked below: The formation of the IMF was initiated in 1944 at the Bretton Woods Conference. IMF came into operation on 27th December 1945 and is today an international organization that consists of 189 member countries. Headquartered in Washington, D.C., IMF focuses on fostering global monetary cooperation, securing financial stability, facilitating and promoting international trade, employment, and economic growth around the world. The IMF is a specialized agency of the United Nations. Formation of IMFThe breakdown of international monetary cooperation during the Great Depression led to the development of the IMF, which aimed at improving economic growth and reducing poverty around the world. The International Monetary Fund (IMF) was initially formed at the Bretton Woods Conference in 1944. 45 government representatives were present at the Conference to discuss a framework for postwar international economic cooperation. The IMF became operational on 27th December 1945 with 29 member countries that agreed to bound to this treaty. It began its financial operations on 1st March 1947. Currently, the IMF consists of 189 member countries. The IMF is regarded as a key organisation in the international economic system which focuses on rebuilding the international capital along with maximizing the national economic sovereignty and human welfare. Detailed information on the IMF can be checked in the video below – Organizational Structure of International Monetary Fund (IMF) The United Nations is the parent organization that handles the proper functioning and administration of the IMF. The IMF is headed by a Managing Director who is elected by the Executive Board for a 5-year term of office. The International Monetary Fund (IMF) consists of the Board of Governors, Ministerial Committees, and the Executive Board. To know more about the organizational structure of IMF, refer to the table below:
Objectives of the IMFIMF was developed as an initiative to promote international monetary cooperation, enable international trade, achieve financial stability, stimulate high employment, diminish poverty in the world, and sustain economic growth. Initially, there were 29 countries with a goal of redoing the global payment system. Today, the organization has 189 members. The main objectives of the International Monetary Fund (IMF) are mentioned below:
What are the functions of the IMF? IMF mainly focuses on supervising the international monetary system along with providing credits to the member countries. The functions of the International Monetary Fund can be categorized into three types:
India & IMFIndia is a founder member of the IMF. India’s Union Finance Minister is the Ex Officio Governor on the IMF’s Board of Governors. Each member country also has an alternate governor. The alternate governor for India is the Governor of the RBI. There is also an Executive Director for India who represents the country at the IMF.
The emerging economies have gained more influence in the governance architecture of the International Monetary Fund (IMF).
Which countries gained?
Why delay the reforms?
Advantages
International Monetary Fund (IMF) UPSC Notes:- Download PDF Here Multiple Choice QuestionConsider the following Statements.
Choose the correct answer from the below-given options A) Only Statements 1, 2, and 3 are true. B) Only Statements 1, 3, and 4 are true. C) None of the above-given statements are true. D) None of the above-given statements are false. Candidates can find the general pattern of the UPSC Exams by visiting the UPSC Syllabus 2022 page. Frequently Asked Questions about International Monetary FundThe International Monetary Fund (IMF) is an
organization of 190 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world. The International Monetary Fund aims to reducing global poverty, encouraging international trade, and promoting financial stability and economic growth. The IMF has three main functions: overseeing economic development, lending, and capacity development.
Which of the following is function of the International Monetary Fund?The IMF has three critical missions: furthering international monetary cooperation, encouraging the expansion of trade and economic growth, and discouraging policies that would harm prosperity.
Which of the following is a function of the International Monetary Fund IMF quizlet?The purpose of the International Monetary Fund is to: promote exchange stability, to maintain orderly exchange arrangements among members, and to avoid competitive exchange depreciation.
What are the five 5 functions of the international monetary system?The International Monetary Fund (IMF) is an organization of 190 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.
What is the function of the IFM?The International Monetary Fund's primary job is to promote stability in the global monetary system. So, its first function is to monitor the economies of its 190 member countries. This activity, known as economic surveillance, happens at both the national and global levels.
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