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Consider the following statements regarding the International Monetary Fund(IMF), Quotas 1. IMF is the quota-based institution. 2. Quotas determine the maximum amount of financial resources a member is obliged to provide to the IMF. 3. Quotas are a key determinant of the voting power in IMF decisions. 4. The maximum amount of financing a member can obtain from the IMF under normal access is based on its quota. Which of the above statements are correct.

Consider the following statements regarding the International Monetary Fund(IMF), Quotas 1. IMF is the quota-based institution. 2. Quotas determine the maximum amount of financial resources a member is obliged to provide to the IMF. 3. Quotas are a key determinant of the voting power in IMF decisions. 4. The maximum amount of financing a member can obtain from the IMF under normal access is based on its quota. Which of the above statements are correct. Correct Answer All of the above

The correct answer is All of the above.

  • The IMF is a quota-based institution.
  • Quotas are the building blocks of the IMF's  Financial and governance structure. 
  • 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.
  • The IMF's Board of Governors conducts general quota reviews at regular intervals but not more than five years.
  •  Any changes in quotas must be approved by an 85% majority of the total voting power and the member quota cannot be changed without its consent.
  • Quotas determine a member’s share in a general allocation of SDRs.       


About SDRs

  • SDR is an international reserve asset, created by the IMF in 1969 to supplement its member countries’ official reserves.
  •  The value of the SDR is based on a basket of five currencies.
  • SDR is neither a currency nor a claim on the IMF.
  • Currencies included in the SDR basket have to meet two criteria
    • ​ the export criterion
    • the freely usable criterion
  • ​​SDR basket is reviewed every five years, or earlier if the need arises.
  •  The value of the SDR is determined daily based on market exchange rates. 
  • SDR can be exchanged for these basket currencies.

 

Currency  Weights reviewed in 2015
US Dollar 41.73
Euro 30.93
Chinese Renminbi 10.92
Japanese Yen 8.33
British Pound Sterling 8.09


Additional Information:

  • IMF is founded in the year 1945 and headquartered in  Washington.
  •  Ms Kristalina Georgieva is the current Managing Director of IMF.
  • IMF publishes the Global Financial Stability Report and World Economic Outlook.

Related Questions

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Read the passage and answer the questions that follow. Unsurprisingly, the latest conviction comes a month after the FATF, a global dirty money watchdog, urged Pakistan to complete an internationally agreed action plan to fight terror financing. In February 2018, Pakistan endorsed a UN list of terrorist organizations operating in the country and enforced a nationwide ban on them, including the LeT and the JuD, just before a meeting of the FATF. But the FATF still placed Pakistan on its “grey list” in June 2018, and demanded more actions from Islamabad to avoid being blacklisted, which could invite economic sanctions. Ever since, Pakistan, which cannot afford to be blacklisted, especially when its economy is in shambles, has moved against Saeed. The Anti-Terrorism Department’s FIRs against Saeed and his aides accuse the JuD of financing terrorism from its fund collections in the name of charity through NGOs. While the authorities’ move against Saeed is welcome, the question is whether these are genuine attempts to fight terrorism or half-hearted measures to dodge international pressure. There are doubts because Pakistan had used anti-India and anti-Afghan terrorist networks for strategic advantages. It was this dual policy of fighting terror at home while nurturing terror groups that target its rivals abroad that has been responsible for Pakistan’s predicament. If it is serious about fighting terrorism, Pakistan should crackdown on terror financing and terror infrastructure. The international community and organizations, including the FATF, should keep up the pressure until Islamabad shows tangible outcomes. From the passage, it can be inferred that the author is:
Read the passage and answer the questions that follow. Unsurprisingly, the latest conviction comes a month after the FATF, a global dirty money watchdog, urged Pakistan to complete an internationally agreed action plan to fight terror financing. In February 2018, Pakistan endorsed a UN list of terrorist organizations operating in the country and enforced a nationwide ban on them, including the LeT and the JuD, just before a meeting of the FATF. But the FATF still placed Pakistan on its “grey list” in June 2018, and demanded more actions from Islamabad to avoid being blacklisted, which could invite economic sanctions. Ever since, Pakistan, which cannot afford to be blacklisted, especially when its economy is in shambles, has moved against Saeed. The Anti-Terrorism Department’s FIRs against Saeed and his aides accuse the JuD of financing terrorism from its fund collections in the name of charity through NGOs. While the authorities’ move against Saeed is welcome, the question is whether these are genuine attempts to fight terrorism or half-hearted measures to dodge international pressure. There are doubts because Pakistan had used anti-India and anti-Afghan terrorist networks for strategic advantages. It was this dual policy of fighting terror at home while nurturing terror groups that target its rivals abroad that has been responsible for Pakistan’s predicament. If it is serious about fighting terrorism, Pakistan should crackdown on terror financing and terror infrastructure. The international community and organizations, including the FATF, should keep up the pressure until Islamabad shows tangible outcomes. According to the passage, why FATF did not remove Pakistan from the "grey list"?
Read the passage and answer the questions that follow. Unsurprisingly, the latest conviction comes a month after the FATF, a global dirty money watchdog, urged Pakistan to complete an internationally agreed action plan to fight terror financing. In February 2018, Pakistan endorsed a UN list of terrorist organizations operating in the country and enforced a nationwide ban on them, including the LeT and the JuD, just before a meeting of the FATF. But the FATF still placed Pakistan on its “grey list” in June 2018, and demanded more actions from Islamabad to avoid being blacklisted, which could invite economic sanctions. Ever since, Pakistan, which cannot afford to be blacklisted, especially when its economy is in shambles, has moved against Saeed. The Anti-Terrorism Department’s FIRs against Saeed and his aides accuse the JuD of financing terrorism from its fund collections in the name of charity through NGOs. While the authorities’ move against Saeed is welcome, the question is whether these are genuine attempts to fight terrorism or half-hearted measures to dodge international pressure. There are doubts because Pakistan had used anti-India and anti-Afghan terrorist networks for strategic advantages. It was this dual policy of fighting terror at home while nurturing terror groups that target its rivals abroad that has been responsible for Pakistan’s predicament. If it is serious about fighting terrorism, Pakistan should crackdown on terror financing and terror infrastructure. The international community and organizations, including the FATF, should keep up the pressure until Islamabad shows tangible outcomes. What is the meaning of the word SHAMBLES in the passage?
Read the passage and answer the questions that follow. Unsurprisingly, the latest conviction comes a month after the FATF, a global dirty money watchdog, urged Pakistan to complete an internationally agreed action plan to fight terror financing. In February 2018, Pakistan endorsed a UN list of terrorist organizations operating in the country and enforced a nationwide ban on them, including the LeT and the JuD, just before a meeting of the FATF. But the FATF still placed Pakistan on its “grey list” in June 2018, and demanded more actions from Islamabad to avoid being blacklisted, which could invite economic sanctions. Ever since, Pakistan, which cannot afford to be blacklisted, especially when its economy is in shambles, has moved against Saeed. The Anti-Terrorism Department’s FIRs against Saeed and his aides accuse the JuD of financing terrorism from its fund collections in the name of charity through NGOs. While the authorities’ move against Saeed is welcome, the question is whether these are genuine attempts to fight terrorism or half-hearted measures to dodge international pressure. There are doubts because Pakistan had used anti-India and anti-Afghan terrorist networks for strategic advantages. It was this dual policy of fighting terror at home while nurturing terror groups that target its rivals abroad that has been responsible for Pakistan’s predicament. If it is serious about fighting terrorism, Pakistan should crackdown on terror financing and terror infrastructure. The international community and organizations, including the FATF, should keep up the pressure until Islamabad shows tangible outcomes. The purpose of the author in writing this passage seems to be