Indian and International Finance system

International Financial Institutional –

The International Monetary Fund, also known as IMF, promotes financial stability and monetary cooperation in the world.
It also looks after international trade, promotes employment and sustainable economic growth, and helps reduce global poverty.
The IMF is governed by and accountable to its 190 member countries.

Mission & Establishment

The IMF was established in July 1944 at the United Nations Bretton Woods Conference in New Hampshire, United States.
The 44 countries in attendance sought to build a common platform for international economic cooperation and avoid repeating the competitive currency devaluations that led to the Great Economic Depression of 1930.
The primary mission of the IMF is to ensure stability of the international monetary system of exchange rates and international payments that enable the countries and their citizens to transact among themselves.

Reports Released by the IMF

The World Economic Forum engages the foremost political, business, cultural, and other leaders of society to shape the global, regional, and industry agendas.
It was established in 1971 as a not-for-profit foundation as an independent, impartial, and not tied to any special interests.
sThe WEF is headquartered in Geneva, Switzerland.
The forum strives in all its efforts to demonstrate entrepreneurship in the global public interest while upholding the highest standards of governance.

Reports released by the WEF

The World Bank was established at the 1944 Bretton Woods Conference along with the IMF.
The World Bank is headquartered in Washington D.C.
It is an international financial institution responsible for providing loans to the countries for their developmental programs.
The World Bank is like a cooperative, made up of 189 member countries. These member countries, or shareholders, are represented by a Board of Governors, who are the ultimate policymakers at the World Bank.

Reports Released by World Bank

The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between the nations.
The WTO agreements are the heart of the WTO. They are negotiated and signed by the bulk of the world’s trading nations and ratified in their parliaments.
The goal is to ensure that the trade takes place smoothly, predictably, and as freely as possible.

WTO Important Facts

Headquarters – Geneva, Switzerland

Established on – January, 01, 1995

Established by – Uruguay Round Negotiations (1986-94)

Membership – 164 members representing 98% of world trade

Budget – 197 million Swiss Francs (2020)

Secretariat Staff – 623

The Asian Development Bank (ADB) is a multilateral development finance institution founded in 1966 by 31 member governments. It was established to promote the social and economic progress of the Asian and Pacific region.
Over the past 31 years, the Bank’s membership has increased to 57, of which, 41 are from within the region and 16 from outside the region.
The Bank is responsible to cater to the needs of the smaller or under-developed countries. It prioritizes the regional, sub-regional, and national projects and programs.

Goals of ADB

Brazil, Russia, India, China, and South Africa (BRICS) are leading emerging economies and political powers at the regional and international level.
The acronym was coined in 2001 to highlight the exceptional role of important emerging economies and then the acronym included Brazil, Russia, India, and China (BRIC) only.
It was pointed out that high growth rates, economic potential and demographic development were going to put BRIC further in a lead position and it was argued that their increased relevance should also be reflected in their incorporation to the G7.
The four countries themselves started to meet as a group in 2006 and it was only in 2010 that South Africa was invited to join the group, which was then referred to as BRICS.

Focus Area of BRICS