Journal Issue
Share
IMF Survey Vol.30, September 2001
Article

Organization: IMF’s Articles of Agreement continue to shape organizational structure

Author(s):
International Monetary Fund. External Relations Dept.
Published Date:
January 2001
Share
  • ShareShare
Show Summary Details

The IMF consists of a Board of Governors, an Executive Board, a Managing Director, a First Deputy Managing Director, two other Deputy Managing Directors, and a staff of international civil servants. The IMF staff is organized mainly into departments with regional, functional, information and liaison, and support functions. The heads of these departments report to the Managing Director.

The Board of Governors of the IMF consists of one governor and one alternate for each member country. The governor, appointed by the member country, is usually the minister of finance or the central bank governor. The Board of Governors has delegated to the Executive Board all except certain reserved powers. It normally meets once a year.

The Executive Board is responsible for conducting the day-to-day business of the IMF. It is composed of 24 directors, who are appointed or elected by member countries or groups of countries. The Managing Director serves as its chairman. Meeting several times a week, the Executive Board deals with a wide variety of policy, operational, and administrative matters, including surveillance of members’ macroeconomic policies, provision of IMF financial assistance to member countries, and discussion of systemic issues in the global economy.

IMF Executive Board

(as of August 20, 2001)

Director

Alternate

Casting votes1 of (percent of IMF total)

Randal Quarles

Meg Lundsager United States (371,743-17.16 percent)

Ken Yagi

Haruyuki Toyama

Japan

(133,378-6.16 percent)

Karlheinz Bischofberger

Ruediger von Kleist

Germany

(130,332-6.02 percent)

Pierre Duquesne

Gilles Bauche

France

(107,635—4.97 percent)

Stephen Pickford

Stephen Collins

United Kingdom

(107,635-4.97 percent)

Willy Kiekens (Belgium)

Johann Prader (Austria)

Austria

Belarus

Belgium

Czech Republic

Hungary

Kazakhstan

Luxembourg

Slovak Republic

Slovenia

Turkey

(111,696-5.16 percent)

J. de Beaufort Wijnholds (Netherlands)

Yuriy G. Yakusha (Ukraine)

Armenia

Bosnia and Herzegovina

Bulgaria

Croatia

Cyprus

Georgia

Israel

Macedonia,

FYR of Moldova

Netherlands

Romania

Ukraine

(105,412-4.87 percent)

Hernán Oyarzábal (Venezuela)

Fernando Varela (Spain)

Costa Rica

El Salvador

Guatemala

Honduras

Mexico

Nicaragua

Spain

Venezuela

(92,989-4.29 percent)

Pier Carlo Padoan (Italy)

Harilaos Vittas (Greece)

Albania

Greece

Italy

Malta

Portugal

San Marino

(90,636-4.18 percent)

Thomas A. Bernes (Canada)

Peter Charleton (Ireland)

Antigua and Barbuda

Bahamas, The

Barbados

Belize

Canada

Dominica

Grenada

Ireland

Jamaica

St. Kitts and Nevis

St. Lucia

St. Vincent and the Grenadines

(80,636-3.72 percent)

Olli-Pekka Lehmussaari (Finland) Åke Törnqvist (Sweden)

Denmark

Estonia

Finland

Iceland

Latvia

Lithuania

Norway

Sweden

(76,276-3.52 percent)

Michael J. Callaghan (Australia)

Diwa Guinigundo (Philippines)

Australia

Kiribati

Korea

Marshall Islands

Micronesia, Fed.

States of Mongolia

New Zealand

Palau

Papua New Guinea

Philippines

Samoa

Seychelles

Solomon Islands

Vanuatu

(72,413-3.34 percent)

Sulaiman M. AL-TURKI

Ahmed Saleh Alosaimi

Saudi Arabia

(70,105–3.24 percent)

Cyrus D. R. Rustomjee (South Africa)

Ismaila Usman (Nigeria)

Angola

Botswana

Burundi

Eritrea

Ethiopia

Gambia, The

Kenya

Lesotho

Liberia

Malawi

Namibia

Mozambique

Nigeria

Sierra Leone

South Africa

Sudan

Swaziland

Tanzania

Uganda

Zambia

Zimbabwe

(69,968-3.23 percent)

Dono Iskandar Djojosubroto (Indonesia)

Kwok Mun Low (Singapore)

Brunei Darussalam

Cambodia

Fiji

Indonesía

Lao PDR

Malaysia

Myanmar

Nepal

Singapore

Thailand

Tonga

Vietnam

(68,367-3.16 percent)

A. Shakour Shaalan (Egypt)

Abdelrazaq Faris Al-Faris

(United Arab Emirates)

Bahrain

Egypt

Iraq

Jordan

Kuwait

Lebanon

Libya

Maldives

Oman

Qatar

Syrian Arab Republic

United Arab Emirates

Yemen, Republic of

(64,008-2.95 percent)

Wei Benhua

JIN Qi

China

(63,942-2.95 percent)

Aleksei V. Mozhin

Andrei Lushin

Russia

(59,704-2.76 percent)

Roberto F. Cippa (Switzerland)

Wieslaw Szczuka (Poland)

Azerbaijan

Kyrgyz Republic

Poland

Switzerland

Tajikistan

Turkmenistan

Uzbekistan

(56,900-2.63 percent)

Murilo Portugal (Brazil)

Roberto Junguito (Colombia)

Brazil

Colombia

Dominican Republic

Ecuador

Guyana

Haiti

Panama

Suriname

Trinidad and Tobago

(53,422-2.47 percent)

Vijay L. Kelkar (India)

R.A. Jayatissa (Sri Lanka)

Bangladesh

Bhutan

India

Sri Lanka

(52,112-2.41 percent)

Abbas Mirakhor

(Islamic Republic of Iran)

Mohammed Daïri (Morocco)

Algeria

Ghana

Iran, Islamic Rep. of

Morocco

Pakistan

Tunisia

(51,793-2.39 percent)

A. Guillermo Zoccali (Argentina)

Guillermo Le Fort (Chile)

Argentina

Bolivia

Chile

Paraguay

Peru

Uruguay

(43,395-2.00 percent)

Alexandre Barro Chambrier (Gabon)

Damian Ondo Mane (Equatorial Guinea)

Benin

Burkina Faso

Cameroon

Cape Verde

Central African Republic

Chad

Comoros

Congo, Rep. of

Cote d’Ivoire

Djibouti

Equatorial Guinea

Gabon

Guinea

Guinea-Bissau

Madagascar

Mali

Mauritania

Mauritius

Niger

Rwanda

Sao Tome and Principe

Senegal

Togo

(25,169-1.16 percent)

1 As of August 20, 2001, members’ votes totaled 2,166,739. Votes in the Executive Board amounted to 2,159,666, which does not include the votes of the Islamic State of Afghanistan, Somalia, and the Federal Republic of Yugoslavia,. These countries did not participate in the 2000 Regular Election of Executive Directors. It also does not include the votes of the Democratic Republic of the Congo, which were suspended effective June 2, 1994, pursuant to Article XXVI, Section 2(b) of the Articles of Agreement.

The IMF’s Managing Director is the head of the organization’s staff. Under the Board’s direction, the Managing Director is responsible for conducting the ordinary business of the IMF. The Managing Director serves a five-year term and may be reappointed to successive terms.

In July 2000, the IMF and the World Bank set up separate working groups to review the process for selecting the heads of their respective institutions in an effort to make the process more open and transparent. On April 26, 2001, the IMF’s Executive Board considered the two working groups’ draft joint report, which they endorsed as guidance for future selection processes.

The International Monetary and Financial Committee of the Board of Governors (formerly the Interim Committee of the Board of Governors on the International Monetary System) is an advisory committee composed of 24 IMF governors, ministers, or other officials of comparable rank and represents the same constituencies as the IMF’s Executive Board. It normally meets twice a year, in April or May and at the time of the Annual Meeting of the Board of Governors in September or October. Among its responsibilities are to advise and report to the Board of Governors on issues related to the management and adaptation of the international monetary and financial system—including disturbances that might threaten the system—and on proposals to amend the IMF’s Articles of Agreement.

The Development Committee (the Joint Ministerial Committee of the Boards of Governors of the World Bank and the IMF on the Transfer of Real Resources to Developing Countries) also has 24 members—finance ministers or other officials of comparable rank—and generally meets at the same time as the International Monetary and Financial Committee. It advises and reports to the Boards of Governors of the World Bank and the IMF on development issues and on the financial resources needed to promote economic development in developing countries.

Other Resources Citing This Publication