Fact Sheet

OVERVIEW:

Primary Responsibility: ensure stability of the international economic system.

188 member countries
Headquarters Washington, D.C.
LEADERSHIP:

Executive Board 24 Directors

Staff: 2600 from 142 countries
Managing Director: Christine Lagrade (Since June 2011)
HISTORY:

Initiated in 1944 Bretton Woods Conference

Formally created in 1945 by 29 countries
Began operations on March 1, 1947
First country to borrow: France in 1947

IMF MEMBERSHIP REQUIREMENTS:

Contribute to the IMF

o based on countrys size & power in the international economy
Agree to IMF Articles of Agreement
Provide national economic data to the IMF
Refrain from currency restrictions
IMF MEMBERSHIP BENEFITS:

Expert economic analysis

Loans (standard & interest-free)
FINANCIAL STRUCTURE:

Total quotas (contributions) - $362 billion (as of 8/28/14)

Biggest Borrowers Greece, Portugal, Ireland, Ukraine

Background
Overview
The primary responsibility of the International Monetary Fund (IMF) is to ensure stability of the
international economic system. It is comprised of 188 member countries and its headquarters
are located in Washington, D.C.

Leadership
The IMF is run by an executive board consisting of 24 directors. The directors represent
individual countries or groups of countries. The IMF has a staff of more than 2,600 people from
142 different nations. Its Managing Director is Christine Lagrade. She has held the position
since June of 2011.

History
The IMF was founded in 1944 at the Bretton Woods Conference in New Hampshire to help
stabilize and rebuild the global banking system after World War II. It came into formal existence
in 1945 and initially was comprised of 29 member nations. The IMF began operations on March
1, 1947 and France became the first member nation to borrow from the fund later that year. In
the late 1950s, the IMF expanded its membership base to include many of the newly
independent African countries as they applied for membership.

Membership Requirements
In order to belong to the IMF, countries must do several things. First and foremost, they must
agree to contribute to the fund. Nations belonging to the IMF must also agree to the Articles of
Agreement. The Articles of Agreement state that the primary mission of the fund is to promote
international cooperation, promote and facilitate international trade and employment, promote
exchange stability, and reduce poverty around the world. Member nations must agree to
provide economic data to the IMF and must refrain from placing any restrictions on its currency.

IMF Membership Benefits

Members of the IMF have access to expert economic analysis. That analysis can help countries
determine what is causing economic stress, and if policy changes are necessary to help correct
the problems. Member nations can also borrow from the IMF. Interest-free loans are available
for low-income nations and standard loans that accrue interest are available to other nations.
The interest rate fluctuates based on the state of the global economy.

Financial Structure
As of August 28, 2014, the total of contributions to the IMF is $362 billion. Quotas are assigned
to member nations based on that nations relative size in the global economy. The quota
system is also used to determine a nations voting power and access to IMF funding. Nations
with a higher quota have more power. Currently, the biggest borrowers from the IMF are
Greece, Portugal, Ireland, and Ukraine.

Frequently Asked Questions

Q: What is the International Monetary Fund?
A: The International Monetary Fund (IMF) is made up of 188 member nations. Its primary
responsibility is to ensure stability of the international monetary system. Its headquarters are
located in Washington, D.C.

Q: When was the IMF Created?

A: The IMF was initiated in 1944 at the Bretton Woods Conference in New Hampshire and
began operations on March 1, 1947. The main goal was to stabilize and rebuild the global
banking system after World War II. Initially, the IMF was made up of 29 countries. Membership
expanded during the 1950s to include new African nations as those countries gained their
independence.

Who is in charge of the IMF?

The IMF is run by a board of 24 directors. The directors represent countries or groups of
countries and meets annually. The current Managing Director of the IMF is Christine Lagrade.
She has held the position since 2011.

Q: What is the IMFs mission?

A: The IMFs primary mission can be found in its Articles of Agreement. The articles of
Agreement state that the IMFs mission is to promote international cooperation, promote and
facilitate international trade and employment, promote exchange stability, and reduce poverty
around the world.

Q: What are requirements for nations that belong to the IMF?

A: Member nations must agree to the Articles of Agreement. They must also agree to contribute
money to the IMF based on a quota system. A nations quota is based on its relative size in the
world economy. The quotas also help determine voting power and access to IMF financing.
Member nations must also agree to provide national economic data to the IMF and refrain from
placing any restrictions on its national currency.

Q: What are the financial benefits to nations that belong to the IMF?
A: Countries have access to a staff of more than 2600 people from 142 different nations. Many
of them are expert economists who can provide expert analysis. The IMF provides interest-free
loans to low-income nations and standard loans that accrue interest to other nations. The
interest rate is determined based on the current state of the global economy. Currently the
countries borrowing the most money from the IMF are Greece, Portugal, Ireland, and Ukraine.

Talking Points
KEY FACTS:

Founded in 1944
188 member countries
Washington DC Headquarters
2600+ employees

PRIMARY RESPONSIBILITY: To ensure stability of the international economic system

LEADERSHIP:

Managing Director: Christine Lagrade (Since 2011)

Executive Board - 24 Directors
o meets annually

HISTORY:

Created in 1944
o Bretton Woods Conference
o 29 nations
Goal - to help stabilize the global banking system after World War II
Started Operations - March 1 1947
o France - First country to borrow
Expanded membership in 1950s to include new African nations

ARTICLES OF AGREEMENT:
o
o
o
o

International cooperation
Trade and employment
Exchange stability
Reduce poverty

IMF MEMBERSHIP BENEFITS:

Economic analysis
Loans
o Standard
o Interest free (low-income nations)

QUOTAS:

Assigned based on relative size in world economy

Higher quota = more voting power
Determines access to IMF financing
Total = $362 BILLION (as of 8/2014)
Biggest Borrowers
o Greece
o Portugal
o Ireland
o Ukraine