Indian Economy / International Organizations
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International Monetary Fund was established in the year 1944 along with World Bank (IBRD) by the delegates gathered at the Bretton Woods Conference. Its functioning is based on quota system (based on the GDP, Forex Reserves, Volume of Exports and Imports, Balance of Payments, etc.). 25% of the quota will be in SDRs and remaining 75% in members own country. The size of the quota in IMF determines the voting power. The larger the quota a country has, the greater will be the influence in the working of the IMF.