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Consider the following statements with reference to the voting shares in International Monetary Fund (IMF):
- United States has the maximum voting share followed by United Kingdom.
- India occupies the fourth position with a voting share of above 5%.
Which of the statements given above is/are correct?
- a)1 only
- b)2 only
- c)Both 1 and 2
- d)Neither 1 nor 2
Correct answer is option 'D'. Can you explain this answer?
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Consider the following statements with reference to the voting shares ...
- When a country joins the IMF, it is assigned an initial quota in the same range as the quotas of existing members of broadly comparable economic size and characteristics. The IMF uses a quota formula to help assess a member’s relative position.
- The quota in turn determines the weight each country has within the IMF—and hence its voting rights—as well as how much financing it can receive from the IMF. Twenty-five percent of each country's quota is paid in the form of special drawing rights (SDRs), which are a claim on the freely usable currencies of IMF members.
- The top 10 largest members according to the voting share are:
- United States (16.50%), Japan (6.14%), China (6.08%) Hence statement 1 is not correct.
- Germany (5.31%), France (4.03%), United Kingdom (4.03%)
- Italy (3.02%), India (2.63%) Hence statement 2 is not correct. o Russia (2.59%) and Brazil (2.22%)
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Consider the following statements with reference to the voting shares ...
Explanation:
The given statements are:
1. United States has the maximum voting share followed by United Kingdom.
2. India occupies the fourth position with a voting share of above 5%.
Let's analyze each statement:
Statement 1: United States has the maximum voting share followed by United Kingdom.
The statement is incorrect. As of 2021, the United States does not have the maximum voting share in the International Monetary Fund (IMF). In fact, the United States has the largest voting share among the member countries, but it does not hold the majority of votes. The United States currently holds around 16.52% of the total voting share, making it the largest individual shareholder, but it does not have a majority of votes.
Statement 2: India occupies the fourth position with a voting share of above 5%.
The statement is incorrect. India does not occupy the fourth position with a voting share of above 5%. As of 2021, India holds a voting share of around 2.63%, which places it at the eighth position among the IMF member countries.
Therefore, both statements given above are incorrect.
The correct answer is option 'D' - Neither 1 nor 2.
The given statements are:
1. United States has the maximum voting share followed by United Kingdom.
2. India occupies the fourth position with a voting share of above 5%.
Let's analyze each statement:
Statement 1: United States has the maximum voting share followed by United Kingdom.
The statement is incorrect. As of 2021, the United States does not have the maximum voting share in the International Monetary Fund (IMF). In fact, the United States has the largest voting share among the member countries, but it does not hold the majority of votes. The United States currently holds around 16.52% of the total voting share, making it the largest individual shareholder, but it does not have a majority of votes.
Statement 2: India occupies the fourth position with a voting share of above 5%.
The statement is incorrect. India does not occupy the fourth position with a voting share of above 5%. As of 2021, India holds a voting share of around 2.63%, which places it at the eighth position among the IMF member countries.
Therefore, both statements given above are incorrect.
The correct answer is option 'D' - Neither 1 nor 2.
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Consider the following statements with reference to the voting shares in International Monetary Fund (IMF): United States has the maximum voting share followed by United Kingdom. India occupies the fourth position with a voting share of above 5%.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?
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Consider the following statements with reference to the voting shares in International Monetary Fund (IMF): United States has the maximum voting share followed by United Kingdom. India occupies the fourth position with a voting share of above 5%.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Consider the following statements with reference to the voting shares in International Monetary Fund (IMF): United States has the maximum voting share followed by United Kingdom. India occupies the fourth position with a voting share of above 5%.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Consider the following statements with reference to the voting shares in International Monetary Fund (IMF): United States has the maximum voting share followed by United Kingdom. India occupies the fourth position with a voting share of above 5%.Which of the statements given above is/are correct?a)1 onlyb)2 onlyc)Both 1 and 2d)Neither 1 nor 2Correct answer is option 'D'. Can you explain this answer?.
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