The International Monetary Fund (IMF) is an organization of 189 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth and reduce poverty around the world.
It was created in 1945.The IMF is governed by and accountable to the 189 countries that make up its near-global membership.
The IMF also known as the Fund was conceived at a UN conference in Bretton Woods, New Hampshire, United States in July 1944.
The 44 countries at that conference sought to build a framework for economic cooperation to avoid a repetition of the competitive devaluations that had contributed to the Great Depression of the 1930s.
The IMF's primary purpose is to ensure the stability of the international monetary system the system of exchange rates and international payments that enables countries (and their citizens) to transact with each other.
The Fund's mandate was updated in 2012 to include all macroeconomic and financial sector issues that affect global stability.
Functions
The IMF’s fundamental mission is to ensure the stability of the international monetary system.
It does so in three ways: keeping track of the global economy and the economies of member countries, lending to countries with balance of payments difficulties and giving practical help to members.
The IMF oversees the international monetary system and monitors the economic and financial policies of its 189 member countries.
A core responsibility of the IMF is to provide loans to member countries experiencing actual or potential balance of payments problems.
This financial assistance enables countries to rebuild their international reserves, stabilize their currencies, and continue paying for imports and restore conditions for strong economic growth while undertaking policies to correct underlying problems. Unlike development banks, the IMF does not lend for specific projects.
IMF capacity development technical assistance and training helps member countries design and implement economic policies that foster stability and growth by strengthening their institutional capacity and skills. The IMF seeks to build on synergies between technical assistance and training to maximize their effectiveness.
DEFENCE AND SECURITY
INDRA 2017
In News
India and Russia military tri-services exercise was organized from 19th to 29th October 2017. INDRA, the joint bi-annual military exercise between these two countries started in 2003.
Exercise INDRA-2017 was conducted in the Sea of Japan near Vladivostok.
