Trending GK | World Economic Outlook October 2021 |

Trending GK | World Economic Outlook October 2021
The International Monetary Fund (IMF) has kept India’s growth forecast for 2021-22 unchanged at 9.5%, but lowered the global growth projection marginally to 5.9% from 6% earlier citing supply disruptions in advanced economies and worsening pandemic dynamics in low-income developing countries.
The multilateral organisation in its latest World Economic Outlook report released on Tuesday has projected India’s economy to grow 8.5% in FY23.
The IMF was established in 1944 in the aftermath of the Great Depression of the 1930s. 44 founding member countries sought to build a framework for international economic cooperation. Today, its membership embraces 190 countries, with staff drawn from 150 nations. The IMF is governed by and accountable to those 190 countries that make up its near-global membership.
The IMF provides advice to member countries and promotes policies designed to foster economic stability, reduce vulnerability to economic and financial crises, and raise living standards. It also provides periodic assessments of global prospects in its World Economic Outlook, of financial markets in its Global Financial Stability Report, of public finance developments in its Fiscal Monitor, and of external positions of the largest economies in its External Sector Report, in addition to a series of regional economic outlooks.
The IMF issues an international reserve asset known as Special Drawing Rights, or SDRs, that can supplement the official reserves of member countries participating in the SDR Department (currently all members of the IMF). A general allocation of SDRs must be consistent with the objective of meeting the long-term global need for reserve assets and requires Board of Governors approval by an 85 percent majority of the total voting power. Once agreed, the allocation is distributed to member countries in proportion to their quota shares at the Fund. Total global allocations are currently about SDR 204.2 billion (some $293 billion). IMF members can voluntarily exchange SDRs for currencies among themselves.
Member quotas are the primary source of IMF financial resources. A member’s quota broadly reflects its size and position in the world economy. The IMF regularly conducts general reviews of quotas. The 14th Review, which was concluded in 2010 and became effective in 2016, doubled quota resources to SDR 477 billion (about US$687 billion). The 15th Review was concluded in 2020 with no increase in quota.
The IMF is accountable to its member country governments. At the top of its organizational structure is the Board of Governors, consisting of one governor and one alternate governor from each member country, usually the top officials from the central bank or finance ministry. The Board of Governors meets once a year at the IMF–World Bank Annual Meetings. Twenty-four of the governors serve on the International Monetary and Financial Committee, or IMFC, which advises the IMF's Executive Board on the supervision and management of the international monetary and financial system.

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