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Definition: IMF (International Monetary Fund)
IMF (International Monetary Fund), headquartered at Washington D.C., is an international organization which was formed post World War II to foster global growth and economic stability all over the world. IMF and World Bank are the two largest lender of funds to public. Like, initially with 29 member countries,IMF has now grown to 188 member countries with following objectives:
• To foster global monetary cooperation and promote exchange stability
• To ensure high employment levels and a sustainable economic growth
• To facilitate international trade and expansion
• To reduce poverty across the world
Role played by IMF in Global Monetary System
• Monitors financial and economic policies of its member countries
• Provides technical assistance to countries with low and middle level incomes, in effective management of their economies
• Financially assists to its member countries in order to maintain their macroeconomic stability
IMF gets its money pool from member countries who pay according to their quotas which in turn are set according to the size of their respective economies. Voting rights and the amount which a country can get financed from IMF again depends on the quota of the member country.
The high level decisions in IMF are taken by Board of Governors. Board of Governors comprises of a governor and an alternate governor for each member country.
India is a member of IMF and following are its current details:
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