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International Monetary Fund and its Global Impact
By Abel Thomas


Introduction[1]

The International Monetary Fund also known as the IMF was created in 1944 to stabilize exchange rates, promote international monetary cooperation and provide temporary financial assistance to its member countries. It started first with 29 members; today the organization has 185 member countries.


Structure of the IMF[2]

The fund consists of a Board of Governors, an Executive Board, a Managing Director, and staff. The Board of Governors are vested with the all of IMF’S power, they are appointed by each member state. Below there is a brief description about the different boards that work together to run the IMF.

Board of Governors
Each member state appoints a governor and an alternate one, to vote in case the primary governor is indisposed. They are usually ministers or heads of Central banks Governors are vested with all of IMF’S power; they are entitled to cast all the votes allotted to their respective country as a unit. The Board of Governor meet once a year to make decisions, votes, etc on major issues.

Executive Board
This board consists of 24 executive directors and their 24 alternatives who are elected every two years. This board runs the day to day operations of the IMF. Each member of this board runs a department i.e. research, finance or technical assistance.


Managing Director, and staff
Managing directors are appointed by the executive directors every five years to conduct of the ordinary business of the Fund. The managing director chairs meetings of the executive directors but may vote only in case of a tie.










Responsibilities of the IMF[3]

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