CURRENT AFFAIRS

Detailed explanation-1: -Finance Minister Nirmala Sitharaman represented India at the 103rd Development Committee Meeting of World Bank-IMF. The meeting was held on 9th April 2021 via Video Conference. Nirmala Sitharaman shared the Government of India announced the Aatma Nirbhar Packages of Rs 27.1 trillion.

Detailed explanation-2: -At present, 187 nations are members of IMF. India is a founder member of the IMF. India has not taken any financial assistance from the IMF since 1993. Repayments of all the loans taken from International Monetary Fund have been completed on 31 May, 2000.

Detailed explanation-3: -Their approaches to achieving this shared goal are complementary: the IMF focuses on macroeconomic and financial stability while the World Bank concentrates on long-term economic development and poverty reduction.

Detailed explanation-4: -JULY 1944 BRETTON WOODS CONFERENCE While the conference resulted in the formation of two institutions, the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (World Bank), the creation of the World Bank was not the primary focus.

Detailed explanation-5: -The main difference between the International Monetary Fund (IMF) and the World Bank lies in their respective purposes and functions. The IMF oversees the stability of the world’s monetary system, while the World Bank’s goal is to reduce poverty by offering assistance to middle-income and low-income countries.