International Monetary Fund (IMF)
Fonds monétaire international (FMI)
Fondo Monetario Internacional (FMI)
1944-07-22 Bretton Woods NH USA
Establishted 22 Jul 1944, Bretton Woods NH (USA), by representatives of the 45 countries which negotiated details of the Articles of Agreement/Charter. Came into being on 27 Dec 1945, with a membership of 29 of these countries, after acceptance of the Charter for ratification. Commercial operations commenced 1 Mar 1947.
Promote international monetary cooperation, the expansion of international trade and exchange rate stability; assist in the removal of exchange restrictions and the establishment of a multilateral system of payments; alleviate any serious disequilibrium in members' international balance of payments by making the financial resources of the IMF available to them, usually subject to economic policy conditions to ensure the revolving nature of IMF resources.
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Board of Governors (meets annually, jointly with Board of Governors of the 'World Bank') is the highest authority, in which each member country is represented by one Governor and an Alternate Governor. Governors may take votes by mail or other means between meetings. The Board is responsible for conditions governing admission of new members, adjustment of quotas, election of Directors and certain other important matters. Other responsibilities are delegated to the Board of Executive Directors (meeting several times a week), which comprises 24 Executive Directors, chaired by the Managing Director, who is also the head of IMF staff. Officers: Managing Director; 1st Deputy Managing Director; 2 Deputy Managing Directors; 2 Counsellors; Directors of Departments (17) - African, Asia and Pacific, European, External Relations, Finance, Fiscal Affairs, Human Resources, IMF Institute, Legal, Middle East and Central Asia, Monetary and Capital Markets, Strategy, Policy and Review, Research, Secretary's, Statistics, Technology and General Services, Western Hemisphere; Directors of the Office of Budget and Planning, Office of Internal Audit and Inspection, Regional Office for Asia and the Pacific, Office in Europe (Paris) and Office at the United Nations (New York NY). E-XE8249 - International Monetary and Financial Committee (IMFC) (meets twice a year) advises the Board of Governors on supervising the management and adaptation of the international monetary system.
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** UN SDGs are linked to the subject classification.
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