6th May 2025 (14 Topics)
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International Monetary Fund (IMF)
Context
India has temporarily appointed Parameswaran Iyer, the current Executive Director at the World Bank, as its nominee to the International Monetary Fund (IMF) following the premature exit of K V Subramanian. This development comes just ahead of a crucial IMF board meeting, where key decisions about loans to Pakistan—including a USD 1.3 billion climate resilience loan and a review of a USD 7 billion bailout package—will be taken.
About International Monetary Fund (IMF)
- Establishedin: 1944 in the aftermath of the Great Depression of the 1930s.
- The International Monetary Fund (IMF) is a Bretton Woods institution, established in 1944, and formally came into existence in 1945.
- Headquarter: Washington, D.C., USA.
- Main Objectives
- Promote international monetary cooperation.
- Ensure exchange rate stability.
- Facilitate balanced growth of international trade.
- Provide financial assistance to member countries in balance of payments crisis.
- Assist in poverty reduction and macroeconomic stability, especially in developing nations.
- IMF Lending Programs (Important Schemes): Stand-By Arrangement (SBA); Extended Fund Facility (EFF); Rapid Financing Instrument (RFI); Resilience and Sustainability Trust (RST)
- The IMF is governed by and accountable to 191 countriesthat make up its near-global membership. India is a founding member of the IMF.
- Quota share: 2.75% (India is among the top 10 largest quota-holding countries).
- India has a permanent seat on IMF’s 24-member Executive Board.
- Each country (or a group of countries) at the IMF is represented by an Executive Director.
- India has a dedicated seat on the IMF Board, which is responsible for:
- Participating in voting on loan approvals.
- Influencing decisions on policy frameworks, economic assessments, and emergency assistance.
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