Nauru becomes 189th member of IMF, World Bank

Tiny South Pacific island nation Nauru has become the 189th member of the International Monetary Fund (IMF) and the World Bank i.e. Bretton-Woods institutions. Nauru applied for membership in the Washington-based IMF and World Bank in April 2014, after joining the United Nations in 1996 as the world’s smallest independent republic.

The World Bank, which helps developing countries to spur growth and fight poverty, welcomed Nauru as its smallest member by land mass, at 21 square kilometers. By joining the World Bank, Nauru gains access to financial support, technical support and special expertise in dealing with Pacific area issues, such as water and sanitation and disaster risk management amid the threat of climate change and rising sea levels.

About International Monetary Fund:
The IMF works to foster global growth and economic stability. It provides policy advice and financing to members in economic difficulties and also works with developing nations to help them achieve macroeconomic stability and reduce poverty.

The IMF’s fundamental mission is to ensure the stability of the international monetary system. It does so in three ways: keeping track of the global economy and the economies of member countries; lending to countries with balance of payments difficulties; and giving practical help to members.
Membership: 188 countries
Headquarters: Washington, D.C.
Executive Board: 24 Directors each representing a single country or a group of countries
About World Bank:
1. Since inception in 1944, the World Bank has expanded from a single institution to a closely associated group of five development institutions. Our mission evolved from the International Bank for Reconstruction and Development (IBRD) as facilitator of post-war reconstruction and development to the present-day mandate of worldwide poverty alleviation in close coordination with our affiliate, the International Development Association, and other members of the World Bank Group,
2. World Bank President – Jim Yong Kim
3. Membership – 188 countries (IBRD) 173 countries (IDA)
4. Managing Director of the International Monetary Fund – Christine Lagarde.
So lets do:
1. Expand IMF,IBA,IBRD and IDA ?
2. World bank consisit of how many countries ?
3. Recently which country join the membership of IMF?
4. Where is world bank headquater situated ?

Source – The hindu


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