IMF

International Monetary Fund, IMF was established in 1944. The IMF has its headquarters in Washington, D.C.

Activities

The IMF is dedicated to the promotion of multilateral monetary co-operation and stability. The IMF

• oversees the global financial system
• facilitates the expansion of balanced growth of international trade
• provides technical assistance in various forms and regular consultations to its member states.

The IMF also provides funds for individual states in balance of payment difficulty. It plays an important role in member states decisions on exchange rates.

Quotas

Each member state is allocated a quota in the Fund - the so called Special Drawing Rights (SDRS) - assessed according to the country's economic power. This quota determines each country's

1. voting power
2. contributions to the Fund
3. access to the use of the Fund's resources.

Structure

The Board of Governors is the highest executive organ of the IMF. It comprises a governor and an alternative governor for each member country. It meets annually in conjunction with the World Bank Group meeting. Between these meetings, the decision-making is delegated to the Executive Board.

The Executive Board is responsible for the daily business of the Fund. It consist of the Managing Director as Chair and twenty-four Executive Directors.