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created Nov 24th 2020, 08:02 by sai home



451 words
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The International Monetary Fund is an international body that monitors the global economic conditions of its member countries. It provides economic and technical assistance to its member countries. This organization helps to stabilize international exchange rates as well as facilitate growth. It is headquartered in Washington DC, United States. The objective of the International Monetary Fund is to take measures to maintain international financial and monetary stability and provide financial basis for expansion and revival of international trade, promote economic progress, reduce poverty, promote employment and facilitate international trade.
In addition, the objectives of the International Monetary Fund include the promotion of international monetary cooperation through a permanent institution which provides a mechanism for cooperation and consultation on international monetary problems, encouraging the expansion and balanced development of international trade and thus To develop the productive resources of all members and to maintain high levels of employment and real income; Encourage exchange stability and maintain orderly exchange management among members; Assist in the establishment of a multilateral system of payments in the context of ongoing transactions between members Providing temporary funds to members, providing them the opportunity and ability to deal with mismanagement of their balance of payments and reducing the amount and duration of imbalances in the members' international balance of payments etc. The organizational structure of the International Monetary Fund and the World Bank is similar. The International Monetary Fund is staffed by a Board of Governors, a Board of Executive Directors, an Interim Committee on the International Monetary System and a Managing Director and staff.  
The Board of Governors has transferred most of its powers to the 24-member Executive Board of Directors. Appointments to this Executive Board of Directors are made by electing member countries or groups of countries. Each appointed director gets vote power in proportion to the prescribed quota of his government. Whereas each elected director can cast all the votes associated with his country group. The Executive Directors elect their Managing Director, who serves as the Chairman of the Executive Board. The Managing Director carries out the day-to-day operations of the International Monetary Fund. According to a treaty agreement, the managing director of the International Monetary Fund is a European, while the president of the World Bank is a US citizen. India has a close relationship with the International Monetary Fund and India has been contributing continuously in its policy formulation and functioning. India has benefited from the Monetary Fund from time to time through financial assistance and consultancy. India, which has been borrowing from the International Monetary Fund from time to time as per its requirements, has now joined its funding nations. Now India is beginning to provide loans to this multilateral institution.

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