IMF Structure

The Fund is an autonomous orgnisation affiliated to the U.N.O. Its main office is in Washington. At present the Fund has 116 members (nations). However former soviet bloc nations are not members of the Fund. In fact, the Fund represents all the countries outside the centrally controlled economies, except Switzerland, thus greatly widening the area of international monetary cooperation.

The ruling body of the Fund is a Board of Governors, consisting of one representative and one alternate representative appointed by each member nation. Normally, the Board meets once a year and exercises its power in such important matters as admission of new members, revision of quotas, election of directors, etc. But it has delegated working authority to the Board of Executive Directors. Thus, the Board consists of 20 executive directors of whom 5 are nominated, one each by the five largest quota holding countries U.S.A., U.K. West Germany, France and India. Of the remaining 15, three are elected by Africa, 3 by Latin America 5 by the Far East and Pacific area and 4 by Continental Europe. The Chairmen of the Board of Executive Directors is the Managing Director – who is the head of the Fund. The executive board meets two or three times each week to consider problems brought before the Fund.

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