Fact Sheet: International Monetary Fund (IMF)

KEY FACTS Headquarters: Washington, D.C. Also known as the Fund IMF and World Bank Articles of Agreement formulated on July 22, 1944 Specialized agency of the United Nations MISSION & PRINCIPLES To promote international monetary cooperation To facilitate the expansion and balanced growth of international trade To promote exchange stability To assist in the establishment of a multilateral system of payments To make resources available to members experiencing balance of payments difficulties LEADERSHIP Board of Governors: one from each member country Executive Board: 24 Directors representing countries or groups of countries Managing Director: Christine Lagarde Staff: Approximately 2,475 from 156 countries MEMBERSHIP 188 countries Members assigned a payment quota based on their size in the global economy Provides policy advice, research, loans, and technical assistance to members To become a member, country must apply and then be accepted by a majority of the existing members CORE RESPONSIBILITIES Surveillance: oversee the international monetary system Financial assistance: provide loans to member countries experiencing payment problems Technical assistance: design appropriate macroeconomic, financial and structural policies Governance: ensure integrity, impartiality, and honesty in its own professional obligations

Backgrounder: International Monetary Fund (IMF)

History The International Monetary fund, also known as the Fund, was conceived on July 22, 1944. Representatives from 45 countries met in the town of Bretton Woods, New Hampshire, in the northeastern United States, and agreed on a framework for international economic cooperation. The IMF came into formal existence in December 1945, when its first 29 member countries signed its Articles of Agreement. It began operations on March 1, 1947. Its headquarters is located in Washington, D.C. Mission The IMFs primary purpose is to ensure the stability of the international monetary system. Principles The IMF aims to promote international monetary cooperation; facilitate the expansion and balanced growth of international trade; promote exchange stability; assist in the establishment of a multilateral system of payments; and make resources available (with adequate safeguards) to members experiencing balance of payments difficulties Leadership The highest decision making body of the IMF is the Board of Governors, consisting of a Governor and Alternate Governor from each member country. They are supported by 24 Directors of the Executive Board. Christine Lagarde is the current Managing Director and Chairman of the Executive Board. Membership The IMF has a membership of 188 countries. Each member country is assigned a payment quota based on their size in the global economy and is provided policy advice, research, loans, and technical assistance. To become a member, a country must apply and then be accepted by a majority of the existing members. Core Responsibilities The IMFs core responsibilities include surveillance, financial assistance, technical assistance, and governance. Through these responsibilities, the IMF oversees the international monetary system, provides loans to member countries experiencing payment problems, designs appropriate macroeconomic, financial, and structural policies, and ensures integrity, impartiality, and honesty in its own professional obligations.

Q&A: International Monetary Fund (IMF)

What is the IMF? The IMF is a specialized agency of the United Nations with its own charter, governing structure, and finances. What does the IMF do? The IMF ensures the stability of the international monetary system by promoting international monetary cooperation; facilitating the expansion and balanced growth of international trade; promoting exchange stability; assisting in the establishment of a multilateral system of payments; and making resources available (with adequate safeguards) to members experiencing balance of payments difficulties. Who belongs to the IMF? The IMF has 188 member countries. How do countries become members? To become a member, a country must apply and then be accepted by a majority of the existing members. Who runs the IMF? The highest decision making body of the IMF is the Board of Governors, consisting of a Governor and Alternate Governor from each member country. They are supported by 24 Directors of the Executive Board. What is a quota and how is it determined? Upon joining, each member country of the IMF is assigned a quota, based broadly on its relative size in the world economy. A member country's quota defines its financial and organizational relationship with the IMF. How to contact the IMF? For more information, call the IMFs telephone operator at (202) 623-7000 or visit their website at www.imf.org.

Talking Points: International Monetary Fund (IMF)

The IMF is a specialized agency of the United Nations Formulated its Articles of Agreement on July 22, 1944 Headquartered in Washington, D.C. 24 members from various countries on Executive Board Managing Director: Christine Lagarde The IMF ensures the stability of the international monetary system promote international monetary cooperation facilitate expansion and balanced growth promote exchange stability assist multilateral system of payments make resources available to members The IMF has 188 member countries Members assigned a payment quota based on their size in the global economy Provide policy advice, research, loans, and technical assistance to members To become a member, country must apply and be accepted by majority of existing members The IMF has four core responsibility areas Surveillance To oversee the international monetary system Financial assistance To provide loans to member countries experiencing payment problems Technical assistance To design appropriate macroeconomic, financial, and structural policies Governance To ensure integrity, impartiality, and honesty in its own professional obligations