The IMF has announced that India is among the few bright spots in the global economy. The announcement was made by IMF Chief Christine Lagarde at the meeting of G20 Finance Minister and Central Bank Governors. Among emerging economies if there is any growth, that is in India. India is among the few bright spots in the global economy.
Policymakers from South Korea, Australia, China and the US were among those who were present at the meeting. Meanwhile China assured other G20 member countries that its economy would not collapse and would continue to grow at a slower pace.
- The International Monetary Fund (IMF) is an international organization headquartered in Washington, DC.
- It was formed in 1944 at the Bretton Woods Conference.
- A total of 188 countries working together to foster global monetary cooperation, secure financial stability, reduce poverty around the world..etc.
- Voting power in the IMF is based on a quota system. Each member has a number of basic votes plus one additional vote for each Special Drawing Right (SDR) of 100,000 of a member country’s quota.
What is Nixon Shock?
The Nixon Shock was a series of economic measures undertaken by United States President Richard Nixon in 1971, the most significant of which was the unilateral cancellation of the direct convertibility of the United States dollar to gold.
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The 2015 G20 Finance Ministers and Central Bank Governors meeting is being held in
