CURRENT AFFAIRS

Detailed explanation-1: -IMF funds come from three sources: member quotas, multilateral and bilateral borrowing agreements. Member quotas are the primary source of IMF funding. A member country’s quota reflects its size and position in the world economy. Read more on how the IMF regularly reviews quotas.

Detailed explanation-2: -What are IMF quotas? Quotas are the building blocks of the IMF’s financial and governance structure. An individual member country’s quota broadly reflects its relative position in the world economy. Quotas are denominated in Special Drawing Rights (SDRs), the IMF’s unit of account.

Detailed explanation-3: -Main Functions The IMF employs three main functions – surveillance, financial assistance, and technical assistance – to promote the stability of the international monetary and financial system.

Detailed explanation-4: -India’s current quota in the IMF is SDR (Special Drawing Rights) 5, 821.5 million, making it the 13th largest quota holding country at IMF and giving it shareholdings of 2.44%. However, based on voting share, India (together with its constituency countries Viz.