14 The seven countries (out of a total of 196 countries) that are not IMF members are Cuba, East Timor, North Korea, Liechtenstein, Monaco, Taiwan, and Vatican City.

Requirements of good international monetary system  Adjustment : a good system must be able to adjust imbalances in balance of payments quickly and at a relatively lower cost;  Stability and Confidence: the system must be able to keep exchange rates relatively fixed and people must have confidence in the stability of …

Which of the following was never a function of the IMF? The maintenance and enforcement of the fixed exchange rate system.

The World Bank is an international organization that offers developmental assistance to middle-income and low-income countries. Founded in 1944, the World Back has 189 member nations and aims to reduce poverty in the developing world.

SDR Value

The currency value of the SDR is determined by summing the values in U.S. dollars, based on market exchange rates, of a basket of major currencies (the U.S. dollar, Euro, Japanese yen, pound sterling and the Chinese renminbi).

It operates as a supplement to the existing money reserves of member countries. It was represented as an asset that could be used to offset balance of payment deficits in the same manner as gold or reserve currencies and hence it is called as paper gold.

The current Managing Director (MD) and Chairwoman of the IMF is Bulgarian economist Kristalina Georgieva, who has held the post since October 1, 2019. Gita Gopinath was appointed as Chief Economist of IMF from 1 October 2018.

Kristalina Georgieva

Andorra—a microstate situated between France and Spain—joined the IMF when Elisenda Vives Balmaña, Ambassador of Andorra to the United States, Canada, and Mexico, and Permanent Representative of Andorra at the United Nations, signed the IMF’s Articles of Agreement at a ceremony in Washington, D.C.

The main difference between the International Monetary Fund (IMF) and the World Bank lies in their respective purposes and functions. The IMF oversees the stability of the world’s monetary system, while the World Bank’s goal is to reduce poverty by offering assistance to middle-income and low-income countries.

Quotas. Quotas are the IMF’s main source of financing. Each member of the IMF is assigned a quota, based broadly on its relative position in the world economy. The IMF regularly conducts general reviews of quotas to assess the adequacy of overall quotas and their distribution among members.

IMF lending in action The IMF provides financial support for balance of payments needs upon request by its member countries. A country’s return to economic and financial health ensures that IMF funds are repaid so that they can be made available to other member countries.

By country