International Monetary Fund (IMF): Facts for UPSC Prelims
| Section | Details |
|---|---|
| Introduction | – Founded: 1944, at the Bretton Woods Conference – Type: Specialized agency of the United Nations – Headquarters: Washington, D.C., USA – Membership: 190 countries (as of 2024) – Mission: Promote international monetary cooperation, exchange rate stability, balanced trade, and economic growth |
| Objectives | – Promote International Monetary Cooperation: Foster economic stability and growth – Facilitate Balanced Growth of Trade: Ensure global economic stability – Provide Resources to Member Countries: Assist members facing balance-of-payments difficulties – Promote Exchange Rate Stability: Reduce currency fluctuations |
| Reports and Indices | – World Economic Outlook (WEO): Global economic trends and projections – Global Financial Stability Report (GFSR): Financial system assessments – Fiscal Monitor: Insights on public finance – Regional Economic Outlooks (REO): Analysis of economic trends by region – Annual Report on Exchange Arrangements and Exchange Restrictions (AREAER): Data on exchange systems and restrictions – International Financial Statistics (IFS): Financial data from 194 economies – Balance of Payments Statistics (BOPS): Data on international transactions – Direction of Trade Statistics (DOTS): Trade statistics by country – Coordinated Portfolio Investment Survey (CPIS): Cross-border investment data – Financial Access Survey (FAS): Financial service access data – Financial Soundness Indicators (FSIs): Health of financial institutions – Government Finance Statistics (GFS): Government finance data – International Reserves and Foreign Currency Liquidity (IRFCL): International reserves data – World Economic Outlook Database (WEO Database): Macroeconomic data |
| Instruments | – Special Drawing Rights (SDRs): Reserve asset to supplement member reserves – Stand-By Arrangements (SBAs): Short-term financial support – Extended Fund Facility (EFF): Medium-term support for structural reforms – Poverty Reduction and Growth Trust (PRGT): Concessional lending for low-income countries |
| Structure | – Board of Governors: Includes one governor from each member country – Executive Board: 24 directors handling daily operations – Managing Director: Leads the IMF – IMF Staff: Around 2,700 professionals from diverse nations |
| Subsidiary Organs | – Independent Evaluation Office (IEO): Evaluates IMF’s operational effectiveness – Advisory Committees: Provide technical expertise |
| Committees | – International Monetary and Financial Committee (IMFC): Advisory body on global economy – Development Committee: Jointly with the World Bank, focuses on development and resource allocation |
| Initiatives | – Debt Service Suspension Initiative (DSSI): Suspends debt for poorer countries – Capacity Development: Training and technical assistance – Climate Change and Economic Policy: Integration of climate factors in policy – COVID-19 Support: Emergency financing and guidance – Resilience and Sustainability Trust (RST): Climate resilience in vulnerable nations |
