INTERNATIONAL MONETARY FUND (Syllabus: GS Paper 3 – Economy)

Context: The International Monetary Fund (IMF) lifted its 2023-24 growth projection for India to 6.3% from its July estimate of 6.1%, citing “stronger-than-expected consumption” during the June quarter.

International Monetary Fund (IMF) 

• About: The IMF works to achieve sustainable growth and prosperity for all of its member countries.
• Establishment: In 1944 in the aftermath of the Great Depression of the 1930s.
• Member countries: 190 countries.
• Headquarters: Washington, D.C
• Representation: Each member country has a representation on the IMF's executive board.
• Voting Power: The allocation of voting power on the executive board is based on the financial importance of each member country.

Objective of IMF

• To improve and promote global monetary cooperation of the world.
• To secure financial stability by eliminating or minimizing the exchange rate stability.
• To facilitate a balanced international trade.
• To promote high employment through economic assistance and sustainable economic growth.
• To reduce poverty around the world.