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How does the International Monetary Fund function?
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14/01/2021 12:47 pm
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How does the International Monetary Fund function?
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14/01/2021 12:47 pm
International Monetary Fund can be considered as one of the biggest moneylenders for the world. It provides loan to countries for their developmental projects.
The IMF has 173 member states. All these states do not have equal voting rights. The vote of each country is weighed by how much money it has contributed to the IMF.
Solution Almost half of the voting power in the IMF is in the hands of the G7 nations. The G7 nations are, the US, Japan, France, UK, Saudi Arabia, China and Russia. The remaining 166 countries have very little say in the decisions the IMF takes.
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