Question

How many member states are there in the international Monetary Fund ?
(a) 173
(b) 192
(c) 200
(d) 190

Answer 1

Hint: The key goal is to ensure the integrity of the international monetary system by a system of exchange rates and international payments that encourages countries to make transactions with one another.

Complete answer: The International Monetary Fund (IMF) is an organisation of 190 countries working to foster global monetary cooperation, ensure financial stability, encourage international trade, promote high employment and sustainable economic development, and eradicate poverty worldwide. In July 1944, at a UN conference in Bretton Woods, New Hampshire, USA, the IMF, also known as the Fund, was conceived. At that meeting, 44 countries tried to create a mechanism for economic cooperation to prevent frequent competitive devaluations. That led to the 1930s Great Depression. The IMF officially entered into being on 27 December 1945, after its Articles of Agreement were ratified by the first nations. The IMF is the International Monetary Fund, which provides the government with loans when funds are needed. For every country in the world, it's the greatest moneylender. However after reviewing their accounts, the IMF offers loans to countries and also recommends that they change their economic policies. The IMF has 188 members, but there are no fair voting rights for any country in the organisation. The country's vote relies on the monetary donations they have made to the IMF. Therefore, affluent countries such as the US, Japan, France, Britain, Canada, Saudi Arabia and China account for more than 52 percent of the voting power. The remaining 178 countries had very little interest in the functioning or operation of the IMF.

Hence, The correct answer is Option D.

Note: The International Monetary Fund is an organisation of 190 countries devoted to fostering global monetary integration, ensuring financial stability, encouraging international exchange, promoting high levels of employment and balanced economic development, and reducing global poverty. The IMF was founded in 1945 and is controlled and accountable to the 190 nations that make up its near-global membership.