In competitive exams, many questions come from International Organization. In this section, candidates can score better by putting some efforts. So, in this article, we will discuss International Financial organization. We will cover remaining International Organization in upcoming articles.
List of International Organizations and their Headquarters
|Headquarters||Washington D.C. (U.S.A.)|
|Head||Jim Yong Kim|
|India and World Bank||India was one of the 17 countries, prepared the agenda for the Bretton Woods Conference (June 1944), it is a founding member of WB|
|Remarks||The World Bank Group works in every major area of development. It provides a wide array of financial products and technical assistance, and help countries share and apply innovative knowledge and solutions to the challenges they face.
International Monetary Fund (IMF)
|Headquarters||Washington D.C. (U.S.A.)|
|Members||The International Monetary Fund (IMF) is an organization of 189 countries.|
|India and IMF||India joined the IMF on December 27, 1945, as one of the IMF’s original members.
|Remarks||The IMF’s primary purpose is to ensure the stability of the international monetary system—the system of exchange rates and international payments that enables countries (and their citizens) to transact with each other. The Fund’s mandate was updated in 2012 to include all macroeconomic and financial sector issues that bear on global stability solutions to the challenges they face.|
World Trade Organization (WTO)
|Founded in||1 January 1995|
|Head||Roberto Azevêdo (Director-General)|
|Members||The WTO has 164 members and 22 observer governments. Liberia became the 163rd member on 14 July 2016, and Afghanistan became the 164th member on 29 July 2016.|
|India and WTO||India have been a WTO member since 1 January 1995 and a member of GATT since 8 July 1948.|
|Remarks||The WTO provides a forum for negotiating agreements aimed at reducing obstacles to international trade and ensuring a level playing field for all, thus contributing to economic growth and development. their interpretation and application. The current body of trade agreements comprising the WTO consists of 16 different multilateral agreements (to which all WTO members are parties) and two different plurilateral agreements (to which only some WTO members are parties).|
Bank for International Settlements (BIS)
|Founded in||May 17, 1930|
|Members||It is an Organization of 60 Central Banks of different countries
India is among its members
|Remarks||The mission of the BIS is to serve central banks in their pursuit of monetary and financial stability, to foster international cooperation in those areas and to act as a bank for central banks.|
World Economic Forum (WEF)
|Members||The World Economic Forum provides a platform for the world’s 1,000 leading companies to shape a better future. As a membership organization, the Forum engages businesses in projects and initiatives – online and offline – to address industry, regional and systemic issues.|
|Remarks||The World Economic Forum, committed to improving the state of the world, is the International Organization for Public-Private Cooperation.
The Forum engages the foremost political, business and other leaders of society to shape global, regional and industry agendas.
The Asian Development Bank
|Founded in||19 December 1966|
|Headquarters||Mandaluyong, Metro Manila, Philippines|
|Members||From 31 members at its establishment in 1966, ADB has grown to encompass 67 members—of which 48 are from within Asia and the Pacific and 19 outside.|
|India and ADB||India is a founding member of the ADB and is now the fourth largest shareholder.|
|Remarks||The Asian Development Bank aims for an Asia and Pacific free from poverty. Its mission is to help developing member countries reduce poverty and improve the quality of life of their people.
As a multilateral development finance institution, ADB provides:
New Development Bank
|Founded in||During the sixth BRICS Summit in Fortaleza (2014), the leaders of BRICS nations signed the Agreement establishing the New Development Bank (NDB).|
|Members||Bank’s Articles of Agreement specify that all members of the United Nations could be members of the bank, however, the share of the BRICS nations can never be less than 55% of voting power.
At present BRICS nations are the members of NDB
|India and NDB||As a member of BRICS, India are one of the founding members of NDB, India has 20% shareholding and 20% of voting rights in NDB.|
|Remarks||The Bank will provide technical and financial assistance for projects to be supported by the NDB and engage in information, cultural and personnel exchanges with the purpose of contributing to the achievement of environmental and social sustainability.|
The Asian Infrastructure Investment Bank (AIIB)
|Members||The bank currently has 56-member states while another 24 are prospective members for a total of 80 approved members.|
|India and AIIB||Fund Shares of countries-
China- 30.34 %
India- 8.52 %
Russia- 6.66 %
Voting shares of countries-
China- 26.06 %
India- 7.5 %
Russia- 5.92 %
|Remarks||AIIB offers sovereign and non-sovereign financing for sound and sustainable projects in energy and power, transportation and telecommunications, rural infrastructure and agriculture development, water supply, and sanitation, environmental protection, and urban development and logistics.|