What is International Monetary Fund(IMF)? Is it based on democratic provisions?
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International Monetary Fund is one of the biggest moneylenders for any country in the world. This organisation with 189 members is not based on democratic provisions.
1. These countries did not have equal voting rights. More than 40% of voting power were given to only seven countrie i.e. US, Japan, France, UK, Germany, Italy and Canada.
2. Rest of 182 countries hardly have any say in its working.
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