GK
INDIAN ECONOMY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which of the following statement is NOT correct about the quota at the IMF?
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Voting power in the IMF is based on a quota system
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USA has highest quota in the IMF
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Germany has third highest quota in the IMF
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Indian quota in the IMF stands at 2.79% of the total quotal quota
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Explanation:
Detailed explanation-1: -IMF stands for International Monetary Fund. It is true that on becoming its member, countries get finance as temporary balance-of-payment needs.
Detailed explanation-2: -To promote international monetary cooperation is not an objective of IMF.
Detailed explanation-3: -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.
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