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IMF is a forum of national economic policies,international monetary and financial systems, Whichinvolves active dialogue with each member country.When there is a country who have a serious finance

problem, other countries loan the money for the poorcountry. IMF is a kind of association among thecountries to prepare the situation when the nation

bank of country is bankrupted.IMF is an administrative unit that is international innature and whose objective is to regulate andadminister the financial system of the world.

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The IMF was conceived in July 1944, whenrepresentatives of 45 governments meeting in thetown of Bretton Woods, New Hampshire, in the

NorthEastern United States, agreed on a frameworkfor international economic cooperation.Bretton wood agreement was contracted in 1944 and

IMF was created in 1946.IMF started to make service with IBRD(international bank of rural and development) in1947.

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IMF headquarters is in Washington, USA.Five largest shareholders are United States, Japan,Germany, France, United Kingdom.16 other executive directors are elected for two yearterms by groups of countries known asConstituencies.

Total quotas of $312 billion; outstanding loans of $72 billion to 82 countries.IMF is an organization of 186 countries.

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Focusing on its core macroeconomic and thefinancial areas of responsibility.Collection and allocation of reserves.Rendering advice to member countries on theirinternational monetary affairs.Promoting research in various areas of international

economics and monetary economics.Providing a forum for discussion and consultationamong member countries.Being in the center of competence.

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Surveillance (like a doctor) - Gathering data andassessing economic policies of countries.

Technical assistance (like a teacher) Strenghtheninghuman skills and institutional capacity of countries.

Financial assistance (like a banker) Lending tocountries to support reforms.

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India and the IMF has a positive relationship. The IMF has providedfinancial assistance to India, which has helped in boosting the countryseconomy.

IMF praised the country, when it was able to avoid the Asian FinancialCrisis in 1999 and was also able to maintain average rate of growth of itseconomy.

In 2010, the IMF said that the budget of India is very positive for it pointsthat the economy of the country will grow at the rate of 6.7%.

IMF said that the reasons behind the economy growth of India are that theRBI has been able to control inflation and has handled its monetory

policies very skillfully.

The IMF has suggested that India can become a financial super power bringing in more reforms in its economic policies that will increase itsgrowth rate to 8%.

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The IMF works to foster global growth andeconomic stability. It provides policy advice

and financing to members in economicdifficulties and also works with developingnations to help them achieve macroeconomicstability and reduce poverty.

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