26 October, 2020
8 Min Read
Functions of IMF
International Monetary and Financial Committee
Bretton Woods Project:
It was established in 1995 by the UK-based Bond Development and Environment Group (DEG) to support civil society to monitor the negative developmental impacts of World Bank and IMF policies and activities.
Criticism of IMF
Many of the criticisms aimed against the WB and IMF are historical and may not hold true in contemporary times. The two institutions are trying to reorient themselves. The internal assessment has also been catalysed by the geopolitical and geo-economic impact of the BRICS bank and the AIIB as a challenge to the Bretton Woods institutions. Hence, the national governments should undertake a calibrated economic liberalization maintaining the due autonomy of their decision-making to have a win-win situation.
Source: IMF Website
27 June, 2020
9 Min Read
International Monetary Fund (IMF)
Paper-2 I.O Economics
The International Monetary Fund (IMF) is an organization of 189 member countries, each of which has representation on the IMF's executive board in proportion to its financial importance, so that the most powerful countries in the global economy have the most voting power.
Special Drawing Rights (SDRs) is the IMF’s unit of account and not a currency.
Members’ voting power is related directly to their quotas (the amount of money they contribute to the institution).
IMF allows each member country to choose its own method of determining the exchange value of its money. The only requirements are that the member no longer base the value of its currency on gold (which has proved to be too inflexible) and inform other members about precisely how it is determining the currency’s value.
IMF and India
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