IMF
is UNO recognized international monetary fund or reserve which helps its
members. It established in 1946 after bretton wood meeting. It has 185
members across the all nations but soviet Russia and its member are not linked
with IMF.
All
work is done by its board of directors which is made by board of governors.
Every country’s finance minister is as the governor from his respective
country. There are two type directors in board of directors of IMF. One is
quota and other is non quota. USA, UK, Germany and India are quota country and
one member is taken in board of directors and other from non quota countries.
Total no. of directors are 20.
Objective and functions of IMF
Provide
loan to the members for removing unfavorable balance of payment.
Determine
the value of currency of member countries.
Determine
the economic policies’ main contents of member’s countries.
To
make plan for increasing per capita income of member countries.
To
collect money from member countries in the form of fun or reserves.
Latest
objective in IMF is that it will support 3 trillion dollars under his budget
for decreasing the pressure of 2000 recession.
Eligibility for membership in IMF
Any country can become the member of IMF but for getting eligibility the following
procedure is adopted by IMF.
First of all membership is accepted by board of directors after accepting
membership , board of directors send this proposal to board of governors with
supported all documents and subscription and quota amount as per the terms of
membership .
Post a Comment
Post a Comment