About IMF

• The International Monetary Fund was conceived in 1944 at the United Nations Bretton Woods Conference in New Hampshire, United States.
• The IMF and the World Bank are called Bretton Woods twins.
• The IMF is a permanent observer at the UN.
• It is an organization of 190 countries. India is a founder member of the IMF.
• The mandate of the IMF as follows:
  • To promote international monetary cooperation;
  • To facilitate the expansion and balanced growth of international trade;
  • To promote exchange stability;
  • To assist member countries in correcting maladjustments in their balance of payments without resorting to measures destructive of national or international prosperity;
  • To assist in the elimination of foreign exchange restrictions which hamper the growth of world trade.

Why in News?

• International Monetary Fund Chief Kristalina Georgieva has warned that risks to financial stability had increased and stressed the need for vigilance following the recent turmoil in the banking sector.
• She expected 2023 to be another challenging year, with global growth slowing to below 3.0 percent due to the conflict in Ukraine, monetary tightening and scarring from the pandemic.

Reference:

https://newsonair.gov.in/News?title=IMF-Chief-Georgieva-warns-of-increased-financial-stability-risks-following-recent-turmoil-in-banking-sector&id=458251