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The International Monetary Fund (IMF) plays a crucial role in promoting international monetary cooperation and in helping to ensure the stability and growth of the global economy. Elucidate.

Topic: Effects of liberalization on the economy.

4. The International Monetary Fund (IMF) plays a crucial role in promoting international monetary cooperation and in helping to ensure the stability and growth of the global economy. Elucidate. (250 words)

Difficulty level: Easy

Reference: Insights on India

Why the question:

The question is part of the static syllabus of General studies paper – 3 and mentioned as part of Mission-2023 Secure timetable.

Key Demand of the question:

To write roles and responsibilities of the IMF. 

Directive word: 

Elucidate – Give a detailed account as to how and why it occurred, or what is the context. You must be defining key terms wherever appropriate and substantiate with relevant associated facts.

Structure of the answer:

Introduction: 

Begin by giving a brief about aims of the World Bank.

Body:

Write about the major aspects of global economy that IMF deals with – promoting international monetary cooperation, exchange stability, and sustainable economic growth. The IMF provides financial assistance and policy advice to member countries experiencing economic difficulties, promotes international economic cooperation and coordination, and works to establish international economic rules and standards. Substantiate with facts and examples.

Conclusion:

Conclude by Summarising.