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Read the following paragraph and answer the questions that follows:
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.
The World Bank was created during the Second World War in 1944. Its activities are focused on the developing countries. It works for human development (education, health), agriculture and rural development (irrigation, rural services), environmental protection (pollution reduction, establishing and enforcing regulations), infrastructure (roads, urban regeneration, and electricity) and governance (anti-corruption, development of legal institutions). It provides loans and grants to the member-countries. In this way, it exercises enormous influence on the economic policies of developing countries. It is often criticised for setting the economic agenda of the poorer nations, attaching stringent conditions to its loans and forcing free market reforms.
Q. As per April 2016, how many members did IMF have?
  • a)
    187
  • b)
    189
  • c)
    188
  • d)
    190
Correct answer is option 'B'. Can you explain this answer?
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The IMF currently has 189 member countries, the Republic of Nauru having joined the Fund on 12 April 2016.
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IMF Membership Overview
The International Monetary Fund (IMF) is a key global financial institution that plays a significant role in the regulation and oversight of financial systems around the world. As of April 12, 2016, the IMF had a total of 189 member countries.
Understanding the Membership Count
- The membership count is a crucial statistic for understanding the IMF's global influence.
- The figure of 189 members indicates the broad international support and participation in the IMF framework.
- This number signifies the inclusion of various countries, from developed to developing nations, which reflects the IMF's mission to promote global economic stability.
Why Option 'B' is Correct
- The question specifically asks for the number of member countries as of April 2016.
- The paragraph explicitly states: "The IMF has 189 member countries (as on 12 April 2016)."
- This clear statement directly confirms that option 'B' (189) is the accurate answer.
Significance of IMF Membership
- Each member country has a share in the IMF, which affects its voting power and influence in decision-making.
- The diverse membership enhances the IMF's ability to address global economic issues collaboratively.
- Understanding the membership structure is essential for analyzing the IMF's role in international finance and economic policy-making.
In summary, the correct answer is option 'B' because the text clearly states the IMF had 189 member countries as of the specified date. This reflects the organization's global reach and impact on international financial systems.
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