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IMF Flashcards

1
Q

Reports by IMF

A

World Economic Outlook

Global Financial Stability Report

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2
Q

Founding member of IMF - India there or not?

A

Yes. India is a founding member

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3
Q

Objectives of IMF

A

Exchange rate stability
International trade for growth
Balance of Payment crisis

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4
Q

Highest Body of IMF

A

Board of Governors.

Have one Governor + One alternate governor - FM + CBG

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5
Q

Board of Governor delegated most of Power to?

A

Executive Board

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6
Q

Executive Board powers?

A

Quota approval
SDR allocation
New members
Bye laws and agreement amendments

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7
Q

Board of Governors advised by?

A

IMFC

Development Committee

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8
Q

What is IMFC?

A

Consist 24 members - FM / CBG - meet 2 / year
Advise BoG - management of international and financial system
No formal decision making powers

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9
Q

What is Development Committee?

A

Formed in 1974. Has 25 members

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10
Q

What are Functions of IMF?

A 
Lend during BoP crisis 
Surveillance of eco and fin system 
Policy advise 
Exchange rate policy appraisal 
Money laundering and terrorism
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11
Q

Benefits to members

A

Information on member economic policy
opportunity to influence members policies
digital, fiscal affairs, technical assistance
BoP assistance

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12
Q

Condition on joining

A

1/4 of Quota pay in widely accepted foreign currency

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13
Q

IMF Quota - what?

A

Member has to pay on joining
Based on share in World economy
Denomination - SDR
25% cash, 75% in securities

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14
Q

IMF quota guides what?

A

Subscription
Votes
Financing it can get

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15
Q

IMF quota review?

A

Every 5 Years

align size and composition of quota to share in world economy

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16
Q

Top 10 IMF countries

A

US UK IT FR GR JP BRIC

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17
Q

What is SDR?

A

Artificial currency of IMF started in 1969 by IMF
International reserve asset
A potential claim on freely usable currency of IMF member

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18
Q

Value of SDR based on?

A

5 international currency. Dollar > Euro > Yen > Pound > Yuan
Basket composition reviewed every 5 years

19
Q

Can private parties hold / use SDR?

20
Q

Criteria for inclusion as basis of SDR?

A

Largest exporters
Freely usable currency
Widely traded in exchange market

21
Q

What is Bancor?

A

Proposed by Keynes.
As global currency
Will create tensions

22
Q

What are sources for lending under IMF?

A

Main funding source - Quota of members
Additional - general agreement to borrow
New agreement to borrow

23
Q

What are instruments under IMF for lending?

A

Poverty reduction and growth facility
Exogenous Shock Facility
Stand By agreements

24
Q

What is Exogenous Shock Facility

A

LIC facing global socks

Policy support + Financial assistance

25
What is Poverty Reduction and Growth Facility
Low income countries | Concessional Rates
26
What are Stand By agreements
Non Concessional. For those in BoP crisis EFF - can take. change in economic policy Not take EFF - funds used well, no need further assistance
27
IR for IMF loans?
Except for PGRD and ESF all IR are market related
28
What is Washington Consensus
IMF conditionalities in exchange of loans ``` Devalue currency Allow FDI Privatisation Flexible labour laws Trade liberalise Foreign part in Stock exchange Currency convertibility Increase rights of foreign investors Cutting expenditure ```
29
What is Austerity?
Cutting expenditure
30
Social protection under IMF?
Adequate cash transfers | Works with partner institutions for social protection
31
What is Money Laundering
Hiding link b/w financial and physical assets generated by criminal activity and illegal origins Can discourage investment and distort international capital flow
32
What is FATF
International Org estb in Paris in 1989 by Ministers of member countries Effective implementation of legal, operative measures for ML, TF Help govt set up AML/CFT regimes
33
Decision making body of FATF?
FATF Plenary
34
Special Data Dissemination Standard
IMF. India part of it. Country makes committee to observe global accounting standards in govt finance Country provides info about their data and data dissemination practice
35
India and IMF
IMF -> India during BoP Crisis India -> IMF during Eurozone crisis India contributor to IMF as participant in Financial Transaction Plan
36
Why need to reform IMF
Conditionalities demand reduction in social sector expenditure
37
What is Chiang Mai Initiative
Initiative among - ASEAN PRC (HK) JP SK Currency Pooling arrangement Draw from foreign exchange reserve pool launched in 2010
38
What is BRICS CRA?
Contingent reserve arrangement Pool of foreign currency each member contribute to poor draw from it during BoP crisis Can borrow only part of its contribution before going to IMF
39
Objective of BRICS CRA
Objective - protection against global liquidity pressure when national currency affecting by international financial pressure
40
What is G10?
Participate in general agreements to borrow | if IMF resources not enough - can be activated to meet member needs
41
What is G15?
at 9th Nam Belgrade 1989 Enhance growth and prosperity Cooperation in - Trade, Investment, Technology Expanded to 17 but same name
42
What is G20?
After 1999 Asian financial crisis FMs. CBGs 1st HoState level in 2008 IMF MD + WB MD + IMFC Ch + DC Ch
43
What is G24?
in 1971, emerging market and developing countries meet 2/ear before IMFC and DC meet intenrational mgt and development of financial issues ensure international adequate met Member limited to 24, any of G77 can pariticipate
44
What is G77?
1964 at end of 1st session of UNCTAD in geneva promote collective economic interest Chair - 2019 Palestine

Economy (8 decks)

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