Topic: Effects of liberalization on the economy.
4. Write a critique of the International Monetary Fund (IMF) in fostering global monetary cooperation and facilitating international trade. (250 words)
Difficulty level: Moderate
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 a critique of IMF and suggest possible reforms in it.
Structure of the answer:
Introduction:
Begin by giving a brief about aims of the International Monetary Fund (IMF)
Body:
First, in brief, write about the major aspects of global economy that IMF deals with.
Next, using facts and figures to substantiate, give the successes and limitations of IMF in regards to – foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world etc.
Next, suggest possible reforms that are needed in the IMF.
Conclusion:
Conclude by writing a way forward.
