The International Monetary Fund commonly referred to as IMF is a body that provides financial support to member countries in times of financial crisis. The IMF was established in 1944 with 44 founding member countries.
The IMF has since its establishment sought to build a broader framework for international economic cooperation. Currently, the membership of IMF comprises of about one hundred and ninety (190) countries across the world. The Fund has also employed staff from 150 nations.
The IMF is governed by all 190 countries and is also accountable to those countries that make up its global membership. The IMF has a board of governors at its top organizational structure. The executive board which has 24 members is in charge of the day to day activities and represents the members with assistance from the staff.
The head of the Executive Board doubles as the Managing Director of the staff and is assisted by four Deputy Managing Directors.
The IMF’s source of funds is the quota paid by member countries as capital subscriptions for being members. Membership quota is assigned based on a country’s relative position and status in the World economy. This makes it possible for countries to borrow from from IMF when they encounter financial issues and challenges.
The IMF is in charge of the monitoring of the international monetary system as well as the global economic developments which helps to identify risks and recommend policies for growth and financial stability.
The Fund also conducts a regular health check of the economic and financial policies of its 190 member countries to ensure progress and financial discipline.