|Consider the following regarding International Monetary Fund:|
|1. It was established on December 27, 1945 in Washington on the recommendation of Bretton Woods Conference.|
|2. At present it has 188 members.|
|3. France was the first country to borrow from IMF. Which of these statements is/are correct?|
A) Only 1 and 2
B) Only 2 and 3
C) Only 1 and 3
D) All 1, 2 and 3
Correct Answer: D
Solution :[d] The International Monetary Fund (IMF) is an international organization headquartered in Washington, D.C., 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. Formed in 1944 at the Breton Woods Conference, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international payment system. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments difficulties can borrow money.
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