International Monetary Fund

International Monetary Fund
Formation27 December 1945 (1945-12-27)
TypeInternational financial institution
PurposePromote international monetary co-operation, facilitate international trade, foster sustainable economic growth, make resources available to members experiencing balance of payments difficulties, prevent and assist with recovery from international financial crises[1]
Headquarters700 19th Street NW, Washington, D.C., U.S.
Coordinates38°53′56″N 77°2′39″W / 38.89889°N 77.04417°W / 38.89889; -77.04417
190 countries (189 UN countries and Kosovo)[2]
Official language
Managing Director
Kristalina Georgieva
First Deputy Managing Director
Gita Gopinath[4]
Chief Economist
Pierre-Olivier Gourinchas[5]
Main organ
Board of Governors
Parent organization
 United Nations[6][7]
Budget (2022)
$1.2 billion USD[8]

The International Monetary Fund (IMF) is a major financial agency of the United Nations, and an international financial institution funded by 190 member countries, with headquarters in Washington, D.C. It is regarded as the global lender of last resort to national governments, and a leading supporter of exchange-rate stability. Its stated mission is "working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world."[1][9] Established on December 27, 1945[10] at the Bretton Woods Conference, primarily according to the ideas of Harry Dexter White and John Maynard Keynes, it started with 29 member countries and the goal of reconstructing the international monetary system after World War II. It now plays a central role in the management of balance of payments difficulties and international financial crises.[11] Through a quota system, countries contribute funds to a pool from which countries can borrow if they experience balance of payments problems. As of 2016, the fund had SDR 477 billion (about US$667 billion).[10]

The IMF works to stabilize and foster the economies of its member countries by its use of the fund, as well as other activities such as gathering and analyzing economic statistics and surveillance of its members' economies.[12][13] IMF funds come from two major sources: quotas and loans. Quotas, which are pooled funds from member nations, generate most IMF funds. The size of members' quotas increase according to their economic and financial importance in the world. The quotas are increased periodically as a means of boosting the IMF's resources in the form of special drawing rights.[14]

The current managing director (MD) and chairwoman of the IMF is Bulgarian economist Kristalina Georgieva, who has held the post since October 1, 2019.[15] Indian-American economist Gita Gopinath, previously the chief economist, was appointed as first deputy managing director, effective January 21, 2022.[16] Pierre-Olivier Gourinchas was appointed chief economist on January 24, 2022.[17]

  1. ^ a b c "About the IMF". Archived from the original on 16 October 2012. Retrieved 14 October 2012.
  2. ^ "IMF Members' Quotas and Voting Power, and IMF Board of Governors". IMF. 17 October 2020.
  3. ^ Boughton 2001, p. 7 n.5.
  4. ^ "First Deputy Managing Director Geoffrey Okamoto to Leave IMF, Gita Gopinath to Be IMF's New First Deputy Managing Director".
  5. ^ "IMF Managing Director Names Pierre-Olivier Gourinchas as IMF Economic Counsellor and Head of Research Department".
  6. ^ "Factsheet: The IMF and the World Bank". 21 September 2015. Archived from the original on 3 June 2004. Retrieved 1 December 2015.
  7. ^ "About the IMF Overview". Retrieved 1 August 2017.
  8. ^ "IMF Executive Board Approves FY 2022–FY 2024 Medium-Term Budget". 27 May 2021. Retrieved 9 April 2022.
  9. ^ "Articles of Agreement, International Monetary Fund" (PDF). 2011. Archived (PDF) from the original on 4 November 2011.
  10. ^ a b "The IMF at a Glance". Retrieved 15 December 2016.
  11. ^ Lipscy, Phillip Y. (2015). "Explaining Institutional Change: Policy Areas, Outside Options, and the Bretton Woods Institutions". American Journal of Political Science. 59 (2): 341–356. doi:10.1111/ajps.12130.
  12. ^ Schlefer, Jonathan (10 April 2012). "There is No Invisible Hand". Harvard Business Review. Harvard Business Publishing – via
  13. ^ Escobar, Arturo (1980). "Power and Visibility: Development and the Invention and Management of the Third World". Cultural Anthropology. 3 (4): 428–443. doi:10.1525/can.1988.3.4.02a00060.
  14. ^ "IMF Quotas". Retrieved 4 February 2020.
  15. ^ Crutsinger, Martin (25 September 2019). "Economist who grew up in communist Bulgaria is new IMF chief". Associated Press. Retrieved 18 June 2020.
  16. ^ "First Deputy Managing Director Geoffrey Okamoto to Leave IMF, Gita Gopinath to Be IMF's New First Deputy Managing Director". IMF. Retrieved 4 February 2022.
  17. ^ "IMF Managing Director Names Pierre-Olivier Gourinchas as IMF Economic Counsellor and Head of Research Department". IMF. Retrieved 4 February 2022.

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