International Monetary Fund
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The International Monetary Fund (IMF) is an international organization. 189 countries are members of the International Monetary Fund. It has its headquarters in Washington, D.C., USA.
Origin
In the 1930s, many countries faced economic problems. The standard of living declined, and a great many people were unemployed. International trade became much smaller. Some countries reduced the value of their currencies. All these factors combined in the 1930s, and an economic depression resulted. By late 1939, the Second World War had started.
As the Second World War ended, most countries found that international values faced many restrictions and were not smooth. Leaders of many countries thought over these matters and discussed them in meetings and agreed on the Bretton Woods system. Thus, after the Second World War, many countries felt the need to have an organization to get help in monetary matters between countries. To begin with, 29 countries discussed the matter, and signed an agreement. The agreement was the Articles of Association of the International Monetary Fund. The International Monetary Fund came into being in 29th December 1945.
Membership
Any country may apply to become a member of the IMF. When a country applies for membership, the IMF’s executive board examines the application. If found suitable, the executive board gives its report to IMF’s Board of Governors. After the Board of Governor clears the application, the country may join the IMF. However, before joining, the country should fulfill legal requirements, if any, of its own country. Every member has a different voting right. Likewise, every country has a different right to draw funds. This depends on many factors, including the member country’s first subscription to the IMF. Currently IMF consists of 190 countries as stated on the official website.
Functions
The IMF does a number of supervisory works relating to financial dealings between different countries. Some of the works done by IMF are:
- Helping in international trade, that is business between countries
- Looking after exchange rates
- Looking after balance of payments
- Helping member countries in economic development
- It also provides a machinery for international consultations.
Management
A Board of Directors manages the IMF. One tradition has governed the selection of two most senior posts of IMF. Firstly, IMF’s managing director is always European. World Bank's president is always from the United States of America.
Current managing director is Bulgarian economist Kristalina Georgieva.
The major countries of Europe and America control the IMF. This is because they have given more money to IMF by way of first subscriptions, and so have larger share of voting rights.
List of managing directors
| Term | Dates | Name | Citizenship | Background |
|---|---|---|---|---|
| 1 | 6 May 1946 – 5 May 1951 | Dr. Camille Gutt |  Belgium
|
Politician, Economist, Lawyer, Economics Minister, Finance Minister |
| 2 | 3 August 1951 – 3 October 1956 | Ivar Rooth |  Sweden
|
Economist, Lawyer, Central Banker |
| 3 | 21 November 1956 – 5 May 1963 | Per Jacobsson | Sweden
|
Economist, Lawyer, Academic, League of Nations, BIS |
| 4 | 1 September 1963 – 31 August 1973 | Pierre-Paul Schweitzer |  France
|
Lawyer, Businessman, Civil Servant, Central Banker |
| 5 | 1 September 1973 – 18 June 1978 | Dr. Johan Witteveen |  Netherlands
|
Politician, Economist, Academic, Finance Minister, Deputy Prime Minister, CPB |
| 6 | 18 June 1978 – 15 January 1987 | Jacques de Larosière | France
|
Businessman, Civil Servant, Central Banker |
| 7 | 16 January 1987 – 14 February 2000 | Dr. Michel Camdessus | France
|
Economist, Civil Servant, Central Banker |
| 8 | 1 May 2000 – 4 March 2004 | Horst Köhler |  Germany
|
Politician, Economist, Civil Servant, EBRD, President |
| 9 | 7 June 2004 – 31 October 2007 | Rodrigo Rato |  Spain
|
Politician, Businessman, Economics Minister, Finance Minister, Deputy Prime Minister |
| 10 | 1 November 2007 – 18 May 2011 | Dr. Dominique Strauss-Kahn | France
|
Politician, Economist, Lawyer, Businessman, Economics Minister, Finance Minister |
| 11 | 5 July 2011 – 12 September 2019 | Christine Lagarde | France
|
Politician, Lawyer, Finance Minister |
| 12 | 1 October 2019 – present | Dr. Kristalina Georgieva |  Bulgaria
|
Politician, Economist |
International Monetary Fund Media
Board of Governors International Monetary Fund (1999)
IMF Data Dissemination Systems participants: IMF member using SDDS IMF member using GDDS IMF member, not using any of the DDSystems non-IMF entity using SDDS non-IMF entity using GDDS no interaction with the IMF
Plaque Commemorating the Formation of the IMF in July 1944 at the Bretton Woods Conference
IMF "Headquarters 1" in Washington, D.C., designed by Moshe Safdie
The Gold Room within the Mount Washington Hotel where the Bretton Woods Conference attendees signed the agreements creating the IMF and World Bank
First page of the Articles of Agreement of the International Monetary Fund, 1 March 1946. Finnish Ministry of Foreign Affairs archives
IMF member states IMF member states not accepting the obligations of Article VIII, Sections 2, 3, and 4 Former IMF states/non-participants/no data available
On 28 June 2011, Christine Lagarde was named managing director of the IMF, replacing Dominique Strauss-Kahn.
Anarchist protest against the IMF and corporate bailout
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