Question

What is the full form of IMF?
a. International Monetary Fund
b. International Money Fund
c. Internal Monetary Foundation
d. International Monetary Foundation

Answer 1

Hint: IMF is an international organization of 189 countries working to promote international trade, global monetary cooperation and secure financial growth. It was formally created in 1945.

Complete Answer:
The IMF was primarily established to achieve the goal of reconstructing the international payment system. Now, it has widened its objectives and it plays an active part in the management of balance of payments difficulties and global financial crisis.
The IMF was started in the year 1944 at the Bretton Woods Conference with the help of ideas from Harry Dexter White and John Maynard Keynes. It came into formal existence in 1945 with 29 member countries. Right now, there are 190 member countries who pool resources and help each other as well as various other needy countries in terms of mainly money.
Economic surveillance, lending, facilitating international trade and reduction of poverty all around the world are some of the main purposes of the IMF.
Let us study the options:
Option (a) International Monetary Fund is the full form of IMF. Hence, the correct answer.
Option (b) International Money Fund does not exist and is an incorrect answer.
Option (c) Internal Monetary Foundation is not the expanded form of IMF. So, it's not a correct answer.
Option (d) International Monetary Foundation is also an incorrect option as it does not represent the organization, IMF.
Hence, the correct option is ‘a. International Monetary Fund’.

Note: India is one of the active participants of IMF. It became a member in the year 1945 itself. Till now, the International Monetary Funds has lent $1 trillion to the member countries.