Category : Banking
International Monetary Fund (IFM)
· IMF was established on December 27, 1945 in Washington on the recommendations of Bretton Woods Conference, but it started operations on March 1, 1947.
· At present, 185 nations are members of the IMF.
· IMF headquarter is in Washington.
Objectives of IMF
(i) To ensure balanced international trade.
(ii) To eliminate exchange restrictions by promoting the system of multilateral payments.
(iii) To minimize imbalances in quantum and duration of international trade.
(iv) To ensure exchange rate stability.
(v) To promote international monetary operation.
· India has 11th position in IMF.
International Bank for Reconstruction and Development- (IBRD)
· IBRD and its associate institutions as a group are known as the World Bank.
· IBRD was established in December 1945 with the IMF on the basis of the recommendation of the Bretton Woods Conference. That is the reason why IMF and IBRD are called "Bretton Woods Twins". IBRD started functioning in June 1946.
· World Bank and IMF are complementary institutions.
Objective of World Bank
(i) To induce long-run capital investment for assuring BOP equilibrium and balanced development of international trade.
(ii) To provide long-run capital to member countries for economic reconstruction and development.
(iii) To provide guarantee on private loans or capital investment.
(iv) To provide guarantee for loans granted to small and large units and other projects of member countries.
International Development Association (IDA)
· IDA is an associate institution of World Bank known as "Soft Loan Window" of World Bank. It was established on September 24, 1960.
· IDA provides loan to its member countries and no interest is charged on these long term loans. The soft loans are provided to the poor countries of the world.
International Finance Corporation (IFC)
· World Bank established IFC in July 1956.
· IFC is to ensure the financial support to private sector in developing countries.
(i) To provide loans to private sector.
(ii) To induce capitalist countries to invest in developing countries.
(iii) To co-ordinate capital and management.
General Agreement on Tariffs and Trade (GATT)
· On October 30, 1947 23 countries at Geneva, signed an agreement related to tariffs imposed on trade. This agreements known as general agreement on tariffs and trade.
· On December 12, 1995, GATT was abolished and replaced by World Trade Organization (WTO) which came into existence on January 1, 1995.
Functions of WTO
(i) To administer the rules and processes related to dispute settlement.
(ii) To implement rules and provisions related to trade policy review mechanism.
(iii) To provide facilities for implementation, administration and operation of multilateral and bilateral agreement of the world trade.
Asian Development Bank (ADB)
· ADB was established in December 1966 but it?s functioning on January 1, 1967 on the recommendations of ECAFE (Economic Commission for Asia and Far East).
· The head office of the ADB is located in Manila.
· The aim of this bank is to accelerate economic and social development in Asia and Pacific region.
South Asian Association for Regional Cooperation (SAARC)
· South Asian countries constituted an organization known as SAARC on the recommendations of Dhaka Conference on December 7-8, 1985.
· Its head quarter has been established in Kathmandu.
· This association will provide a platform to debate, discuss and exchange ideas on south Asia and its future.
Association of South East Asian Nations (ASEAN)
· ASEAN is a union of South-East Asian Nations and it was constituted on August 8, 1967. ASEAN headquarter is in JAKARTA.
· The aim of ASEAN is to promote economic co-operation in South-East Asia and also to ensure economic stability in the region.
Organization of the Petroleum Exporting Countries (OPEC)
· OPEC was established in September 1960 with the signing of an agreement by five countries namely Islamic republic of Iran, Saudi Arabia, Kuwait, Iraq and Venezuela.
· Headquarter is in Vienna (Austria)
· Currently, the organization has a 12 member countries. International Organization
· The objective of OPEC was to control production and price of petroleum so as to safeguard the interests of oil countries
Organization for Economic Co-operation and Development. (OECD)
· In 1948, to rehabilitate the weak economies of Europe, U.S. foreign minister Mr. Marshall proposed a Summit of European countries was called in Paris and the Organization of European Economic Co-operation (OEEC) was established in this Summit.
· On September 30, 1961 OEEC was renamed as OECD.
· The objective of OECD is to co-ordinate the welfare policies of the member countries.
· OECD headquarter is in Paris (France)
Food and Agriculture Organization. FAO
· FAO was established on October 16, 1945 at Quebec. It is an associate institution of the UNO.
· Its headquarter is in Rome (Italy).
· FAO function is to bridge the gap between the demands for supply of agriculture products in the world by making a regular supply of food products.
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