is the IMF democratic in nature? explain.
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IMF is not democratic in nature as:
1.The dominant role of developed countries over developing countries.
2.Policies of the IMF were centric to the benefits of highly industrialized developed countries over not so industrial countries.
3.It was also criticised for non-developmental policies and theoretical practices which were not practically possible to do because of varied interest of influential countries
1.The dominant role of developed countries over developing countries.
2.Policies of the IMF were centric to the benefits of highly industrialized developed countries over not so industrial countries.
3.It was also criticised for non-developmental policies and theoretical practices which were not practically possible to do because of varied interest of influential countries
soujanya3:
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Explanation:
(i) International Monetary Fund (IMF) is one of the biggest moneylenders for any country in the world. But it is not based on democratic provisions.
(ii) Its 173 member states do not have equal voting rights. The vote of each country is weighed by how much money it has contributed to the IMF.
(iii) Nearly half of the voting power in the IMF is in the hands of only seven countries - US, Japan, France, UK, Saudi Arabia, China and Russia.
(iv) The remaining 166 countries have very little say in how these international organizations take decisions.
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