International Monetary Fund (IMF) – Functions, Important Points

IMF is an intergovernmental organization that promotes international economic cooperation. International Monetary Fund (IMF) was set up by 44 nation under the Bretton Woods Agreement of July 1944. This institute was established on 27th December 1945, But it started it’s function on 1st march 1947.

International Monetary Fund (IMF)

International Monetary Fund (IMF)

Functions of IMF:

  • To remove short term deficit in Balance of Payment (BOP).
  • To maintain the stability in Exchange rate system.
  • To Focusing in particular on policies that have an impact on the exchange rate.

Important Points to Remember about IMF:

  • Headquarter at- Washington, D.C. ,United States
  • Membership- 185 Nations (Founding); 187 Nations (To Date)
  • The financial year of IMF – 1st May-30th April
  • The Head of IMF is known as Managing Director.
  • The head of IMF elected for 5 years. But can be removed earlier.
  • Present head of IMF – Christine Lagarde [Former finance minister of France]
  • Latest/ Last Member of IMF- Tuvalu
  • Quotas and Voting Ranking- India occupy 9th Place in IMF General quotas where USA in 1st, Japan in 2nd, Germany in 3rd Place.
  • Special Drawing Rights (SDR) – It was created by IMF in 1971. It is also known as Paper Gold.
  • Cuba left IMF in 1964. Cuba is not a Member of IMF.

9 thoughts on “International Monetary Fund (IMF) – Functions, Important Points

  1. how to dwnload this material

  2. rakesh kumar says:

    last country to join IMF is South Sudan in 18th April 2012

  3. Only 29 founding members are.

  4. Apart from Cuba, the other UN states that do not belong to the IMF are Andorra, Liechtenstein, Monaco, Nauru and North Korea

  5. South Sudan 188Th Member

  6. bhawani singh says:

    thanks of this website
    it is very nice sit


  7. please currect the information LATEST MEMBER OF IMF – SOUTH SUDAN

  8. tirupataiah says:

    SDR was created in 1969 and Acting as the unit of account for the IMF has been its primary purpose since 1972 please correct it…

  9. any body give answer the monetry standard prior to world war 1st

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