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Consider the following statements about the International Monetary Fund.
1. It is an international organisation that oversees those financial institutions and regulations that act at the international level
2. Germany has second highest percentage of votes in IMF
Which of these statements are correct?
- a)1 Only
- b)2 Only
- c)Both of them
- d)Neither of them
Correct answer is option 'A'. Can you explain this answer?
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Verified Answer
Consider the following statements about the International Monetary Fu...
- The International Monetary Fund (IMF) is an international organisation that oversees those financial institutions and regulations that act at the international level.
- The IMF has 189 member countries (as on 12 April 2016) but they do not enjoy an equal say. The G-7 members US (16.52%), Japan (6.15%), Germany (5.32%), France (4.03%), UK (4.03%), Italy (3.02%) and Canada (2.22%) have 41.29% of the votes. China (6.09%), India (2.64%), Russia (2.59%) Brazil (2.22%) and Saudi Arabia (2.02%) are the other major members.
Most Upvoted Answer
Consider the following statements about the International Monetary Fu...
Statement 1: The International Monetary Fund (IMF) is an international organization that oversees financial institutions and regulations at the international level.
The statement is correct. The IMF is an international organization established in 1944 with the goal of promoting global monetary cooperation, securing financial stability, facilitating international trade, promoting high employment and sustainable economic growth, and reducing poverty around the world. It acts as a forum for member countries to discuss and coordinate policies, provides financial assistance to member countries facing balance of payments problems, and offers technical assistance and training to help countries build capacity in areas such as fiscal management and monetary policy.
The IMF also plays a regulatory role by overseeing the global financial system. It monitors the economic and financial developments of its member countries, assesses their policies, and provides policy advice to promote stability and growth. It also conducts surveillance of the global economy and issues reports and recommendations on various topics such as exchange rates, fiscal policies, and financial sector stability.
Statement 2: Germany has the second-highest percentage of votes in the IMF.
The statement is incorrect. The voting power in the IMF is determined by each member country's quota, which is based on its economic size and contributions to the fund. The United States has the largest quota and the highest percentage of votes, followed by Japan, China, Germany, France, and the United Kingdom. While Germany does have a significant voting share in the IMF, it does not have the second-highest percentage of votes.
Therefore, the correct answer is option 'A' - Statement 1 only. The IMF is an international organization that oversees financial institutions and regulations at the international level, but Germany does not have the second-highest percentage of votes in the IMF.
The statement is correct. The IMF is an international organization established in 1944 with the goal of promoting global monetary cooperation, securing financial stability, facilitating international trade, promoting high employment and sustainable economic growth, and reducing poverty around the world. It acts as a forum for member countries to discuss and coordinate policies, provides financial assistance to member countries facing balance of payments problems, and offers technical assistance and training to help countries build capacity in areas such as fiscal management and monetary policy.
The IMF also plays a regulatory role by overseeing the global financial system. It monitors the economic and financial developments of its member countries, assesses their policies, and provides policy advice to promote stability and growth. It also conducts surveillance of the global economy and issues reports and recommendations on various topics such as exchange rates, fiscal policies, and financial sector stability.
Statement 2: Germany has the second-highest percentage of votes in the IMF.
The statement is incorrect. The voting power in the IMF is determined by each member country's quota, which is based on its economic size and contributions to the fund. The United States has the largest quota and the highest percentage of votes, followed by Japan, China, Germany, France, and the United Kingdom. While Germany does have a significant voting share in the IMF, it does not have the second-highest percentage of votes.
Therefore, the correct answer is option 'A' - Statement 1 only. The IMF is an international organization that oversees financial institutions and regulations at the international level, but Germany does not have the second-highest percentage of votes in the IMF.
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Consider the following statements about the International Monetary Fund. 1. It is an international organisation that oversees those financial institutions and regulations that act at the international level2. Germany has second highest percentage of votes in IMFWhich of these statements are correct?a) 1 Onlyb) 2 Onlyc) Both of themd) Neither of themCorrect answer is option 'A'. Can you explain this answer?
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