Consider the following :
1. India is one of the founder members of the International Monetary Fund.
2. India drew from the IMF’s 1974 Oil Facility to meet higher crude oil import costs.
3. IMF membership helped India get World Bank aid for development projects.

Which of the above statements are correct :
(a) 1 and 2 only
(b) 2 and 3 only
( c) 1 and 3 only
(d) 1 , 2 and 3

Question

Consider the following :
1. India is one of the founder members of the International Monetary Fund.
2. India drew from the IMF&rsquo;s 1974 Oil Facility to meet higher crude oil import costs.
3. IMF membership helped India get World Bank aid for development projects.

Which of the above statements are correct :
(a) 1 and 2 only
(b) 2 and 3 only
( c) 1 and 3 only
(d) 1 , 2 and 3

ONLiNE UPSC · Accepted Answer

Statement 1 is correct : As a founding member of the IMF, India was initially assigned a quota of $400 million or about 5.2 per cent of the total. Being the fifth largest quota holder, India was also given a seat on the IMF&rsquo;s Executive Board. With successive
reviews, however, India&rsquo;s quota share has dwindled.

Statement 2 is correct : India resorted to drawals from the IMF under the Oil Facility created in June, 1974 to meet larger outlays for the import of petroleum crude.

Statement 3 is correct : The country&rsquo;s membership of the IMF has
entitled it to become a member of the World Bank; as a member of the Bank, India has received large technical and financial assistance for the various development projects.

International Monetary Fund (IMF)

India's involvement with IMF

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M Question 1	⏱ 0
Consider the following : 1. India is one of the founder members of the International Monetary Fund. 2. India drew from the IMF’s 1974 Oil Facility to meet higher crude oil import costs. 3. IMF membership helped India get World Bank aid for development projects. Which of the above statements are correct : (a) 1 and 2 only (b) 2 and 3 only ( c) 1 and 3 only (d) 1 , 2 and 3