Chapter

II. Status of the Fund

Author(s):
International Monetary Fund
Published Date:
September 1946
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Applications for Membership

At its Inaugural Meeting the Board of Governors received applications for membership from the Governments of Italy, Lebanon, Syria, and Turkey, which were referred to the Executive Directors for consideration and recommendations: In conformity with Section 21 of the Bylaws, the recommendations of the Executive Directors are being separately submitted to the Board of Governors.

Revision of Quotas

At the Inaugural Meeting the Governor of Paraguay requested that the quota of Paraguay in the Fund should be increased. The Board of Governors referred this request to the Executive Directors for consideration and recommendations. The report to the Board of Governors on this matter is separately submitted.

On September 6, 1946, the Government of France requested the Fund to consider an increase in its quota. On September 18 the Government of China made a similar request. The reports of the Executive Directors on these requests are being submitted separately.

Relations With Other International Organizations

The Fund and the Bank have maintained close relations throughout the period of organization. The Managing Director of the Fund and the President of the Bank and their subordinates have worked together on common problems, and joint committees of the two Boards of Executive Directors have been utilized as a device for effecting necessary coordination. Steps have been taken to ensure that the policies and operations of the Fund and the Bank will complement each other.

As permitted by the Fund Agreement, informal arrangements for cooperation with other international organizations have been initiated. The Fund was represented at the UNRRA conference held in Geneva in August 1946 and the FAO conference held in Copenhagen in September. Liaison has been established between the Fund and the United Nations on public information. Similarly, representatives of the Fund have participated in meetings with the Secretarist of the United Nations on problems of personnel, travel, and pensions. The Fund looks forward to continuing cooperation with the United Nations and the various specialized agencies and expects these relations to develop on many fronts during the next few years.

As requested by the Board of Governors at its Inaugural Meeting, the Fund, together with the Bank, has conferred with representatives of the Economic and Social Council concerning collaboration. No recommendations to the Governor have been prepared, since it is not believed that a formal agreement is required at this time. The correspondence is reported in Appendix C.

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