1he lnLernaLlonal MoneLary lund (lMl) ls an organlzaLlon of 187

counLrles worklng Lo fosLer global moneLary cooperaLlon secure flnanclal sLablllLy

faclllLaLe lnLernaLlonal Lrade promoLe hlgh employmenL and susLalnable economlc
growLh and reduce poverLy around Lhe world
Cverv|ew
1he lMl works Lo fosLer global growLh and economlc sLablllLy lL
provldes pollcy advlce and flnanclng Lo members ln economlc dlfflculLles and also works
wlLh developlng naLlons Lo help Lhem achleve macroeconomlc sLablllLy and reduce
poverLy
About the IMI About the IMI
ob[ect|ve
WlLh lLs nearglobal membershlp of 187 counLrles Lhe lMl ls unlquely
placed Lo help member governmenLs Lake advanLage of Lhe opporLunlLlesand manage
Lhe challengesposed by globallzaLlon and economlc developmenL more generally 1he
lMl Lracks global economlc Lrends and performance alerLs lLs member counLrles when lL
sees problems on Lhe horlzon provldes a forum for pollcy dlalogue and passes on know
how Lo governmenLs on how Lo Lackle economlc dlfflculLles
Submitted to:
KADI SARVA VISHWAVIDYALAYA
GANDHINAGAR
u|ded by
Mrs NISHA SHARMA
repared by
ASHVINBHAI A. PATEL COMMERCE COLLEGE
SECTER -23, GANDHINAGAR
ACADEMIC YEAR ; (2011-2012)
1he lMl provldes pollcy advlce and flnanclng Lo members ln economlc
dlfflculLles and also works wlLh developlng naLlons Lo help Lhem achleve macroeconomlc
sLablllLy and reduce poverLy
Marked by masslve movemenLs of caplLal and abrupL shlfLs ln comparaLlve
advanLage globallzaLlon affecLs counLrles pollcy cholces ln many areas lncludlng labor Lrade
and Lax pollcles Pelplng a counLry beneflL from globallzaLlon whlle avoldlng poLenLlal
downsldes ls an lmporLanL Lask for Lhe lMl 1he global economlc crlsls has hlghllghLed [usL
how lnLerconnecLed counLrles have become ln Loday's world economy
ey IMI act|v|t|es ey IMI act|v|t|es
1he IMI supports |ts membersh|p by prov|d|ng
* pollcy advlce Lo governmenLs and cenLral banks based on analysls of economlc
Lrends and crosscounLry experlences
* research sLaLlsLlcs forecasLs and analysls based on Lracklng of global reglonal and
lndlvldual economles and markeLs
* loans Lo help counLrles overcome economlc dlfflculLles
* concesslonal loans Lo help flghL poverLy ln developlng counLrles and
* Lechnlcal asslsLance and Lralnlng Lo help counLrles lmprove Lhe managemenL of
Lhelr economles
Cr|g|na| a|ms
1be lMl wos foooJeJ mote tboo 60 yeots oqo towotJ tbe eoJ of wotlJ
wot ll (see nlstoty) 1be foooJets olmeJ to bollJ o ftomewotk fot ecooomlc
coopetotloo tbot woolJ ovolJ o tepetltloo of tbe Jlsosttoos ecooomlc pollcles tbot boJ
coottlboteJ to tbe Cteot ueptessloo of tbe 19J0s ooJ tbe qlobol coofllct tbot followeJ
lnce Lhen Lhe world has changed dramaLlcally brlnglng exLenslve prosperlLy and
llfLlng mllllons ouL of poverLy especlally ln Asla ln mony woys the lMls moin purposeto
provide the q/obo/ pub/ic qood of finoncio/ stobi/ityls Lhe same Loday as lL was when Lhe
organlzaLlon was esLabllshed More speclflcally Lhe lMl conLlnues Lo
* prov|de a forum for cooperat|on on |nternat|ona| monetary prob|ems
* fac|||tate the growth of |nternat|ona| trade thus promot|ng [ob
creat|on econom|c growth and poverty reduct|on
* promote exchange rate stab|||ty and an open system of |nternat|ona|
payments and
* |end countr|es fore|gn exchange when needed on a temporary bas|s
and under adequate safeguards to he|p them address ba|ance of payments
prob|ems
An adapt|ng IMI An adapt|ng IMI
1he lMl has evolved along wlLh Lhe global economy LhroughouL lLs 63year hlsLory
allowlng Lhe organlzaLlon Lo reLaln lLs cenLral role wlLhln Lhe lnLernaLlonal flnanclal archlLecLure
As Lhe world economy sLruggles Lo resLore growLh and [obs afLer Lhe worsL crlsls slnce
Lhe CreaL uepresslon Lhe lMl has emerged as a very dlfferenL lnsLlLuLlon uurlng Lhe crlsls lL
moblllzed on many fronLs Lo supporL lLs member counLrles lL lncreased lLs lendlng used lLs
crosscounLry experlence Lo advlse on pollcy soluLlons supporLed global pollcy coordlnaLlon
and reformed Lhe way lL makes declslons 1he resulL ls an lnsLlLuLlon LhaL ls more ln Lune wlLh
Lhe needs of lLs 187 member counLrles
* Stepp|ng up cr|s|s |end|ng 1he IMI responded qu|ck|y to the g|oba| econom|c cr|s|s
w|th |end|ng comm|tments reach|ng a record |eve| of more than US52S0 b||||on |n 2010 1h|s
f|gure |nc|udes a sharp |ncrease |n concess|ona| |end|ng (that's to say subs|d|zed |end|ng at
rates be|ow those be|ng charged by the market) to the wor|d's poorest nat|ons
* reater |end|ng f|ex|b|||ty 1he IMI has overhau|ed |ts |end|ng framework to make |t
better su|ted to countr|es' |nd|v|dua| needs It |s a|so work|ng w|th other reg|ona| |nst|tut|ons
to create a broader f|nanc|a| safety net wh|ch cou|d he|p prevent new cr|ses
* rov|d|ng ana|ys|s and adv|ce 1he IMI's mon|tor|ng forecasts and po||cy adv|ce
|nformed by a g|oba| perspect|ve and by exper|ence from prev|ous cr|ses have been |n h|gh
demand and have been used by the 20
* Draw|ng |essons from the cr|s|s 1he IMI |s contr|but|ng to the ongo|ng
effort to draw |essons from the cr|s|s for po||cy regu|at|on and reform of the g|oba|
f|nanc|a| arch|tecture
* n|stor|c reform of governance1he IMI's member countr|es a|so agreed to a
s|gn|f|cant |ncrease |n the vo|ce of dynam|c emerg|ng and deve|op|ng econom|es |n the
dec|s|on mak|ng of the |nst|tut|on wh||e preserv|ng the vo|ce of the |ow|ncome members
n|story
1he IMI has p|ayed a part |n shap|ng the g|oba| economy s|nce the end of
Wor|d War II
1 Cooperat|on and reconstruct|on (194471) 1 Cooperat|on and reconstruct|on (194471)
uurlng Lhe CreaL uepresslon of Lhe 1930s counLrles aLLempLed Lo shore
up Lhelr falllng economles by sharply ralslng barrlers Lo forelgn Lrade devalulng Lhelr
currencles Lo compeLe agalnsL each oLher for exporL markeLs and curLalllng Lhelr
clLlzens freedom Lo hold forelgn exchange 1hese aLLempLs proved Lo be self
defeaLlng World Lrade decllned sharply (see charL below) and employmenL and llvlng
sLandards plummeLed ln many counLrles
1hls breakdown ln lnLernaLlonal moneLary cooperaLlon led Lhe lMls founders
Lo plan an lnsLlLuLlon charged wlLh overseelng Lhe lnLernaLlonal moneLary sysLemthe system
of exchange rates and |nternat|ona| payments that enab|es countr|es and the|r c|t|zens to buy
goods and serv|ces from each other 1he new g|oba| ent|ty wou|d ensure exchange rate
stab|||ty and encourage |ts member countr|es to e||m|nate exchange restr|ct|ons that h|ndered
trade
A 1he 8retton Woods agreement A 1he 8retton Woods agreement
1he IMI was conce|ved |n Iu|y 1944 when representat|ves of 4S countr|es meet|ng
|n the town of 8retton Woods New nampsh|re |n the northeastern Un|ted States agreed on a
framework for |nternat|ona| econom|c cooperat|on to be estab||shed after the Second Wor|d
War
1he lMl came lnLo formal exlsLence ln uecember 1943 when lLs flrsL 29 member
counLrles slgned lLs ArLlcles of AgreemenL lL began operaLlons on March 1 1947 LaLer LhaL
year lrance became Lhe flrsL counLry Lo borrow from Lhe lMl
1he lMls membershlp began Lo expand ln Lhe laLe 1930s and durlng Lhe 1960s as
many Afrlcan counLrles became lndependenL and applled for membershlp 8uL Lhe Cold War
llmlLed Lhe lunds membershlp wlLh mosL counLrles ln Lhe ovleL sphere of lnfluence noL
[olnlng
8 ar va|ue system 8 ar va|ue system
1he countr|es that [o|ned the IMI between 194S and 1971 agreed to
keep the|r exchange rates (the va|ue of the|r currenc|es |n terms of the US do||ar
and |n the case of the Un|ted States the va|ue of the do||ar |n terms of go|d) pegged
at rates that cou|d be ad[usted on|y to correct a fundamenta| d|sequ|||br|um |n the
ba|ance of payments and on|y w|th the IMIs agreement 1hls par value sysLemalso
known as Lhe 8reLLon Woods sysLemprevalled unLll 1971 when Lhe u governmenL
suspended Lhe converLlblllLy of Lhe dollar (and dollar reserves held by oLher governmenLs) lnLo
gold
2 1he end of the 8retton Woods System (197281)
8y Lhe early 1960s Lhe u dollars flxed value agalnsL gold under Lhe 8reLLon
Woods sysLem of flxed exchange raLes was seen as overvalued A slzable lncrease ln domesLlc
spendlng on resldenL Lyndon !ohnsons CreaL ocleLy programs and a rlse ln mlllLary spendlng
caused by Lhe vleLnam War gradually worsened Lhe overvaluaLlon of Lhe dollar
Lnd of 8retton Woods system Lnd of 8retton Woods system
1he system d|sso|ved between 1968 and 1973 In August 1971 US
res|dent k|chard N|xon announced the temporary suspens|on of the do||ars
convert|b|||ty |nto go|d Wh||e the do||ar had strugg|ed throughout most of the 1960s
w|th|n the par|ty estab||shed at 8retton Woods th|s cr|s|s marked the breakdown of
the system An attempt to rev|ve the f|xed exchange rates fa||ed and by March 1973
the ma[or currenc|es began to f|oat aga|nst each other
lnce Lhe collapse of Lhe 8reLLon Woods sysLem lMl members have been
free Lo choose any form of exchange arrangemenL Lhey wlsh (excepL pegglng Lhelr currency Lo
gold) allowlng Lhe currency Lo floaL freely pegglng lL Lo anoLher currency or a baskeL of
currencles adopLlng Lhe currency of anoLher counLry parLlclpaLlng ln a currency bloc or
formlng parL of a moneLary unlon
C|| shocks C|| shocks
Many feared LhaL Lhe collapse of Lhe 8reLLon Woods sysLem would brlng
Lhe perlod of rapld growLh Lo an end ln facL Lhe LranslLlon Lo floaLlng exchange raLes was
relaLlvely smooLh and lL was cerLalnly Llmely flexlble exchange raLes made lL easler for
economles Lo ad[usL Lo more expenslve oll when Lhe prlce suddenly sLarLed golng up ln
CcLober 1973 lloaLlng raLes have faclllLaLed ad[usLmenLs Lo exLernal shocks ever slnce
1he IMI responded to the cha||enges created by the o|| pr|ce
shocks of the 1970s by adapt|ng |ts |end|ng |nstruments 1o he|p o|| |mporters dea|
w|th ant|c|pated current account def|c|ts and |nf|at|on |n the face of h|gher o||
pr|ces |t set up the f|rst of two o|| fac|||t|es
ne|p|ng poor countr|es ne|p|ng poor countr|es
lrom Lhe mld1970s Lhe lMl soughL Lo respond Lo Lhe balance of
paymenLs dlfflculLles confronLlng many of Lhe worlds pooresL counLrles by provldlng
concesslonal flnanclng Lhrough whaL was known as Lhe 1rusL lund In March 1986 the IMI
created a new concess|ona| |oan program ca||ed the Structura| Ad[ustment Iac|||ty
1he SAI was succeeded by the Lnhanced Structura| Ad[ustment Iac|||ty |n
December 1987
3 Debt and pa|nfu| reforms (198289) 3 Debt and pa|nfu| reforms (198289)
1he oll shocks of Lhe 1970s whlch forced many olllmporLlng counLrles Lo
borrow from commerclal banks and Lhe lnLeresL raLe lncreases ln lndusLrlal counLrles Lrylng Lo
conLrol lnflaLlon led Lo an lnLernaLlonal debL crlsls
Dur|ng the 1970s Western commerc|a| banks |ent b||||ons of
recyc|ed petrodo||ars gett|ng depos|ts from o|| exporters and |end|ng those
resources to o|||mport|ng and deve|op|ng countr|es usua||y at var|ab|e or f|oat|ng
|nterest rates So when |nterest rates began to soar |n 1979 the f|oat|ng rates on
deve|op|ng countr|es |oans a|so shot up Plgher lnLeresL paymenLs are esLlmaLed Lo have
cosL Lhe nonollproduclng developlng counLrles aL leasL 522 b||||on dur|ng 197881 AL
Lhe same Llme Lhe prlce of commodlLles from developlng counLrles slumped because of Lhe
recesslon broughL abouL by moneLary pollcles Many Llmes Lhe response by developlng
counLrles Lo Lhose shocks lncluded expanslonary flscal pollcles and overvalued exchange raLes
susLalned by furLher masslve borrowlngs
When a cr|s|s broke out |n Mex|co |n 1982 the IMI coord|nated the g|oba|
response even engag|ng the commerc|a| banks lL reallzed LhaL nobody would beneflL lf counLry
afLer counLry falled Lo repay lLs debLs
1he lMls lnlLlaLlves calmed Lhe lnlLlal panlc and defused lLs exploslve
poLenLlal 8uL a long road of palnful reform ln Lhe debLor counLrles and addlLlonal cooperaLlve
global measures would be necessary Lo ellmlnaLe Lhe problem
4 ocleLal Change for LasLern Lurope and Aslan upheaval (19902004)
1he fa|| of the 8er||n wa|| |n 1989 and the d|sso|ut|on of the Sov|et
Un|on |n 1991 enab|ed the IMI to become a (near|y) un|versa| |nst|tut|on In three
years membersh|p |ncreased from 1S2 countr|es to 172 the most rap|d |ncrease
s|nce the |nf|ux of Afr|can members |n the 1960s
In order to fu|f||| |ts new respons|b|||t|es the IMIs staff expanded
by near|y 30 percent |n s|x years 1he Lxecut|ve 8oard |ncreased from 22 seats to 24
to accommodate D|rectors from kuss|a and Sw|tzer|and and some ex|st|ng D|rectors
saw the|r const|tuenc|es expand by severa| countr|es
1he lMl played a cenLral role ln helplng Lhe counLrles of Lhe former ovleL
bloc LranslLlon from cenLral plannlng Lo markeLdrlven economles 1hls klnd of economlc
LransformaLlon had never before been aLLempLed and someLlmes Lhe process was less Lhan
smooLh lor mosL of Lhe 1990s Lhese counLrles worked closely wlLh Lhe lMl beneflLlng from lLs
pollcy advlce Lechnlcal asslsLance and flnanclal supporL
8y the end of the decade most econom|es |n trans|t|on had
successfu||y graduated to market economy status after severa| years of |ntense
reforms w|th many [o|n|ng the Luropean Un|on |n 2004
A As|an I|nanc|a| Cr|s|s
In 1997 a wave of f|nanc|a| cr|ses swept over Last As|a from
1ha||and to Indones|a to orea and beyond AlmosL every affecLed counLry asked Lhe lMl
for boLh flnanclal asslsLance and for help ln reformlng economlc pollcles ConfllcLs arose on how
besL Lo cope wlLh Lhe crlsls and Lhe lMl came under crlLlclsm LhaL was more lnLense and
wldespread Lhan aL any oLher Llme ln lLs hlsLory
lrom Lhls experlence Lhe lMl drew several lessons LhaL would alLer lLs
responses Lo fuLure evenLs llrsL lL reallzed LhaL lL would have Lo pay much more aLLenLlon Lo
weaknesses ln counLrles' banklng secLors and Lo Lhe effecLs of Lhose weaknesses on
macroeconomlc sLablllLy In 1999 the IMItogether w|th the Wor|d 8ank|aunched the
I|nanc|a| Sector Assessment rogram and began conduct|ng nat|ona| assessments on a
vo|untary bas|s Second the Iund rea||zed that the |nst|tut|ona| prerequ|s|tes for successfu|
||bera||zat|on of |nternat|ona| cap|ta| f|ows were more daunt|ng than |t had prev|ous|y thought
Along wlLh Lhe economlcs professlon generally Lhe lMl dampened lLs enLhuslasm for caplLal
accounL llberallzaLlon 1hlrd Lhe severlLy of Lhe conLracLlon ln economlc acLlvlLy LhaL
accompanled Lhe Aslan crlsls necesslLaLed a reevaluaLlon of how flscal pollcy should be
ad[usLed when a crlsls was preclplLaLed by a sudden sLop ln flnanclal lnflows
8 Debt re||ef for poor countr|es
Dur|ng the 1990s the IMI worked c|ose|y w|th the Wor|d 8ank to a||ev|ate the debt
burdens of poor countr|es 1he lnlLlaLlve for Peavlly lndebLed oor CounLrles was launched ln
1996 wlLh Lhe alm of ensurlng LhaL no poor counLry faces a debL burden lL cannoL manage
S |oba||zat|on and the Cr|s|s (200S present)
1he lMl has been on Lhe fronL llnes of lendlng Lo counLrles Lo help boosL Lhe global
economy as lL suffers from a deep crlsls noL seen slnce Lhe CreaL uepresslon
Ior most of the f|rst decade of the 21st century |nternat|ona| cap|ta| f|ows fue|ed a
g|oba| expans|on that enab|ed many countr|es to repay money they had borrowed from the
IMI and other off|c|a| cred|tors and to accumu|ate fore|gn exchange reserves
1he g|oba| econom|c cr|s|s that began w|th the co||apse of mortgage |end|ng |n
the Un|ted States |n 2007 and spread around the wor|d |n 2008 was preceded by
|arge |mba|ances |n g|oba| cap|ta| f|ows
|oba| cap|ta| f|ows f|uctuated between 2 and 6 percent of wor|d D dur|ng
19809S but s|nce then they have r|sen to 1S percent of D In 2006 they tota|ed
572 tr||||onmore than a tr|p||ng s|nce 199S 1he most rap|d |ncrease has been
exper|enced by advanced econom|es but emerg|ng markets and deve|op|ng
countr|es have a|so become more f|nanc|a||y |ntegrated
1he founders of Lhe 8reLLon Woods sysLem had Laken lL for granLed LhaL prlvaLe caplLal flows
would never agaln resume Lhe promlnenL role Lhey had ln Lhe nlneLeenLh and early LwenLleLh
cenLurles and Lhe lMl had LradlLlonally lenL Lo members faclng currenL accounL dlfflculLles
1he laLesL global crlsls uncovered a fraglllLy ln Lhe advanced flnanclal
markeLs LhaL soon led Lo Lhe worsL global downLurn slnce Lhe CreaL uepresslon uddenly Lhe
lMl was lnundaLed wlLh requesLs for sLandby arrangemenLs and oLher forms of flnanclal and
pollcy supporL
1he lnLernaLlonal communlLy recognlzed LhaL Lhe lMl's flnanclal resources
were as lmporLanL as ever and were llkely Lo be sLreLched Lhln before Lhe crlsls was over W|th
broad support from cred|tor countr|es the Iund's |end|ng capac|ty was tr|p|ed to
around 57S0 b||||on 1o use those funds effect|ve|y the IMI overhau|ed |ts |end|ng
po||c|es |nc|ud|ng by creat|ng a f|ex|b|e cred|t ||ne for countr|es w|th strong
econom|c fundamenta|s and a track record of successfu| po||cy |mp|ementat|on
CLher reforms lncludlng ones Lallored Lo help lowlncome counLrles enabled Lhe lMl Lo
dlsburse very large sums qulckly based on Lhe needs of borrowlng counLrles and noL LlghLly
consLralned by quoLas as ln Lhe pasL
lor more on Lhe ldeas LhaL have shaped Lhe lMl from lLs lncepLlon unLll Lhe
laLe 1990s Lake a look aL !ames 8oughLons 1he lMl and Lhe lorce of PlsLory 1en LvenLs and
1en ldeas LhaL Pave haped Lhe lnsLlLuLlon
Crgan|zat|on I|nances Crgan|zat|on I|nances
1he lMl has a managemenL Leam and 17 deparLmenLs LhaL carry ouL lLs counLry
pollcy analyLlcal and Lechnlcal work Cne deparLmenL ls charged wlLh managlng Lhe lMls
resources 1hls secLlon also explalns where Lhe lMl geLs lLs resources and how Lhey are used
Management
A Manag|ng D|rector Dut|es and Se|ect|on
Accordlng Lo Lhe lMls ArLlcles of AgreemenL Lhe Managlng ulrecLor shall be
chlef of Lhe operaLlng sLaff of Lhe lund and shall conducL under Lhe dlrecLlon of Lhe LxecuLlve
8oard Lhe ordlnary buslness of Lhe lund ub[ecL Lo Lhe general conLrol of Lhe LxecuLlve 8oard
he shall be responslble for Lhe organlzaLlon appolnLmenL and dlsmlssal of Lhe sLaff of Lhe
lund
1he lMls LxecuLlve 8oard ls responslble for selecLlng Lhe Managlng ulrecLor Any
LxecuLlve ulrecLor may submlL a nomlnaLlon for Lhe poslLlon conslsLenL wlLh pasL pracLlce
When more Lhan one candldaLe ls nomlnaLed as has been Lhe case ln recenL years Lhe
LxecuLlve 8oard alms Lo reach a declslon by consensus
1 1he current management team
Manag|ng D|rector
Chr|st|ne Lagarde
a Irench nat|ona|
[o|ned the IMI as
Manag|ng D|rector
|n Iu|y 2011 8efore
com|ng to the IMI
she was Irances
M|n|ster for Lconomy
I|nance and Industry
Manag|ng D|rector
Chr|st|ne Lagarde
a Irench nat|ona|
[o|ned the IMI as
Manag|ng D|rector
|n Iu|y 2011 8efore
com|ng to the IMI
she was Irances
M|n|ster for Lconomy
I|nance and Industry
Chr|st|ne Lagarde
Naoyuk| Sh|nohara
a Iapanese nat|ona|
[o|ned the IMI as Deputy
Manag|ng D|rector |n March
2010 rev|ous|y he was
Iapans V|ceM|n|ster of
I|nance for Internat|ona| Affa|rs
Naoyuk| Sh|nohara
Dav|d L|pton of the Un|ted States
[o|ned the IMI as Spec|a| Adv|sor to
the Manag|ng D|rector |n Iu|y 2011 Cn
September 1 2011 he became I|rst
Deputy Manag|ng D|rector r|or to
[o|n|ng the Iund L|pton served as
Spec|a| Ass|stant to the res|dent
and as Sen|or D|rector for Internat|ona|
Lconom|c Affa|rs at the US Nat|ona|
Lconom|c Counc|| and US Nat|ona| Secur|ty
Counc|| at the Wh|te nouse
Dav|d L|pton Dav|d L|pton
Nemat Shaf|k from Lgypt
became Deputy Manag|ng D|rector
of the IMI |n Apr|| 2011
rev|ous|y she had worked at
the U Department for Internat|ona|
Deve|opment (DIID) the Wor|d 8ank
and the Internat|ona| I|nance Corp
Nemat Shaf|k
M|n 2hu from Ch|na
[o|ned the IMI as Spec|a|
Adv|sor to the Manag|ng D|rector
|n May 2010 Cn Iu|y 26 2011
he became Deputy Manag|ng D|rector
8efore com|ng to the IMI M|n 2hu was
a Deputy overnor of the eop|e's 8ank
of Ch|na and prev|ous|y worked at the Wor|d 8ank
M|n 2hu M|n 2hu
8 Staff of |nternat|ona| c|v|| servants
1he lMl currenLly employs abouL 2400 staff ha|f of whom are econom|sts
MosL of Lhem work aL Lhe lMls WashlngLon uC headquarLers buL a few serve ln member
counLrles around Lhe world ln small lMl overseas offlces or as resldenL represenLaLlves
WlLh lLs nearly unlversal membershlp Lhe lMl sLrlves Lo employ a sLaff LhaL ls as
dlverse and broadly based geographlcally as posslble
1he lMl has e|ght funct|ona| departments LhaL carry ouL lLs pollcy analyLlcal and
Lechnlcal work and manage lLs flnanclal resources
I|nance Department Moblllzes manages and safeguards Lhe lMls flnanclal
resources
I|sca| Affa|rs Department rovldes pollcy and Lechnlcal advlce on publlc flnance
lssues Lo member counLrles
Monetary and Cap|ta| Markets Department MonlLors flnanclal secLors and
caplLal markeLs and moneLary and forelgn exchange sysLems arrangemenLs and operaLlons
repares Lhe Clobal llnanclal LablllLy 8eporL
Lega| Department Advlses managemenL Lhe LxecuLlve 8oard and Lhe sLaff on
Lhe appllcable rules of law repares declslons and oLher legal lnsLrumenLs and provldes
Lechnlcal asslsLance Lo member counLrles
Strategy o||cy and kev|ew Department ueslgns lmplemenLs and evaluaLes
lMl pollcles on survelllance and Lhe use of lLs flnanclal resources
kesearch Department MonlLors Lhe global economy and Lhe economles and
pollcles of member counLrles and underLakes research on lssues relevanL Lo Lhe lMl repares
Lhe World Lconomlc CuLlook
Stat|st|cs Department uevelops lnLernaLlonally accepLed meLhodologles and
sLandards rovldes Lechnlcal asslsLance and Lralnlng Lo promoLe besL pracLlces ln Lhe
dlssemlnaLlon of economlc and flnanclal sLaLlsLlcs
IMI Inst|tute rovldes Lralnlng ln macroeconomlc analysls and pollcy for
offlclals of member counLrles and lMl sLaff
1he IMIs f|ve area or reglonal deparLmenLs are responslble for advlslng
member counLrles on macroeconomlc pollcles and Lhe flnanclal secLor and for
puLLlng LogeLher when needed flnanclal arrangemenLs Lo supporL economlc reform programs
ConversaLlons wlLh lMl Laff
* Anto|nette Sayeh ulrecLor of Lhe Afrlcan ueparLmenL
* N|co|s Lyzagu|rre ulrecLor of Lhe WesLern Pemlsphere
ueparLmenL
Afr|can Department Covers 44 counLrles 8ead Lhe proflle of Lhe ulrecLor AnLolneLLe ayeh
As|a and ac|f|c Department Covers 33 counLrles
Luropean Department Covers 46 counLrles (44 of whlch are lMl members)
M|dd|e Last and Centra| As|a Department Covers 31 counLrles
Western nem|sphere Department Covers 34 counLrles 8ead Lhe proflle of Lhe ulrecLor
nlcols Lyzagulrre
1he IMI a|so has four support departments
Lxterna| ke|at|ons Department Works Lo promoLe publlc undersLandlng of and supporL for
Lhe lMl and lLs pollcles
1echno|ogy and enera| Serv|ces Department rovldes servlces Lo manage lnformaLlon
faclllLaLes communlcaLlon lncludlng across languages and helps bulld an effecLlve work
envlronmenL
Secretarys Department Crganlzes and reporLs on Lhe acLlvlLles of Lhe lMls governlng
bodles and provldes secreLarlaL servlces Lo Lhem AsslsLs managemenL ln preparlng Lhe work
program of Lhe LxecuLlve 8oard and oLher offlclal bodles lL ls Lhe creaLor and cusLodlan of lMl
records
numan kesources Department rovldes sLaff wlLh a full range of lnformaLlon and
personnel servlces Manages Lhe sysLem of compensaLlon and beneflLs oversees sLaff Lralnlng
offers career and educaLlon counsellng and provldes legal servlces
IMI off|ces around the wor|d
1he lMl has small offlces ln counLrles around Lhe world 1hese comprlse resldenL
represenLaLlve posLs overseas offlces (uatema|a C|ty New ork ar|s 1okyo Warsaw)
and reglonal Lechnlcal asslsLance cenLers and Lralnlng lnsLlLuLes
C uotas C uotas
he lMls resources come malnly from Lhe money LhaL counLrles pay as
Lhelr caplLal subscrlpLlon when Lhey become members
uotas broad|y ref|ect the s|ze of each members economy Lhe larger a
counLrys economy ln Lerms of ouLpuL and Lhe larger and more varlable lLs Lrade Lhe larger lLs
quoLa Lends Lo be lor example Lhe worlds blggesL economy Lhe unlLed LaLes has Lhe largesL
quoLa ln Lhe lMl CuoLas LogeLher wlLh Lhe equal number of baslc voLes each member has
deLermlne counLrles voLlng power 1hey also help deLermlne how much counLrles can borrow
from Lhe lMl and Lhelr share ln allocaLlons of speclal drawlng rlghLs or u8s (Lhe reserve
currency creaLed by Lhe lMl ln 1969)
Countr|es pay 2S percent of the|r quota subscr|pt|ons |n SDks or ma[or
currenc|es such as US do||ars euros pounds ster||ng or Iapanese yen 1hey pay
the rema|n|ng 7S percent |n the|r own currenc|es
under a quoLa and volce reform approved |n Apr|| 2008 Lhe lMls member
counLrles agreed LhaL Lhe quoLas of dynamlc economles many of whlch are emerglng markeL
counLrles should be lncreased 1hey also agreed LhaL fuLure revlews should conslder
ad[usLmenLs Lo quoLas Lo ensure LhaL members quoLa shares reflecL Lhelr relaLlve poslLlons ln
Lhe world economy As of endAugust 2009 IMIs tota| quotas stood at SDk 2174
b||||on (about 532S b||||on)
CuoLas are revlewed every flve years and can be lncreased when deemed
necessary by Lhe 8oard of Covernors AL Lhe concluslon of Lhe 1hlrLeenLh Ceneral 8evlew ln
2008 lL was deLermlned LhaL no general quoLa lncrease was necessary
In 2009 the 20 agreed that the Iund shou|d br|ng forward the
t|metab|e for the next genera| quota |ncrease 1he next genera| rev|ew was or|g|na||y
schedu|ed to be comp|eted by 2013 1he agreemenL now ls LhaL lL would be compleLed by
!anuary 2011 Lwo years ahead of schedule 1he general quoLa revlew provldes an opporLunlLy
Lo lncrease Lhe lund's general resources and would also provlde scope for a furLher rebalanclng
of quoLa and voLlng shares Loward dynamlc emerglng markeLs and oLher economles
D Spec|a| Draw|ng k|ghts D Spec|a| Draw|ng k|ghts
1he peclal urawlng 8lghL (u8) ls an lnLernaLlonal reserve asseL creaLed by
Lhe lMl ln 1969 Lo supplemenL Lhe exlsLlng offlclal reserves of member counLrles
1he SDk |s ne|ther a currency nor a c|a|m on the IMI kather |t |s a
potent|a| c|a|m on the free|y usab|e currenc|es of IMI members Polders of u8s can obLaln
Lhese currencles ln exchange for Lhelr u8s ln Lwo ways f|rst through the arrangement of
vo|untary exchanges beLween members and second by the IMI des|gnat|ng members w|th
strong externa| pos|t|ons Lo purchase u8s from members wlLh weak exLernal poslLlons
ln addlLlon Lo lLs role as a supplemenLary reserve asseL Lhe u8 serves as
Lhe unlL of accounL of Lhe lMl and some oLher lnLernaLlonal organlzaLlons
SDk's va|ue SDk's va|ue
1he value of Lhe u8 ls based on a baskeL of key lnLernaLlonal currenclesLhe
euro Iapanese yen pound ster||ng and US do||ar 1he u dollarvalue of Lhe u8 ls
posLed dally on Lhe lMl's webslLe 1he baskeL composlLlon ls revlewed every flve years by Lhe
LxecuLlve 8oard Lo ensure LhaL lL reflecLs Lhe relaLlve lmporLance of currencles ln Lhe world's
Lradlng and flnanclal sysLems
1he u8 lnLeresL raLe provldes Lhe basls for ca|cu|at|ng the |nterest
charged to members on regu|ar (nonconcess|ona|) IMI |oans the |nterest pa|d and
charged to members on the|r SDk ho|d|ngs and the |nterest pa|d to members on a
port|on of the|r quota subscr|pt|ons 1he u8 lnLeresL raLe ls deLermlned weekly and ls
based on a welghLed average of represenLaLlve lnLeresL raLes on shorLLerm debL ln Lhe money
markeLs of Lhe u8 baskeL currencles
SDk a||ocat|ons to IMI members SDk a||ocat|ons to IMI members
under lLs ArLlcles of AgreemenL Lhe lMl may allocaLe u8s Lo members ln
proporLlon Lo Lhelr lMl quoLas provldlng each member wlLh a cosLless asseL Powever lf a
member's u8 holdlngs rlse above lLs allocaLlon lL earns lnLeresL on Lhe excess conversely lf lL
holds fewer u8s Lhan allocaLed |t pays |nterest on the shortfa||
1here are two k|nds of a||ocat|ons 1here are two k|nds of a||ocat|ons
Ceneral allocaLlons of u8s Ceneral allocaLlons have Lo be based on a
|ongterm g|oba| need to supp|ement ex|st|ng reserve assets ueclslons Lo allocaLe
u8s have been made Lhree Llmes |n 197072 for SDk 93 b||||on |n 197981 for SDk
121 b||||on and |n August 2009 for an amount of SDk 1612 b||||on
peclal allocaLlons of u8s A speclal oneLlme allocaLlon of u8s Lhrough
the Iourth Amendment of the Art|c|es of Agreement was |mp|emented |n September 2009
1he purpose of Lhls speclal allocaLlon was Lo enable all members of Lhe lMl Lo parLlclpaLe ln
Lhe u8 sysLem on an equlLable basls and correcL for Lhe facL LhaL counLrles LhaL [olned Lhe
lund afLer 1981more Lhan oneflfLh of Lhe currenL lMl membershlphad never recelved an
u8 allocaLlon
W|th the genera| SDk a||ocat|on of August 2009 and the
spec|a| a||ocat|on of Setember 2009 the amount of SDks |ncreased from SDk 214
b||||on to SDk 2041 b||||on (current|y equ|va|ent to about 5317 b||||on)
L o|d L o|d
1he lMl holds a relaLlvely large amounL of gold among lLs asseLs noL only for
reasons of flnanclal soundness buL also Lo meeL unforeseen conLlngencles 1he IMI ho|ds
1034 m||||on ounces (3217 metr|c tons) of go|d worth about 583 b||||on as of end
August 2009 mak|ng |t the th|rd|argest off|c|a| ho|der of go|d |n the wor|d
1he lMls ArLlcles of AgreemenL sLrlcLly llmlL Lhe use of Lhe gold 8uL ln some
clrcumsLances Lhe lMl may sell gold or accepL gold as paymenL from member counLrles
Cold played a cenLral role ln Lhe lnLernaLlonal economlc sysLem afLer World
War ll 1he countr|es that [o|ned the IMI between 194S and 1971 agreed to keep the|r
exchange rates pegged |n terms of the do||ar and |n the case of the Un|ted States
the va|ue of the do||ar |n terms of go|d 1h|s par va|ue system ceased to work after
1971
unLll Lhe laLe 1970s 23 percenL of member counLrles lnlLlal quoLa
subscrlpLlons and subsequenL quoLa lncreases had Lo be pald for wlLh gold aymenL of charges
and repaymenLs Lo Lhe lMl by lLs members consLlLuLed oLher sources of gold 1hrough varlous
LransacLlons Lhe lMl acqulred 1297 mllllon ounces (4033 Lons) of gold
1oday Lhe lMl ls conslderlng selllng some of Lhe gold lL has acqulred over
Llme as lLs flnances have become unsusLalnable followlng a large decllne ln ouLsLandlng credlL ln
recenL years A llmlLed sale of gold was recommended by Lhe CommlLLee of LmlnenL ersons
chalred by Andrew CrockeLL (Lhe CrockeLL CommlLLee) as a means Lo develop a new lncome
model LhaL relles on more dlverse sources of revenue (for more on Lhls Loplc go Lo Lhe secLlon
on lncome model reform)
he proceeds from gold sales would noL have Lo be reLurned Lo member
counLrles lnsLead proflLs from any gold sales should be reLalned and could be lnvesLed ln an
lncomegeneraLlng fund Lo supplemenL lMl lncome
I 8orrow|ng Arrangements I 8orrow|ng Arrangements
lf Lhe lMl belleves LhaL lLs resources mlghL fall shorL of members needsfor
example ln Lhe evenL of a ma[or flnanclal crlslslL can supplemenL lLs own resources by
borrowlng lL has had a range of bllaLeral borrowlng arrangemenLs ln Lhe 1970s and 1980s
CurrenLly lL has Lwo sLandlng mulLllaLeral borrowlng arrangemenLs and one bllaLeral borrowlng
agreemenL
1hrough Lhe new ArrangemenLs Lo 8orrow (nA8) and Lhe Ceneral
ArrangemenLs Lo 8orrow (CA8) a number of member counLrles and lnsLlLuLlons sLand ready Lo
lend addlLlonal funds Lo Lhe lMl 1he A8 and NA8 are cred|t arrangements between the
IMI and a group of members and |nst|tut|ons to prov|de supp|ementary resources of
up to SDk 34 b||||on (about US5S0 b||||on) to the IMI to foresta|| or cope w|th an
|mpa|rment of the |nternat|ona| monetary system or to dea| w|th an except|ona|
s|tuat|on that poses a threat to the stab|||ty of that system
In Apr|| 2009 the roup of 1wenty |ndustr|a||zed and emerg|ng market
econom|es agreed to tr|p|e the Iund's |end|ng capac|ty to 57S0 b||||on enab||ng |t to |n[ect
extra ||qu|d|ty |nto the wor|d economy dur|ng th|s t|me of cr|s|s 1he addlLlonal supporL wlll
come from several sources lncludlng conLrlbuLlons from member counLrles LhaL have pledged
Lo help boosL Lhe lund's lendlng capaclLy
Income mode| reform Income mode| reform
1he buslness model LhaL Lhe lMl has followed slnce lL was esLabllshed relles
prlmarlly on lncome from lLs lendlng operaLlons Lo flnance lLs work Lendlng generaLes lncome
because Lhe lMl charges member counLrles LhaL draw on lLs flnanclal resources a hlgher lnLeresL
raLe Lhan lL pays Lo lLs member counLry credlLors (Lhls lendlng margln wlll be one percenLage
polnL durlng 200809) Powever Lhls model had become unsusLalnable ln recenL years because
of a sharp dropoff ln lendlng acLlvlLy
A Comm|ttee of Lm|nent ersons set up |n Ianuary 2007 and cha|red
by Andrew Crockett (former genera| manager of the 8ank of Internat|ona|
Sett|ements) recommended that the IMI adopt a package of |ncomegenerat|ng
measures |nc|ud|ng str|ct|y ||m|ted sa|es of go|d (amount|ng to about onee|ghth of
the Iunds tota| go|d ho|d|ngs) to estab||sh an endowment
ln 2008 Lhe lMls 8oard of Covernors endorsed a new package of measures
Lo end Lhe lMls overrellance on lendlng lncome 1he package lncluded mosL of Lhe measures
LhaL had been proposed by Lhe CrockeLL CommlLLee
* Cur Work*Cur Work * Cur Work*Cur Work
1he lMls fundamenLal mlsslon ls Lo help ensure sLablllLy ln Lhe lnLernaLlonal
sysLem lL does so ln Lhree ways keeplng Lrack of Lhe global economy and Lhe economles of
member counLrles lendlng Lo counLrles wlLh balance of paymenLs dlfflculLles and glvlng
pracLlcal help Lo members
A Surve|||ance A Surve|||ance
When a counLry [olns Lhe lMl lL agrees Lo sub[ecL lLs economlc and flnanclal pollcles
Lo Lhe scruLlny of Lhe lnLernaLlonal communlLy lL also makes a commlLmenL Lo pursue pollcles
LhaL are conduclve Lo orderly economlc growLh and reasonable prlce sLablllLy Lo avold
manlpulaLlng exchange raLes for unfalr compeLlLlve advanLage and Lo provlde Lhe lMl wlLh daLa
abouL lLs economy 1he lMls regular monlLorlng of economles and assoclaLed provlslon of
pollcy advlce ls lnLended Lo ldenLlfy weaknesses LhaL are causlng or could lead Lo flnanclal or
economlc lnsLablllLy 1hls process ls known as survelllance
Country surve|||ance Country surve|||ance
CounLry survelllance ls an ongolng process LhaL culmlnaLes ln regular (usually
annual) comprehenslve consulLaLlons wlLh lndlvldual member counLrles wlLh dlscusslons ln
beLween as needed 1he consulLaLlons are known as ArLlcle lv consulLaLlons because Lhey
are requlred by ArLlcle lv of Lhe lMls ArLlcles of AgreemenL
ln !une 2007 Lhe lMls LxecuLlve 8oard adopLed a comprehenslve pollcy
sLaLemenL on survelllance 1he 2007 ueclslon on 8llaLeral urvelllance over Members ollcles
complemenLs ArLlcle lv of Lhe lMl's ArLlcles of AgreemenL and lnLroduces Lhe concepL of
exLernal sLablllLy as an organlzlng prlnclple for bllaLeral survelllance 1hls means LhaL Lhe maln
focus of Lhe dlscusslons beLween Lhe lMl and counLry offlclals ls wheLher Lhere are rlsks Lo Lhe
economy's domesLlc and exLernal sLablllLy LhaL would call for ad[usLmenLs Lo LhaL counLry's
economlc or flnanclal pollcles
keg|ona| surve|||ance
8eglonal survelllance lnvolves examlnaLlon by Lhe lMl of pollcles pursued under
currency unlonsl ncludlng Lhe euro area Lhe WesL Afrlcan Lconomlc and MoneLary unlon Lhe
CenLral Afrlcan Lconomlc and MoneLary CommunlLy and Lhe LasLern Carlbbean Currency unlon
8eglonal economlc ouLlook reporLs are also prepared Lo dlscuss economlc developmenLs and
key pollcy lssues ln Asla aclflc Lurope Mlddle LasL and CenLral Asla ubaharan Afrlca and
Lhe WesLern Pemlsphere
|oba| surve|||ance
Clobal survelllance enLalls revlews by Lhe lMls LxecuLlve 8oard of global
economlc Lrends and developmenLs 1he maln revlews are based on Lhe World Lconomlc
CuLlook reporLs and Lhe Clobal llnanclal LablllLy 8eporL whlch covers developmenLs
prospecLs and pollcy lssues ln lnLernaLlonal flnanclal markeLs 8oLh reporLs are publlshed Lwlce
a year wlLh updaLes belng provlded on a quarLerly basls ln addlLlon Lhe LxecuLlve 8oard holds
more frequenL lnformal dlscusslons on world economlc and markeL developmenLs
1he lMl also has Lhe opLlon of holdlng mulLllaLeral consulLaLlons lnvolvlng smaller
groups of counLrles Lo fosLer debaLe and develop pollcy acLlons deslgned Lo address problems
of global or reglonal lmporLance In 2006 mu|t||atera| consu|tat|ons brought together Ch|na
euro area countr|es Iapan Saud| Arab|a and the Un|ted States to d|scuss g|oba| econom|c
|mba|ances
2 1echn|ca| Ass|stance
1he lMl shares lLs experLlse wlLh member counLrles by provldlng Lechnlcal
asslsLance and Lralnlng ln a wlde range of areas such as cenLral banklng moneLary and
exchange raLe pollcy Lax pollcy and admlnlsLraLlon and offlclal sLaLlsLlcs 1he ob[ecLlve ls Lo help
lmprove Lhe deslgn and lmplemenLaLlon of members economlc pollcles lncludlng by
sLrengLhenlng skllls ln lnsLlLuLlons such as flnance mlnlsLrles cenLral banks and sLaLlsLlcal
agencles
8enef|c|ar|es of techn|ca| ass|stance 8enef|c|ar|es of techn|ca| ass|stance
1echnlcal asslsLance ls one of Lhe lMls core acLlvlLles lL ls concenLraLed ln
crlLlcal areas of macroeconomlc pollcy where Lhe lund has Lhe greaLesL comparaLlve advanLage
1hanks Lo lLs nearunlversal membershlp Lhe lMls Lechnlcal asslsLance program ls lnformed by
experlence and knowledge galned across dlverse reglons and counLrles aL dlfferenL levels of
developmenL
AbouL 80 percenL of Lhe lMls Lechnlcal asslsLance goes Lo low and lower
mlddlelncome counLrles ln parLlcular ln subaharan Afrlca and Asla
1ypes of techn|ca| ass|stance 1ypes of techn|ca| ass|stance
1he lMls Lechnlcal asslsLance Lakes dlfferenL forms accordlng Lo needs ranglng
from longLerm handson capaclLy bulldlng Lo shorLnoLlce pollcy supporL ln a flnanclal crlsls
1echnlcal asslsLance ls dellvered ln a varleLy of ways
artnersh|p w|th donors artnersh|p w|th donors
ConLrlbuLlons from bllaLeral and mulLllaLeral donors are playlng an lncreaslngly
lmporLanL role ln enabllng Lhe lMl Lo meeL counLry needs ln Lhls area now flnanclng abouL Lwo
Lhlrds of Lhe lMls fleld dellvery of Lechnlcal asslsLance Lrong parLnershlps beLween reclplenL
counLrles and donors enable lMl Lechnlcal asslsLance Lo be developed on Lhe basls of a more
lncluslve dlalogue and wlLhln Lhe conLexL of a coherenL developmenL framework 1he beneflLs of
donor conLrlbuLlons Lhus go beyond Lhe flnanclal aspecL
1he lMl ls currenLly seeklng Lo leverage Lhe comparaLlve advanLages of lLs Lechnlcal
asslsLance Lo expand donor flnanclng Lo meeL Lhe needs of reclplenL counLrles As parL of Lhls
efforL Lhe lund ls sLrengLhenlng lLs parLnershlps wlLh donors by engaglng Lhem on a broader
longerLerm and more sLraLeglc basls
3 Lend|ng by the IMI 3 Lend|ng by the IMI
A counLry ln severe flnanclal Lrouble unable Lo pay lLs lnLernaLlonal bllls
poses poLenLlal problems for Lhe sLablllLy of Lhe lnLernaLlonal flnanclal sysLem whlch Lhe lMl
was creaLed Lo proLecL Any member counLry wheLher rlch mlddlelncome or poor can Lurn
Lo Lhe lMl for flnanclng lf lL has a balance of paymenLs needLhaL ls lf lL cannoL flnd
sufflclenL flnanclng on affordable Lerms ln Lhe caplLal markeLs Lo make lLs lnLernaLlonal
paymenLs and malnLaln a safe level of reserves
A key ob[ecLlve of recenL lendlng reforms has Lherefore been Lo complemenL
Lhe LradlLlonal crlsls resoluLlon role of Lhe lMl wlLh more effecLlve Lools for crlsls prevenLlon
1he chang|ng nature of |end|ng
AbouL four out of f|ve member countr|es have used IMI cred|t at |east
once 8uL Lhe amounL of loans ouLsLandlng and Lhe number of borrowers have flucLuaLed
slgnlflcanLly over Llme
ln Lhe flrsL Lwo decades of Lhe lMls exlsLence more Lhan half of lLs lendlng
wenL Lo lndusLrlal counLrles 8uL slnce Lhe laLe 1970s Lhese counLrles have been able Lo meeL
Lhelr flnanclng needs ln Lhe caplLal markeLs
1he o|| shock of the 1970s and the debt cr|s|s of the 1980s |ed many
|ower and |owerm|dd|e|ncome countr|es to borrow from the IMI
In the 1990s the trans|t|on process |n centra| and eastern Lurope and the cr|ses
|n emerg|ng market econom|es |ed to a further |ncrease |n the demand for IMI resources
ln 2004 benlgn economlc condlLlons worldwlde meanL LhaL many counLrles
began Lo repay Lhelr loans Lo Lhe lMl As a consequence Lhe demand for Lhe lund's resources
dropped off sharply
8uL ln 2008 Lhe lMl began maklng loans Lo counLrles hlL by Lhe global flnanclal
crlsls 1he IMI current|y has programs w|th more than S0 countr|es around the wor|d
and has comm|tted more than 532S b||||on |n resources to |ts member countr|es
s|nce the start of the g|oba| f|nanc|a| cr|s|s
Whlle Lhe flnanclal crlsls has sparked renewed demand for lMl flnanclng Lhe
decllne ln lendlng LhaL preceded Lhe flnanclal crlsls also reflecLed a need Lo adapL Lhe lMls
lendlng lnsLrumenLs Lo Lhe changlng needs of member counLrles ln response Lhe lMl
conducLed a wlderanglng revlew of lLs lendlng faclllLles and Lerms on whlch lL provldes loans
ln March 2009 Lhe lund announced a ma[or overhaul of lLs lendlng framework
lncludlng modernlzlng condlLlonallLy |ntroduc|ng a new f|ex|b|e cred|t ||ne enhanc|ng the
f|ex|b|||ty of the Iund's regu|ar standby |end|ng arrangement doub||ng access ||m|ts on |oans
adapt|ng |ts cost structures for h|ghaccess and precaut|onary |end|ng and stream||n|ng
|nstruments that were se|dom used lL has also speeded up lendlng procedures and redeslgned
lLs Lxogenous hocks laclllLy Lo make lL easler Lo access for lowlncome counLrles More reforms
have slnce been underLaken mosL recenLly ln november 2011
Lend|ng to preserve f|nanc|a| stab|||ty Lend|ng to preserve f|nanc|a| stab|||ty
ArLlcle l of Lhe lMls ArLlcles of AgreemenL sLaLes LhaL Lhe purpose of lendlng by
Lhe lMl ls Lo glve confldence Lo members by maklng Lhe general resources of Lhe lund
Lemporarlly avallable Lo Lhem under adequaLe safeguards Lhus provldlng Lhem wlLh opporLunlLy
Lo correcL malad[usLmenLs ln Lhelr balance of paymenLs wlLhouL resorLlng Lo measures
desLrucLlve of naLlonal or lnLernaLlonal prosperlLy
1oday IMI |end|ng serves three ma|n purposes
I|rst lL can smooLh ad[usLmenL Lo varlous shocks helplng a member counLry avold
dlsrupLlve economlc ad[usLmenL or soverelgn defaulL someLhlng LhaL would be exLremely cosLly
boLh for Lhe counLry lLself and posslbly for oLher counLrles Lhrough economlc and flnanclal
rlpple effecLs (known as conLaglon)
Second lMl programs can help unlock oLher flnanclng acLlng as a caLalysL for oLher
lenders 1hls ls because Lhe program can serve as a slgnal LhaL Lhe counLry has adopLed sound
pollcles relnforclng pollcy credlblllLy and lncreaslng lnvesLors confldence
1h|rd lMl lendlng can help prevenL crlsls 1he experlence ls clear caplLal accounL crlses
Lyplcally lnfllcL subsLanLlal cosLs on counLrles Lhemselves and on oLher counLrles Lhrough
conLaglon 1he besL way Lo deal wlLh caplLal accounL problems ls Lo nlp Lhem ln Lhe bud before
Lhey develop lnLo a fullblown crlsls
Cond|t|ons for |end|ng
When a member counLry approaches Lhe lMl for flnanclng lL may be ln or near a
sLaLe of economlc crlsls wlLh lLs currency under aLLack ln forelgn exchange markeLs and lLs
lnLernaLlonal reserves depleLed economlc acLlvlLy sLagnanL or falllng and a large number of
flrms and households golng bankrupL ln dlfflculL economlc Llmes Lhe lMl helps counLrles Lo
proLecL Lhe mosL vulnerable ln a crlsls
1he lMl alms Lo ensure LhaL condlLlons llnked Lo lMl loan dlsbursemenLs are
focused and adequaLely Lallored Lo Lhe varylng sLrengLhs of members pollcles and
fundamenLals 1o Lhls end Lhe lMl dlscusses wlLh Lhe counLry Lhe economlc pollcles LhaL may
be expecLed Lo address Lhe problems mosL effecLlvely 1he lMl and Lhe governmenL agree on a
program of pollcles almed aL achlevlng speclflc quanLlfled goals ln supporL of Lhe overall
ob[ecLlves of Lhe auLhorlLles economlc program lor example Lhe counLry may commlL Lo flscal
or forelgn exchange reserve LargeLs
1he lMl dlscusses wlLh Lhe counLry Lhe economlc pollcles LhaL may be expecLed Lo
address Lhe problems mosL effecLlvely 1he lMl and Lhe governmenL agree on a program of
pollcles almed aL achlevlng speclflc quanLlfled goals ln supporL of Lhe overall ob[ecLlves of Lhe
auLhorlLles economlc program lor example Lhe counLry may commlL Lo flscal or forelgn
exchange reserve LargeLs
Loans are Lyplcally dlsbursed ln a number of lnsLallmenLs over Lhe llfe of Lhe program
wlLh each lnsLallmenL condlLlonal on LargeLs belng meL rograms Lyplcally lasL up Lo 3 years
dependlng on Lhe naLure of Lhe counLrys problems buL can be followed by anoLher program lf
needed 1he governmenL ouLllnes Lhe deLalls of lLs economlc program ln a leLLer of lnLenL Lo
Lhe Managlng ulrecLor of Lhe lMl uch leLLers may be revlsed lf clrcumsLances change
lor counLrles ln crlsls lMl loans usually provlde only a small porLlon of Lhe resources
needed Lo flnance Lhelr balance of paymenLs 8uL lMl loans also slgnal LhaL a counLrys
economlc pollcles are on Lhe rlghL Lrack whlch reassures lnvesLors and Lhe offlclal communlLy
helplng counLrles flnd addlLlonal flnanclng from oLher sources
Lend|ng to |ow|ncome countr|es
1o help lowlncome counLrles weaLher Lhe severe lmpacL of Lhe global flnanclal crlsls
Lhe lMl has revamped lLs concesslonal lendlng faclllLles Lo make Lhem more flexlble and meeL
lncreaslng demand for flnanclal asslsLance from counLrles ln need 1hese changes became
effecLlve ln !anuary 2010 Cnce addlLlonal loan and subsldy resources are moblllzed Lhese
changes wlll boosL avallable resources for lowlncome counLrles Lo u17 bllllon Lhrough 2014
1hree types of |oans were created under the new overty keduct|on and
rowth 1rust (k1) as part of th|s broader reform the Lxtended Cred|t Iac|||ty the
kap|d Cred|t Iac|||ty and the Standby Cred|t Iac|||ty
1he Lxtended Cred|t Iac|||ty (LCI) provldes flnanclal asslsLance Lo
counLrles wlLh proLracLed balance of paymenLs problems 1he LCl succeeds Lhe overLy
8educLlon and CrowLh laclllLy (8Cl) as Lhe lund's maln Lool for provldlng medlumLerm
supporL LlCs wlLh hlgher levels of access more concesslonal flnanclng Lerms more flexlble
program deslgn feaLures as well as sLreamllned and more focused condlLlonallLy
1he kap|d Cred|t Iac|||ty (kCI) provldes rapld flnanclal asslsLance wlLh
llmlLed condlLlonallLy Lo lowlncome counLrles (LlCs) faclng an urgenL balance of paymenLs
need 1he 8Cl sLreamllnes Lhe lund's emergency asslsLance provldes slgnlflcanLly hlgher
levels of concesslonallLy can be used flexlbly ln a wlde range of clrcumsLances and places
greaLer emphasls on Lhe counLry's poverLy reducLlon and growLh ob[ecLlves
1he Standby Cred|t Iac|||ty (SCI) provldes flnanclal asslsLance Lo low
lncome counLrles (LlCs) wlLh shorLLerm balance of paymenLs needs lL provldes supporL under
a wlde range of clrcumsLances allows for hlgh access carrles a low lnLeresL raLe can be used
on a precauLlonary basls and places emphasls on counLrles' poverLy reducLlon and growLh
ob[ecLlves
everal lowlncome counLrles have made slgnlflcanL progress ln recenL years Loward
economlc sLablllLy and no longer requlre lMl flnanclal asslsLance 8uL many of Lhese counLrles
sLlll seek Lhe lMls advlce and Lhe monlLorlng and endorsemenL of Lhelr economlc pollcles
LhaL comes wlLh lL 1o help Lhese counLrles Lhe lMl has creaLed a program for pollcy supporL
and slgnallng called Lhe ollcy upporL lnsLrumenL
* Cn the Agenda * * Cn the Agenda *
ey lssues LhaL Lhe lMl ls grappllng wlLh
PoL Loplcs aL Lhe lMl lncludlng key lssues faclng member counLrles and Lhe global
economy
1 1ack||ng Current Cha||enges
As Lhe world economy became engulfed ln Lhe worsL crlsls slnce Lhe CreaL
uepresslon of Lhe 1930s Lhe lMl moblllzed on many fronLs Lo supporL lLs member counLrles
lncreaslng lLs lendlng uslng lLs crosscounLry experlence Lo advlse on pollcy soluLlons and
lnLroduclng reforms Lo modernlze lLs operaLlons and become more responslve Lo member
counLrles' needs
WlLh Lhe worldwlde recovery becomlng more esLabllshed buL remalnlng fraglle on
a varleLy of fronLs Lhe lMl ls now reLhlnklng lLs pollcy advlce and Lhe economlc Lheory LhaL
underplns lL and sLepplng up lLs global economlc monlLorlng role Lo help counLrles anLlclpaLe
loomlng problems and Lake early acLlon Lo avold fuLure crlses
ke|nforc|ng mu|t||atera||sm
1he crlsls hlghllghLed Lhe Lremendous beneflLs from lnLernaLlonal cooperaLlon WlLhouL Lhe
cooperaLlon spearheaded by Lhe Croup of 1wenLy lndusLrlallzed and emerglng markeL
economles (C20) Lhe crlsls could have been much worse AL Lhelr 2009 lLLsburgh ummlL C20
counLrles pledged Lo adopL pollcles LhaL would ensure a lasLlng recovery and a brlghLer
economlc fuLure launchlng Lhe lramework for Lrong usLalnable and 8alanced CrowLh
keth|nk|ng macroeconom|c pr|nc|p|es
1he severlLy of Lhe crlslslmmense hardshlp and sufferlng around Lhe worldand
Lhe deslre Lo avold a repeaL also ralsed some profound quesLlons abouL Lhe precrlsls consensus
on macroeconomlc pollcles ln Lhls conLexL Lhe lMl ls encouraglng a wholesale reexamlnaLlon
of macroeconomlc pollcy prlnclples ln Lhe wake of Lhe global economlc crlsls
ln March 2011 Lhe lMl hosLed a hlgh proflle conference Lo Lake sLock of Lhese
pollcy quesLlons and promoLe a dlscusslon abouL Lhe fuLure of macroeconomlc pollcy 1he
agenda focused on slx key areas moneLary pollcy flscal pollcy flnanclal lnLermedlaLlon and
regulaLlon caplLal accounL managemenL growLh sLraLegles and Lhe lnLernaLlonal moneLary
sysLem
Stepp|ng up cr|s|s |end|ng
* uoubllng of lendlng access llmlLs for member counLrles and sLreamllnlng
procedures Lo reduce percelved sLlgma aLLached Lo borrowlng from Lhe lund
* lnLroduclng and reflnlng a llexlble CredlL Llne (lCL) for counLrles wlLh robusL pollcy
frameworks and a sLrong Lrack record ln economlc performance and lnLroduclng a new
recauLlonary CredlL Llne (CL) for counLrles LhaL have sound economlc pollcles and
fundamenLals buL are sLlll faclng vulnerablllLles
* Modernlzlng condlLlonallLy Lo ensure LhaL condlLlons llnked Lo lMl loan
dlsbursemenLs are focused and adequaLely Lallored Lo Lhe varylng sLrengLhs of members'
pollcles
* locuslng more on soclal spendlng and more concesslonal Lerms for lowlncome
counLrles
Strengthen|ng the |nternat|ona| monetary system
1he currenL lnLernaLlonal MoneLary ysLemLhe seL of lnLernaLlonally agreed
rules convenLlons and supporLlng lnsLlLuLlons LhaL faclllLaLe lnLernaLlonal Lrade and cross
border lnvesLmenL and Lhe flow of caplLal among counLrleshas cerLalnly dellvered a loL 8uL lL
has a number of wellknown weaknesses lncludlng Lhe lack of an auLomaLlc and orderly
mechanlsm for resolvlng Lhe bulldup of real and flnanclal lmbalances volaLlle caplLal flows and
exchange raLes LhaL can have deleLerlous economlc effecLs and relaLed Lo Lhe above Lhe rapld
unabaLed accumulaLlon of lnLernaLlonal reserves concenLraLed on a narrow supply
Support|ng |ow|ncome countr|es
1he lMl has upgraded lLs supporL for lowlncome counLrles reflecLlng Lhe changlng
naLure of economlc condlLlons ln Lhese counLrles and Lhelr lncreased vulnerablllLles due Lo Lhe
effecLs of Lhe global economlc crlsls lL has overhauled lLs lendlng lnsLrumenLs especlally Lo
address more dlrecLly counLrles needs for shorLLerm and emergency supporL 1he lMl supporL
package lncludes
* Moblllzlng addlLlonal resources lncludlng from sales of an agreed amounL of lMl
gold Lo boosL Lhe lMl's concesslonal lendlng capaclLy Lo up Lo 17 bllllon Lhrough 2014
lncludlng up Lo 8 bllllon ln Lhe flrsL Lwo years 1hls exceeds Lhe call by Lhe Croup of 1wenLy for
6 bllllon ln new lendlng over Lwo Lo Lhree years
* rovldlng lnLeresL rellef wlLh zero paymenLs on ouLsLandlng lMl concesslonal
loans Lhrough end2011 Lo help lowlncome counLrles cope wlLh Lhe crlsls
* LsLabllshlng a new seL of flnanclal lnsLrumenLs deLalled here
IMI Members uotas and Vot|ng ower and IMI 8oard of overnors
Last Updated December 01 2011
1he 8oard of Covernors Lhe hlghesL declslonmaklng body of Lhe lMl conslsLs
of one governor and one a|ternate governor for each member country 1he governor ls
appo|nted by the member country and |s usua||y the m|n|ster of f|nance or the
governor of the centra| bank All powers of Lhe lMl are vesLed ln Lhe 8oard of
Covernors 1he 8oard of Covernors may delegaLe Lo Lhe LxecuLlve 8oard all excepL
cerLaln reserved powers 1he 8oard of Covernors normally meeLs once a year
1he Lable below shows quoLa and voLlng shares for lMl members Io||ow|ng
the entry |nto effect of the 2008 Amendment on Vo|ce and art|c|pat|on on March 3
2011 quota and vot|ng shares w||| change as e||g|b|e members pay the|r quota
|ncreases uurlng Lhls process Lhls Lable wlll be updaLed regularly
Country Informat|on
IMI reports and pub||cat|ons arranged by country
A
Afghan|stan Is|am|c kepub||c of
A|ban|a
A|ger|a
Ango|a
Angu|||a Un|ted |ngdom
Ant|gua and 8arbuda
Argent|na
Armen|a kepub||c of
Aruba |ngdom of the Nether|ands
Austra||a
Austr|a
Azerba|[an kepub||c of
8
ohomos 1he
ohroin kinqdom of
onq/odesh
orbodos
e/orus kepub/ic of
e/qium
e/ite
enin
huton
o/ivio
osnio ond nerteqovino
otswono
roti/
runei uorusso/om
u/qorio
urkino loso
urundi
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
%
ombodio
omeroon
onodo
ope verde
hod
hi/e
hino
o/ombio
omoros
onqo
onqo kepub/ic of
osto kico
te dlvoire
rootio kepub/ic of
urooo
yprus
tech kepub/ic
C
D
uenmork
ujibouti
uominico
uominicon kepub/ic
L
Lcuador
Lgypt Arab kepub||c of
L| Sa|vador
Lquator|a| u|nea
Lr|trea
Lston|a kepub||c of
Lth|op|a
I
liji
lin/ond
lronce

6obon
6ombio
6eorqio
6ermony
hana
reece
renada
uatema|a
u|nea
6uineoissou
6uyono
n
noiti
nonduros
nonq konq 5pecio/ 4dministrotive keqion
Peop/es kepub/ic of hino
nunqory
I
Ice|and
Ind|a
Indones|a
Iran Is|am|c kepub||c of
Iraq
Ire|and
Israe|
Ita|y
I
lomoico
lopon
lordon

kotokhston kepub/ic of
kenyo
kiriboti
koreo kepub/ic of
kosovo
kuwoit
L
oo Peop/es uemocrotic kepub/ic
otvio kepub/ic of
ebonon
esotho
iberio
ibyon 4rob lomohiriyo 5ocio/ist Peop/es
ithuonio kepub/ic of
uxembourq
M
Macao
Macedon|a
Madagascar
Ma|aw|
Ma|ays|a
Ma|d|ves
Ma||
Ma|ta
Marsha|| Is|ands kepub||c of the
Maur|tan|a
Maur|t|us
Mexico
Micronesio lederoted 5totes of
Mo/dovo kepub/ic of
Monqo/io
Monteneqro
Montserrot united kinqdom
Morocco
Motombique kepub/ic of
Myonmor
N
-omibio
-epo/
-ether/onds kinqdom of the -ether/onds
-ether/onds 4nti//es kinqdom of the
-ew 2eo/ond
-icoroquo
-iqer
-iqerio
-orwoy
C
Omon

Pokiston
Po/ou kepub/ic of
Ponomo
Popuo -ew 6uineo
Poroquoy
Peru
Phi/ippines
Po/ond kepub/ic of
Portuqo/

otor
k
komonio
kussion lederotion
kwondo
S
Samoa
San Mar|no
So 1om and r|nc|pe
Saud| Arab|a
Senega|
Serb|a kepub||c of
Seyche||es
S|erra Leone
S|ngapore
S|ovak kepub||c
S|oven|a kepub||c of
5o/omon ls/onds
5omo/io
5outh 4frico
5poin
5ri onko
5t kitts ond -evis
5t ucio
5t vincent ond the 6renodines
5udon
5urinome
5woti/ond kinqdom of
Syr|an Arab kepub||c
1
1ojikiston kepub/ic of
1ontonio
1hoi/ond
1imoreste
1oqo
1onqo
1rinidod ond 1oboqo
1unisio
1urkey
1urkmeniston
1uvo/u
U
uqondo
ukroine
united 4rob mirotes
united kinqdom
united 5totes
uruquoy
utbekiston kepub/ic of
V
vonuotu
venetue/o kepb/ico o/ivoriono de
vietnom

Yemen kepub/ic of
2
2amb|a
2|mbabwe
MI kes|dent kepresentat|ve and keg|ona| Cff|ces
A
kesident kepresentotive Office in ls/omic
kepub/ic of 4fqhoniston
4ctivities from the lMl Office in 4fqhoniston
kesident kepresentotive Office in 4/bonio
4ctivities from the lMl Office in 4/bonio
kesident kepresentotive Office in 4nqo/o
4ctivities from the lMl Office in 4nqo/o
kesident kepresentotive Office in kepub/ic of
4rmenio
4ctivities from the lMl Office in 4rmenio
oco/ Office in kepub/ic of 4terboijon
4ctivities from the lMl Office in 4terboijon
8
kesident kepresentotive Office in onq/odesh
4ctivities from the lMl Office in onq/odesh
kesident kepresentotive Office in kepub/ic of
e/orus
4ctivities from the lMl Office in e/orus
kesident kepresentotive Office in enin
4ctivities from the lMl Office in enin
lronois
kesident kepresentotive Office in osnio ond
nerteqovino
4ctivities from the lMl Office in osnio ond
nerteqovino
kesident kepresentotive Office in u/qorio
4ctivities from the lMl Office in u/qorio
kesident kepresentotive Office in urkino loso
C
kesident kepresentotive Office in ombodio
4ctivities from the lMl Office in ombodio
kesident kepresentotive Office in omeroon
4ctivities from the lMl Office in omeroon
lronois
kesident kepresentotive Office in entro/ 4fricon kepub/ic
4ctivities from the lMl Office in entro/ 4fricon kepub/ic
lronois
kesident kepresentotive Office in hod
4ctivities from the lMl Office in hod
lronois
kesident kepresentotive Office in Peop/es kepub/ic of hino
4ctivities from the lMl Office in hino
keg|ona| Cff|ces
keg|ona| Cff|ce for
Centra| Amer|ca
anama and the
Dom|n|can kepub||c
D
kesident kepresentotive Office in ujibouti
4ctivities from the lMl Office in ujibouti
lronois
kesident kepresentotive Office in uominicon
kepub/ic
4ctivities from the lMl Office in uominicon
kepub/ic
L
kesident kepresentotive Office in kepub/ic of
stonio
Moterio/ obout stonio ond its octivities with
the lMl kesident kepresentotive Office
kesident kepresentotive Office in 1he ledero/
uemocrotic kepub/ic of thiopio
4ctivities from the lMl Office in thiopio

kesident kepresentotive Office in 6obon

4ctivities from the lMl Office in 6obon
lronois
kesident kepresentotive Office in 1he 6ombio
4ctivities from the lMl Office in 1he 6ombio
kesident kepresentotive Office in 6eorqio
4ctivities from the lMl Office in 6eorqio
kesident kepresentotive Office in 6hono
4ctivities from the lMl Office in 6hono
kesident kepresentotive Office in 6uineo
4ctivities from the lMl Office in 6uineo
lronois
kesident kepresentotive Office in 6uineo
issou
n
kesident kepresentotive Office in noiti
4ctivities from the lMl Office in noiti
lronois
kesident kepresentotive Office in nonduros
4ctivities from the lMl Office in nonduros
spoo/
kesident kepresentotive Office in Peop/es
kepub/ic of hino nonq konq 5pecio/
4dministrotive keqion
4ctivities from the lMl Office in nonq konq
kesident kepresentotive Office in nunqory
4ctivities from the lMl Office in nunqory
I
kesident kepresentotive Office in lce/ond
4ctivities from the lMl Office in lce/ond
kesident kepresentotive Office in lndio
4ctivities from the lMl Office in lndio
kesident kepresentotive Office in lndonesio
4ctivities from the lMl Office in lndonesio
kesident kepresentotive Office in lroq
4ctivities from the lMl Office in lroq
I
kesident kepresentotive Office in lomoico
4ctivities from the lMl Office in lomoico

kesident kepresentotive Office in kenyo

4ctivities from the lMl Office in kenyo
kesident kepresentotive Office in kosovo
4ctivities from the lMl Office in kosovo
kesident kepresentotive Office in kyrqyt
kepub/ic
4ctivities from the lMl Office in kyrqyt
kepub/ic
L
kesident kepresentotive Office in oo Peop/es
uemocrotic kepub/ic
4ctivities from the lMl Office in oo Peop/es
uemocrotic kepub/ic
kesident kepresentotive Office in kepub/ic of
otvio
4ctivities from the lMl Office in otvio
kesident kepresentotive Office in ebonon
M
kesident kepresentotive Office in former
Yuqos/ov kepub/ic of Mocedonio
4ctivities from the lMl Office in lYk
Mocedonio
kesident kepresentotive Office in kepub/ic of
Modoqoscor
4ctivities from the lMl Office in Modoqoscor
lronois
kesident kepresentotive Office in Mo/owi
4ctivities from the lMl Office in Mo/owi
kesident kepresentotive Office in Mo/i
4ctivities from the lMl Office in Mo/i
lronois
kesident kepresentotive Office in ls/omic
kepub/ic of Mouritonio
4ctivities from the lMl Office in ls/omic
kepub/ic of Mouritonio
kesident kepresentotive Office in Monqo/io
4ctivities from the lMl Office in Monqo/io
kesident kepresentotive Office in kepub/ic of
Motombique
4ctivities from the lMl Office in Motombique
N
kesident kepresentotive Office in -epo/
4ctivities from the lMl Office in -epo/
kesident kepresentotive Office in -icoroquo
4ctivities from the lMl Office in -icoroquo
spoo/
kesident kepresentotive Office in -iqer
4ctivities from the lMl Office in -iqer
lronois
kesident kepresentotive Office in -iqerio

kesident kepresentotive Office in Pokiston

4ctivities from the lMl Office in Pokiston
kesident kepresentotive Office in Poroquoy
4ctivities from the lMl Office in Poroquoy
spoo/
kesident kepresentotive Office in Peru
4ctivities from the lMl Office in Peru
spoo/
kesident kepresentotive Office in Phi/ippines
4ctivities from the lMl Office in the
Phi/ippines
kesident kepresentotive Office in Portuqo/
4ctivities from the lMl Office in Portuqol
k
kesident kepresentotive Office in komonio
4ctivities from the lMl Office in komonio
kesident kepresentotive Office in kussion
lederotion
4ctivities from the lMl Office in kussion
lederotion
???????
kesident kepresentotive Office in kwondo
4ctivities from the lMl Office in kwondo
S
kesident kepresentotive Office in 5eneqo/
4ctivities from the lMl Office in 5eneqo/
lronois
kesident kepresentotive Office in kepub/ic of
5erbio
4ctivities from the lMl Office in 5erbio
kesident kepresentotive Office in 5ierro eone
4ctivities from the lMl Office in 5ierro eone
kesident kepresentotive Office in 5outh 4frico
4ctivities from the lMl Office in 5outh 4frico
kesident kepresentotive Office in 5ri onko
4ctivities from the lMl Office in 5ri onko
kesident kepresentotive Office in 5udon
4ctivities from the lMl Office in 5udon
1
kesident kepresentotive Office in kepub/ic of
1ojikiston
4ctivities from the lMl Office in 1ojikiston
???????
kesident kepresentotive Office in 1ontonio
4ctivities from the lMl Office in 1ontonio
kesident kepresentotive Office in 1oqo
4ctivities from the lMl Office in 1oqo
lronois
kesident kepresentotive Office in 1urkey
4ctivities from the lMl Office in 1urkey
U
kesident kepresentotive Office in uqondo
4ctivities from the lMl Office in uqondo
kesident kepresentotive Office in ukroine
4ctivities from the lMl Office in ukroine
kesident kepresentotive Office in uruquoy
4ctivities from the lMl Office in uruquoy
V
kesident kepresentotive Office in vietnom
4ctivities from the lMl Office in vietnom
W
kesident kepresentotive Office in west onk
ond 6oto
2
kesident kepresentotive Office in 2ombio
4ctivities from the lMl Office in 2ombio