Pakistan joins the International Monetary Fund and the International Bank.
The International Monetary Fund (IMF) is an international financial institution, headquartered in Washington, D.C., consisting of 190 countries. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world." Formed in 1944, started on 27 December 1945, at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes, it came into formal existence in 1945 with 29 member countries and the goal of reconstructing the international monetary system. It now plays a central role in the management of balance of payments difficulties and international financial crises. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. As of 2016, the fund had XDR 477 billion (about US$667 billion).Through the fund and other activities such as the gathering of statistics and analysis, surveillance of its members' economies, and the demand for particular policies, the IMF works to improve the economies of its member countries. The organization's objectives stated in the Articles of Agreement are: to promote international monetary co-operation, international trade, high employment, exchange-rate stability, sustainable economic growth, and making resources available to member countries in financial difficulty. IMF funds come from two major sources: quotas and loans. Quotas, which are pooled funds of member nations, generate most IMF funds. The size of a member's quota depends on its economic and financial importance in the world. Nations with greater economic significance have larger quotas. The quotas are increased periodically as a means of boosting the IMF's resources in the form of special drawing rights.The current managing director (MD) and Chairwoman of the IMF is Bulgarian economist Kristalina Georgieva, who has held the post since October 1, 2019. Indian-American economist Gita Gopinath, who previously served as Chief Economist, was appointed as First Deputy Managing Director, effective January 21, 2022. Pierre-Olivier Gourinchas replaced Gopinath as Chief Economist on January 24, 2022.
Pakistan, officially the Islamic Republic of Pakistan, is a country in South Asia. It is the world's fifth-most populous country, with a population of almost 227 million, and has the world's second-largest Muslim population. Pakistan is the 33rd-largest country by area, spanning 881,913 square kilometres (340,509 square miles). It has a 1,046-kilometre (650-mile) coastline along the Arabian Sea and Gulf of Oman in the south, and is bordered by India to the east, Afghanistan to the west, Iran to the southwest, and China to the northeast. It is separated narrowly from Tajikistan by Afghanistan's Wakhan Corridor in the north, and also shares a maritime border with Oman.
Pakistan is the site of several ancient cultures, including the 8,500-year-old Neolithic site of Mehrgarh in Balochistan, and the Indus Valley Civilisation of the Bronze Age, the most extensive of the civilisations of the Old World. The region that comprises the modern state of Pakistan was the realm of multiple empires and dynasties, including the Achaemenid; briefly that of Alexander the Great; the Seleucid, the Maurya, the Kushan, the Gupta; the Umayyad Caliphate in its southern regions, the Hindu Shahi, the Ghaznavids, the Delhi Sultanate, the Mughals, the Durranis, the Sikh Empire, British East India Company rule, and most recently, the British Indian Empire from 1858 to 1947.
Spurred by the Pakistan Movement, which sought a homeland for the Muslims of British India, and election victories in 1946 by the All-India Muslim League, Pakistan gained independence in 1947 after the Partition of the British Indian Empire, which awarded separate statehood to its Muslim-majority regions and was accompanied by an unparalleled mass migration and loss of life. Initially a Dominion of the British Commonwealth, Pakistan officially drafted its constitution in 1956, and emerged as a declared Islamic republic. In 1971, the exclave of East Pakistan seceded as the new country of Bangladesh after a nine-month-long civil war. In the following four decades, Pakistan has been ruled by governments whose descriptions, although complex, commonly alternated between civilian and military, democratic and authoritarian, relatively secular and Islamist. Pakistan elected a civilian government in 2008, and in 2010 adopted a parliamentary system with periodic elections.Pakistan is a regional and middle power nation, and has the world's sixth-largest standing armed forces. It is a declared nuclear-weapons state, and is ranked amongst the emerging and growth-leading economies, with a large and rapidly-growing middle class. Pakistan's political history since independence has been characterized by periods of significant economic and military growth as well as those of political and economic instability. It is an ethnically and linguistically diverse country, with similarly diverse geography and wildlife. However, the country continues to face challenges, including poverty, illiteracy, corruption and terrorism. Pakistan is a member of the United Nations, the Shanghai Cooperation Organisation, the Organisation of Islamic Cooperation, the Commonwealth of Nations, the South Asian Association for Regional Cooperation, and the Islamic Military Counter-Terrorism Coalition, and is designated as a major non-NATO ally by the United States.