BANKING AFFAIRS

Detailed explanation-1: -On 1 March 1947, the IMF began its financial operations, and on 8 May France became the first country to borrow from it.

Detailed explanation-2: -B… Argentina is the biggest debtor to the IMF, with a total outstanding debt of $42.2bn. The country has had a long and troubled relationship with the IMF, with a history of equally spectacular fall-outs and bail-outs. At the turn of the century, the IMF made $88.3bn available to bail out the country’s ailing economy.

Detailed explanation-3: -How We Are Financed. The IMF’s resources mainly come from the money that countries pay as their capital subscription (quotas) when they become members. Each member of the IMF is assigned a quota, based broadly on its relative position in the world economy.

Detailed explanation-4: -"Original members” (Article II, Section 1), which signed the Articles of Agreement by December 31, 1945. Costa Rica, Poland, Brazil, Uruguay, and Cuba signed the Articles by that date but their membership became effective upon deposit of their respective instruments of acceptance.

Detailed explanation-5: -IMF Institute Training at Headquarters (HQ), Washington, D.C., United States.