International Monetary

Fund (IMF)
• The formation of the IMF was initiated in 1944 at the Bretton
Woods Conference. IMF came into operation on 27th December
1945
• It consists of 190 member countries. Headquartered in
Washington, D.C., IMF welcomed the Principality of Andorra as its
190th member.
• IMF focuses on fostering global monetary cooperation, securing
financial stability, facilitating and promoting international trade,
employment, and economic growth around the world.
• The IMF, also known as the Fund, was conceived at a UN conference
in Bretton Woods, New Hampshire, United States, in July 1944
• The IMF is headed by a Managing Director who is elected by the
Executive Board for a 5-year term of office. The International
Monetary Fund (IMF) consists of the Board of Governors,
Ministerial Committees, and the Executive Board.
• Kristalina Georgieva, Managing Director of the International
Monetary Fund (IMF)
• Indian-American Gita Gopinath, the chief economist of International
Monetary Fund, is being promoted as IMF’s First Deputy Managing
Director
IMF Quotas:
• IMF funds come from two major sources – Quota and Loans.
• Quotas which are pooled funds of member nations, generate most
IMF funds.
• The size of a member’s quota depends on its economic and financial
importance in the world.
• Nations with larger economic importance have larger quotas.
• The quotas are increased periodically as a means of boosting the
IMF resources in the form of Special Drawing Rights.
 World Economic Outlook
• WEO is a survey by the IMF that is usually published twice a year in
the months of April and October.
• It analyses and predicts global economic developments during the
near and medium term.
• In response to the growing demand for more frequent forecast
updates, the WEO Update is published in January and July between
the two main WEO publications released usually in April and
October.
• Recently, the International Monetary Fund (IMF)has released
its World Economic Outlook (WEO) report.
• In the IMF’s latest Economic Outlook, Bangladesh surpasses India in
per capita GDP.
• India is currently the fifth-largest economy in the world and is
considered the most developed country in South Asia. But recently,
the result of the IMF’s economic outlook has come as a shocker for
India.
• From 5 years India’s per capita GDP is 25% more than Bangladesh
but now India lagged behind.

Functions
• Regulatory functions: IMF functions as a regulatory body and as per
the rules of the Articles of Agreement, it also focuses on
administering a code of conduct for exchange rate policies and
restrictions on payments for current account transactions.
• Financial functions: IMF provides financial support and resources to
the member countries to meet short term and medium term
Balance of Payments (BOP) disequilibrium.
• Consultative functions: IMF is a center for international cooperation
for the member countries. It also acts as a source of counsel and
technical assistance.
Formation of IMF
• The breakdown of international monetary cooperation during the
Great Depression led to the development of the IMF, which aimed at
improving economic growth and reducing poverty around the world.
The International Monetary Fund (IMF) was initially formed at the
Bretton Woods Conference in 1944. 45 government representatives
were present at the Conference to discuss a framework for postwar
international economic cooperation.
• The IMF became operational on 27th December 1945 with 29
member countries that agreed to bound to this treaty. It began its
financial operations on 1st March 1947. Currently, the IMF consists
of 189 member countries.
• The IMF is regarded as a key organisation in the international
economic system which focuses on rebuilding the international
capital along with maximizing the national economic sovereignty
and human welfare.

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 UNESCO
• UNESCO is a specialised agency of the United Nations that works for
world peace through global cooperation in the fields of education,
culture and the sciences.
• United Nations Educational, Scientific and Cultural Organization
(UNESCO).
• Through its programmes, it strives to achieve the Sustainable
Development Goals (SDGs).
• Headquartered in Paris
• UNESCO develops educational tools so as to help humanity live in a
world free of intolerance and hate.
• It works in preserving the cultural heritage of the world’s many
cultures and also promotes the equal dignity of all cultures.
• Although officially founded as UNESCO in 1945, the organisation
had its origins in the League of Nations itself. The Constitution of
UNESCO came into force in 1946.
• Currently, UNESCO has 193 members.
 The US, Israel and Liechtenstein are members of the UN, but not
members UNESCO.
 The US and Israel pulled out in 2019 citing bias in the organisation
in the Palestine issue.
 The US had pulled out of UNESCO once earlier in 1984 and then
rejoined in 2003.
 Three countries, namely, Palestine, Niue and the Cook Islands are
members of UNESCO, but not of the UN.
• UNESCO is headed by its Director-General.
• Audrey Azoulay is a French civil servant and politician who has been
serving as the Director-General of UNESCO.
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 UNESCO World Heritage Sites:
• The United Nations Educational, Scientific and Cultural
Organization (UNESCO) World Heritage Sites are the
important places of cultural or natural heritage as described
in the UNESCO World Heritage Convention, established in
1945.
• India accepted the convention on 14 November 1977,
making its sites eligible for inclusion on the list.
• The first sites to be inscripted were Ajanta Caves, Ellora
Caves, Agra Fort, and Taj Mahal.
• At present, there are 40 World Heritage Sites located
in India. Out of these, 32 are cultural, 7 are natural, and 1 is
mixed (meeting both cultural and natural criteria).
• India has the sixth largest number of sites in the world.
• The latest site to be inscribed is Dholavira, Gujarat in 2021.
• Maharashtra having highest number of sites

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 United Nations Conference on Trade and
Development (UNCTAD)
• The United Nations Conference on Trade and Development
(UNCTAD) is a body of the UN that aims to develop opportunities,
investments and trade in developing countries.
• Framing policies in various domains such as trade, technology,
finance, aid, and transport is the most important priority of
UNCTAD. Geneva is the permanent secretariat of UNCTAD.

• Rebeca Grynspan, of Costa Rica, was appointed the eighth

Secretary-General of United Nations Conference on Trade and
Development (UNCTAD) on 13 September 2021. She is an economist
from Costa Rica. She will be the first woman

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Reports published by UNCTAD are:
• Trade and Development Report
• World Investment Report
• Technology and Innovation Report
• Digital Economy Report
The United Nations Conference on Trade and Development
(UNCTAD) has released its latest Trade and Development Report.
• This is necessary because of the hardship caused by the Covid-19
pandemic. Developing countries may see their public external debt
increase to $2.4-3.6 trillion in 2020 and 2021.

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