INTERNATIONAL MONETARY FUND

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• IMF SPECIAL DRAWING RIGHT AND QUOTA:--A member country's quota determines its maximum financial commitment to the IMF, its voting power, and has a bearing on its access to IMF financing.
 when a nation joins the IMF, it is assigned an initial quota in the same range as the quotas of existing members of broadly comparable economic size and characteristics.
•The IMF uses a quota formula to help assess a member’s relative position.

•CURRENT QUOTA FORMULA:-- A weighted average of GDP(weight of 50%), Openness (30%), Economic variability (15%), and International reserves (5%).

● Quotas are denominated in Special Drawing Rights (SDRs).

●Recently held G-20 meeting, proposal to create and distribute an additional 500 billion worth of SDRs was mooted.But it did not take off because it was vetoed by at least two countries: the United States and India.

■SPECIAL DRAWING RIGHTS (SDRS):--It is the IMF’s unit of account and not a
currency. SDR basket of currencies includesU.S. dollar, Euro, Japanese yen, pound sterling and the Chinese renminbi (included in 2016).
SDR was created by the IMF in 1969 to supplement other reserve assets of member countries.

■SDR ALLOCATION:---- is a low cost way of adding to members' international reserves.This helps members to reduce their reliance on more expensive domestic or external debt for building reserves.
Location: Delhi, India

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