Skip to main content

IMF

Created in 1945, the IMF is governed by and accountable to the 189 countries that make up its near-global membership. The United Nations is the parent organisation that handles the proper functioning and administration of the IMF.
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 bear on global stability.
It also provides periodic assessments of global prospects in its World Economic Outlook , of financial markets in its Global Financial Stability Report , of public finance developments in its Fiscal Monitor , and of external positions of the largest economies in its External Sector Report , in addition to a series of regional economic outlooks.
SDRs: The IMF issues an international reserve asset known as Special Drawing Rights , or SDRs, that can supplement the official reserves of member countries.  IMF members can voluntarily exchange SDRs for currencies among themselves. The SDR is neither a currency, nor a claim on the IMF. Rather, it is a potential claim on the freely usable currencies of IMF members.
SDR basket of currencies includes the U.S. dollar, Euro, Japanese yen, pound sterling and the Chinese renminbi (included in 2016).
Headquarters: Washington, D.C.
Formed in 1944 at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes,[6] it came into formal existence in 1945.
IMF Members: Any other state, whether or not a member of the UN, may become a member of the IMF in accordance with IMF Articles of Agreement and terms prescribed by the Board of Governors.
Pay a quota subscription: On joining the IMF, each member country contributes a certain sum of money, called a quota subscription, which is based on the country’s wealth and economic performance (Quota Formula).
  • It is a weighted average of GDP (weight of 50 percent)
  • Openness (30 percent),
  • Economic variability (15 percent),
  • International reserves (5 percent).
For decades, Europe and the United States have guaranteed the helm of the IMF to a European and that of the World Bank to an American. 

It is almost impossible to make any reform in the current quota system as more than 85% of total votes are required to make it happen. The 85% votes does not cover 85% countries but countries which have 85% of voting power and only USA has voting share of around 17% which makes it impossible to reform quota without consent of developed countries.

2016 -  It increased 6% quota share for developing countries and reduced same share of developed or over represented countries. India’s voting rights increased to 2.6 per cent from the current 2.3 per cent, and China’s to six per cent from 3.8.  India's quota - 2.76%

Comments

Post a Comment

Popular posts from this blog

Barak River - surma - meghna

The  Barak River  is a 900-kilometre-long (560 mi) [1] [2]  river flowing through the states of  Manipur ,  Nagaland ,  Mizoram  and  Assam  in  India  and into the  Bay of Bengal  via  Bangladesh . Of the 900 km, 524 km is in India, 31 km on Indo – Bangladesh border and the rest is in Bangladesh. The navigable portion of Barak River in India, the 121 km stretch between  Lakhipur  and Bhanga has been declared as  National Waterway 16, (NW-16)  in the year 2016. [3] [4]   The principal tributaries of the Barak are all in India and are the  River Sonai  (Tuirial River), the Jiri, the Tlawng (Dhaleswari / Katakal), the Longai, and the Madhura.  Tipaimukh Dam  is a proposed embankment dam on the Barak River. Flows into Bangladesh as the Surma river, and becomes the  Meghna  river before the  Ganga - Brahmaputra  river system. The  Padma River  joins it and flows into the  Bay of Bengal  as the Meghna river. The proposed   Tipaimukh Dam   on the Barak River in northeast India
Post a Comment
Read more

Shramana tradition

Shramana means “seeker, one who performs acts of austerity, ascetic”. Shramana is a wandering monk in certain austere traditions of ancient India, including Jainism, Buddhism, and ajvika religion. The Shramana tradition gave rise to Jainism and Buddhism. The Shramanas adopted a path that is alternate to the Vedic rituals to achieve salvation, while renouncing domestic life. The Shramana tradition was responsible for the related concepts of saṃsāra (the cycle of birth and death) and moksha (liberation from that cycle). The Shramanas typically engaged three types of activities like austerities, meditation, and associated theories. Śramaṇas held a view of samsara as full of suffering (Dukka). They practiced Ahimsa and rigorous ascetism. They believed in Karma and Moksa and viewed rebirth as undesirable.
Post a Comment
Read more

Naropa Festival.

the annual week long Buddhist carnival Naropa festival, which was held near the Hemis Monastery. The Hemis Monastery is 11th-century world-famous monastary in Ladakh Ladakhi Shondol dance has created history by breaking into Guinness book of world records as the largest Ladakhi dance. -  royal dance of Ladakh Naropa Festival: 'Kumbh of Himalayas'  themed ‘Environmental sustainability of Ladakh and the Himalayan region’ Naropa  (11th century saint)was an Indian Scholar-Saint, who heralded the beginning of a rich tradition in Buddhist philosophy. His teachings of the Six Yogas of Naropa are one of the fundamental pillars of  Vajrayana Buddhist  tradition. It is also believed that Naropa was the gatekeeper of  Nalanda University  and posed questions on theology and philosophy to people who came for admission before deciding whether they deserved entrance or not. Highlights of the Festival  : The rare public display of six bone ornaments and the unfurling of the an
Post a Comment
Read more