Answer:
The
International Monetary Fund (IMF) is an international organisation that was
created on 22 July, 1944. The IMF describes itself as 'an organisation of 188
countries, working to foster global monetary cooperation, secure financial
stability, facilitate international trade, promote high employment and
sustainable economic growth and reduce poverty around the world'.
The IMF is one of the biggest money lenders in the world. The IMF works
to foster global growth and economic stability. Its member states do not have
equal voting rights. Financial contributions from member countries are linked
to voting power in the organisation. Nearly half of the voting power is in the
hands of only ten countries viz.
the USA, Japan, France, Germany, UK, China, Italy, Canada,
Saudi Arabia and Russia. The remaining countries have hardly any or very little
say in how such an international organisation takes decisions.
Christine Lagarde of France is the Managing Director of
IMF.
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