The International Monetary Fund (IMF) is an intergovernmental organization that promotes international economic cooperation, focusing in particular on policies that have an impact on the exchange rate and the balance of payments.The organization’s stated objectives are to promote international economic cooperation, international trade, employment, and exchange rate stability, including by making resources available to member countries to meet balance of payments needs.
Fast Facts About IMF
Membership: 190 countries
Headquarters: Washington, D.C.
Executive Board: 24 Directors each representing a single country or groups of countries
Committed amounts under lending arrangements: SDR 200 billion (US$288 billion), of which SDR 94 billion (US$136 billion) has not been drawn.
The largestborrowers: Argentina, Egypt, Ukraine, Pakistan
The largestprecautionary loans: Mexico, Chile, Colombia
Capacity development spending: US$303 million in FY2020, nearly a third of the IMF’s total budget
Promote international monetary cooperation;
Facilitate the expansion and balanced growth of international trade;
Promote exchange stability;
Assist in the establishment of a multilateral system of payments; and
Make resources available (with adequate safeguards) to members experiencing balance-of-payments difficulties.
Is India is member of IMF?
India is a founder member of the IMF. India has not taken any financial assistance from the IMF since 1993.
Who is IMF chairman now?
The current Managing Director (MD) and Chairwoman of the IMF is Bulgarian economist Kristalina Georgieva, who has held the post since October 1, 2019. Gita Gopinath was appointed as Chief Economist of IMF from 1 October 2018.
Who controls IMF?
The IMF is accountable to its member country governments. At the top of its organizational structure is the Board of Governors.
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