by admin on September 15, 2020 in Study Materials, UGC NET, UPSC Competitive Exams
UGC NET : International Monetary Fund (IMF) UPSC : International Monetary Fund (IMF) International Monetary Fund (IMF) The International Monetary Fund (IMF) is an organization of 189 countries Bretton Woods Bretton Woods is a place in New Hampshire State of USA In 1944, President Roosevelt hosted a conference here, to rebuild the world economy, after […]
Objectives of IMF
- Promote international monetary cooperation
- Facilitate balanced growth of international trade
- Promote exchange rate stability
- Assist in establishing multilateral payments
- Provide financial assistance to member countries facing balance of payments issues
Membership
As of today, the IMF has 190 member countries. Each member’s influence in IMF decisions is based on a quota system, which reflects the country’s relative size in the global economy.
Functions of the IMF
- Surveillance
Monitors the global economy and economic policies of its members. - Financial Assistance
Provides short to medium-term loans to countries in economic distress. - Technical Assistance & Training
Offers guidance and training in public finance management, monetary policy, exchange rate issues, and more. - Research & Data
Publishes global economic outlooks, policy papers, and regional reports.
IMF Lending Instruments
- Stand-By Arrangements (SBAs) – for short-term balance of payment issues
- Extended Fund Facility (EFF) – for medium to long-term problems
- Poverty Reduction and Growth Trust (PRGT) – for low-income countries
- Rapid Financing Instrument (RFI) – for emergency financial needs