INTERNATIONAL MONETARY FUND (Syllabus GS Paper 2/3 – IR/Economy)

Context: The IMF clarified that the recent remarks made by the Executive Director at the International Monetary Fund regarding India's growth figures do not reflect the views of the IMF and were made in his capacity as India's representative within the global body.

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.
• Objectives of IMF

oTo improve and promote global monetary cooperation of the world.

oTo secure financial stability by eliminating or minimizing the exchange rate stability.

oTo facilitate a balanced international trade.

oTo promote high employment through economic assistance and sustainable economic growth.

oTo reduce poverty around the world.

• Major reports published by IMF:

oGlobal Financial Stability Report

oWorld Economic Outlook