Please explain it further. Thank you!

QUESTION 1: What are the specifications within an IMF quota for a state to become a member of the IMF?

=The IMF uses a quota formula to help assess a member's relative position. The current quota formula is a weighted average of GDP (weight of 50 percent), openness (30 percent), economic variability (15 percent), and international reserves (5 percent).

QUESTION 2: What would happen if one country did not pay a loan from the IMF?

= IMF To The Rescue

The defaulting country also approaches its unilateral and bilateral allies to alleviate the economic crisis. Furthermore, the defaulting country can also engage in a debt restructuring plan. This can be done by either extending the date to repay their debts or devaluing their currency.

QUESTION 3: What are the conditions of IMF before lending money to other country?

= Typically, a country's government and the IMF must agree on a program of economic policies before the IMF provides lending to the country. A country's commitments to undertake certain policy actions, known as policy conditionality, are in most cases an integral part of IMF lending.

QUESTION 4: What happens when a country defaults on IMF loan?

=The most immediate impact of sovereign default is that borrowing cost rises for the government in the domestic and international bond market. The higher interest will impact the entire economy of the country, including the value of currency, banking system, stock market, corporate borrowing, etc.