Know 20 Important Facts About International Monetary Fund (IMF)

1. IMF is an international organisation, also known as the Fund. Its main aim is to regulate global financial relation, product financial stability, facilitate international trade, support high employment, sustainable economic growth, and to reduce poverty.
2. The IMF was created on July 22, 1944 at UN Conference in Bretton Woods, United States.
3. IMF formally started its operation on December 27, 1945 with 29 member countries.
4. Head Quarters of IMF is Washington D.C.
5. The members of IMF as of now are 189 countries.
6. The IMF’s financial year is from May 1 to April 30.
7. The first country to borrowed from IMF is France.
8. The head of IMF staff is Managing Director. He also serves as Chairman of the Executive Board.
9. The head of IMF is elected once in every 5 years.
10. Present Managing Director of the IMF is Christine Lagarde (France) since 25 July 2011.
11. The Executive Board consists of 24 Directors.
12. The day-to-day work of IMF is to monitor by its Executive Board members with the guidance of the International Monetary and Financial Committee(IMFC).
13. The SDRs (Special Drawing Rights) was created in July 1969. To meet a long term global need, the IMF created reserve asset and it allocates SDR to participating members in proportion to their IMF quotas. It is also known as Paper Gold.
14. If any country wants to join as a member of IMF, that country is required to make membership payment or quota which is assigned based on its economic and financial strength, national income, share in world trade & monetary gold.
15. The main resource of IMF is its member’s quotas.
16. The largest and smallest member of the IMF is the United States and Tuvalu.
17. IMF Voting is mainly based on a quota system.
18. There are four Emerging Market and Developing Countries (EMDCs) namely Brazil, China, India, and Russia and these are among the 10 largest shareholders in the Fund.
19. India is the founder member of IMF.
20. The 189^th member of IMF is Nauru.

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