Team Blitz India
NEW DELHI: The International Monetary Fund (IMF) was established alongside the International Bank for Reconstruction and Development (IBRD) at the Conference of 44 nations held at Bretton Woods, New Hampshire, USA in July 1944.
At present, 190 nations are members of IMF. India is a founder member of the IMF. India has sought financial assistance from the IMF seven times but never since 1993. Repayments of all the loans taken from International Monetary Fund have been completed on May 31, 2000.
The objectives of IMF are macroeconomic growth, alleviation of poverty and economic stability, policy advice & financing for developing countries, a forum for cooperation in the monetary system, promotion of exchange rate stability and international payment system.
India has occupied a special place on the Board of Directors of the Fund. Thus, India has played a creditable role in determining the policies of the Fund. This has increased India’s prestige in international circles.
The Finance Minister is the ex-officio Governor on the Board of Governors of the IMF. The RBI Governor is the Alternate Governor at the IMF.
India is represented at the IMF by an Executive Director, currently India’s former Chief Economic Adviser Krishnamurthy Subramanian, who also represents three other countries: Bangladesh, Sri Lanka, and Bhutan.