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The International Monetary Fund (IMF) was conceived at the Bretton Woods Conference mainly to help members during the Balance of Payment (BoP) crisis and to stabilize the currency exchange rates of countries, and giving practical/technical help to members by helping in framing economic or financial policies etc.
Body:
Given its unequal voting power mechanism and quota parameters IMF doesn’t always serve the interests of poor & developing countries:
Reforms needed to address this problem:
If implemented, about 6 percent of quota shares will shift to emerging market countries. As a result, quota shares of traditionally strong economies such as the United States, Saudi Arabia and European countries will be diminished.
Conclusion:
The IMF could turn irrelevant unless it reforms to keep up with rival global institutions and reflects contemporary global economic reality. With its core resources increased, IMF will be able to better respond to the ongoing financial crisis.
By: DATTA DINKAR CHAVAN ProfileResourcesReport error
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