Consider the following statements about IMF: All members of International Monetary Fund are also members of International Bank for Reconstruction and Development (IBRD) IMF lends only to member countries Which among the above statements is/ are correct ?
Q. Consider the following statements about IMF: All members of International Monetary Fund are also members of International Bank for Reconstruction and Development (IBRD) IMF lends only to member countries Which among the above statements is/ are correct ?
Answer: Only 2 is correct
Notes:
  1. All members of International Monetary Fund are also members of International Bank for Reconstruction and Development (IBRD): This statement is incorrect. While there is significant overlap in membership between the IMF and IBRD (part of the World Bank group), they are separate institutions with different member countries. Not all IMF members are necessarily members of the IBRD as well.
  2. IMF lends only to member countries: This statement is correct. The IMF is a cooperative institution that promotes global monetary cooperation and provides policy advice as well as loans to its member countries to help address balance of payments problems and foster economic growth and stability. Only members of the IMF, which meet certain quotas and voting requirements, are eligible to access financing from the IMF.

 

Above question is part of 10000+ MCQs for UPSC (Prelims) Paper-1 course in GKToday Android app.