Important trivia information about the International Monetary Fund:
What is the International Monetary Fund called?
The International Monetary Fund was established on 27 December 1945. The International Monetary Fund is an intergovernmental organization established to stabilize the exchange rate in international trade. It provides economic and technical assistance to its member countries. This organization helps to keep international exchange rates stable as well as facilitate growth. The International Monetary Fund is headquartered in Washington DC, United States.
Objectives of International Monetary Fund:
The main objectives of the International Monetary Fund (IMF) are to secure economic stability, promote economic progress, reduce poverty, promote employment and facilitate international trade. There are a total of 186 member countries of the International Monetary Fund. On 29 June 2009, the Republic of Kosovo joined as the 186th country.
Quick Information about the International Monetary Fund (IMF):
|Washington DC, United States
|27 December 1945
|Total Member Countries
|186 (as of 2009)
|Current Managing director
|Kristalina Georgieva (European Union)
|First managing director
|Camille Gut (Belgium)
Duties of the Managing Director of the International Monetary Fund:
The International Monetary Fund is headed by a Managing Director who is considered the most prominent of the staff and serves as the Chairman of the Executive Board. He will have the powers to appoint and dismiss the employees of IMF. In addition, the Managing Director will have to work under the supervision of the Executive Board of the IMF. The Managing Director of the International Monetary Fund is selected by the 24-member Executive Board. A first Deputy Managing Director and three Deputy Managing Directors will also be appointed to assist the Managing Director of the IMF.
Current Managing Director of International Monetary Fund:
The current Chairman (Managing Director) of the International Monetary Fund is Kristalina Georgieva. He took over as the 12th Managing Director of the International Monetary Fund on October 2019 The first Managing Director of the International Monetary Fund was Mr. Camille Gut.
List of Managing Directors of International Monetary Fund:
|Camille Gut (Belgium)
|06 May 1946 to 05 May 1951
|Ivor Ruth (Sweden)
|03 August 1951 to 03 October 1956
|Per Jacobson (Sweden)
|21 November 1956 to 05 May 1963
|Pierre-Paul Schweitzer (France)
|01 September 1963 to 31 August 1973
|Johann Wittwen (Netherlands)
|01 September 1973 to 18 June 1978
|Jacques de Larosier (France)
|18 June 1978 to 15 January 1987
|Michel Camedas (France)
|16 January 1987 to 14 February 2000
|Horst Köhler (Germany)
|01 May 2000 to 04 March 2004
|Rodrigo Rato (Spain)
|07 June 2004 to 31 October 2007
|Dominique Strauss-Kahn (France)
|01 November 2007 to 18 May 2011
|Christine Lagarde (France)
|05 July 2011 to 12 September 2019
|Kristalina Georgieva (EU)
|1 October 2019 to present
Working Methodology of International Monetary Fund:
The organizational structure of the IMF and the World Bank is the same. The IMF functions through a board of governors, a board of executive directors, an interim committee on the international monetary system, and a managing director and staff. All powers of the Fund are vested in the Board of Governors. This board consists of a governor and an alternate representative of each member country. Its meeting is held once a year. Most of its powers have been transferred by the Board of Governors to the 24-member Board of Executive Directors. Appointments to this Executive Board of Directors are made by the election member countries or groups of countries. Each appointed director gets voting power in proportion to the quota fixed by his government. Whereas each elected director can cast all votes belonging to his country group. Its managing director is selected by the IMF executive directors, who act as the chairman of the executive board. The Managing Director performs the day-to-day functions of the IMF. According to a treaty agreement, the Managing Director of the IMF is a European while the President of the World Bank is an American citizen.
Important facts about International Monetary Fund:
- The total quota amount of the IMF after the 13th General Review in January 2008 was SDR 2,17,300 million (Special Drawing Rights).
- To deal with the global recession, the IMF has given 250 billion SDR to the member states on the basis of their proposals.
- (Special Drawing Rights) was decided to allot the amount.
- The deposits of the International Monetary Fund are deposited in the form of gold and local currency.
- At the time of entry of each member country, 25 percent of the quota amount has to be deposited in the form of gold or dollars and the remaining part of the quota can be deposited in the form of its own currency.
- The total contribution amount of the IMF was SDR 213 billion after the 12th review of the dividends conducted in February 2003.
- Under the 13th review, the changes in the quotas of the member states were made according to the condition of their economy.
- At the International Monetary Fund's annual meeting in Singapore in September 2006, it was decided to increase the voting power of four emerging economies, including China.
- In May and June 2003, in two separate installments, a total amount of SDR 205 million ($ 291.70 million) was made available by India to the Monetary Fund (Financial Transaction Plan-FTP).
- Under the 14th review (in the year 2010) to deal with the global recession, the International Monetary Fund allocated about 250 billion SDR to the member countries to help the member countries.
- Under the 14th quota revision of the International Monetary Fund, the increase in India's quota increased from SDR 5821.5 million to SDR 13114 million and became the eighth largest quota holder of this institution.
- Now India's quota has increased from 2.44 percent to 2.75 percent.
- With the adoption of South Sudan as a member of the IMF on April 18, 2012, the number of IMF members increased to 188 as of December 2013.
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