Last updated on: 10/29/2007 | Author: ProCon.org

International Monetary Fund (IMF) Biography

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Description:

“The International Monetary Fund was established by international treaty in 1945 to help promote the health of the world economy. Headquartered in Washington, D.C., it is governed by its almost global membership of 184 countries.

The IMF is the central institution of the international monetary system — the system of international payments and exchange rates among national currencies that enables business to take place between countries.”

IMF website, (accessed Aug. 22, 2005)

Mission:

“The IMF aims to prevent crises in the [international monetary] system by encouraging countries to adopt sound economic policies; it is also—as its name suggests—a fund that can be tapped by members needing temporary financing to address balance of payments problems.

The IMF works for global prosperity by promoting

* the balanced expansion of world trade,
* stability of exchange rates,
* avoidance of competitive devaluations, and
* orderly correction of balance of payments problems

The IMF’s statutory purposes include promoting the balanced expansion of world trade, the stability of exchange rates, the avoidance of competitive currency devaluations, and the orderly correction of a country’s balance of payments problems.”

IMF website, (accessed Aug. 22, 2005)

Other:
"The IMF is accountable to the governments of its member countries. At the apex of its organizational structure is its Board of Governors, which consists of one Governor from each of the IMF’s 184 member countries. All Governors meet once each year at the IMF-World Bank Annual Meetings; 24 of the Governors sit on the International Monetary and Finance Committee (IMFC) and meet twice each year. The day-to-day work of the IMF is conducted at its Washington DC headquarters by its 24-member Executive Board; this work is guided by the IMFC and supported by the IMF’s professional staff. The Managing Director is Head of IMF staff and Chairman of the Executive Board, and is assisted by three Deputy Managing Directors." IMF website, (accessed Aug. 22, 2005)
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