• IMF is a forum of national economic policies, international monetary and financial systems, Which involves active dialogue with each member Country.
• When there is a country where has a serious finance problem, other countries loan the money for the poor country. IMF is a kind of association among the countries to prepare the situation when the nation bank of country is bankrupted.
• IMF is an administrative unit that is international in nature and whose objective is to regulate and administer the financial system of the world.
HISTORY OF IMF
• The International Monetary Fund Was created in 1944, at the Bretton Woods conference to prevent the kinds of chain reaction in the economic system that caused world currencies to collapse like in the Great Depression of the 1930s.
• Bretton wood agreement was contracted in 1944 and IMF was created in 1946.
• IMF started to make service with IBRD (international bank of reconstruction and development) in 1947.
• The IMF was created to support orderly international currency exchanges and to help nations having balance of payment problems through short term loans of cash.
• IMF headquarters is in Washington D.C , U.S.A
• Five largest shareholders are United States, Japan, Germany, France, United Kingdom. China, Russia, and Saudi Arabia have their own seats on the Board.
• 16 other Executive Directors are elected for two year terms by groups of countries, known as “Constituencies”.
• Total quotas of $312 billion; outstanding loans of $71 billion to 82 countries (According to the report of August 31, 2005).
• IMF is an organization of 186 countries.
GROWTH IN IMF MEMBERSHIP (1945-2003)
• In the beginning 29 member countries Today,
• 186 member countries.
• Staff of about 2680 persons.
• Two-thirds are economists in 139 countries.
• Headquarters in Washington, D.C.
PURPOSES OF IMF
• IMF promote international monetary... [continues]
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