The International Monetary Fund was conceived on July 22, 1944 during the United Nations Monetary and Financial Conference. The representatives of 45 governments met in the Mount Washington Hotel in the area of Bretton Woods, New Hampshire, United States, with the delegates to the conference agreeing on a framework for international economic cooperation.[11] The IMF was formally organized on December 27, 1945, when the first 29 countries signed its Articles of Agreement. The statutory purposes of the IMF today are the same as when they were formulated in 1943 (see #Assistance and reforms).
The IMF's influence in the global economy steadily increased as it accumulated more members. The number of IMF member countries has more than quadrupled from the 44 states involved in its establishment, reflecting in particular the attainment of political independence by many developing countries and more recently the dissolution in 1991 of the Soviet Union. The expansion of the IMF's membership, together with the changes in the world economy, have required the IMF to adapt in a variety of ways to continue serving its purposes effectively.
In 2008, faced with a shortfall in revenue, the International Monetary Fund's executive board agreed to sell part of the IMF's gold reserves. On April 27, 2008, former IMF Managing Director Dominique Strauss-Kahn welcomed the board's decision of April 7, 2008, to propose a new framework for the fund, designed to close a projected $400 million budget deficit over the next few years. The budget proposal includes sharp spending cuts of $100 million until 2011 that will include up to 380 staff dismissals.[12]
At the 2009 G-20 London summit, it was decided that the IMF would require additional financial resources to meet prospective needs of its member countries during the ongoing global financial crisis. As part of that decision, the G-20 leaders pledged to increase the IMF's supplemental cash tenfold to $500 billion, and to allocate to member countries another $250 billion via Special Drawing Rights.[13][14]
On October 23, 2010, the ministers of finance of G-20, governing most of the IMF member quotas, agreed to reform IMF and shift about 6 percent of the voting shares to major developing nations and countries with emerging markets.
As of August 2010, Romania ($13.9 billion), Ukraine ($12.66 billion), Hungary ($11.7 billion), and Greece ($30 billion) are the largest borrowers of the fund.
IMF is the International Monetary Fund, which is an organization of several countries to facilitate economic growth. An IMF quota is the amount of money which each member country is required to give to the IMF.
All IMF share holders are in the developing world.
The capital of IMF is made up of
Is world bank under the control of IMF
The acronym IMF stands for the International Monetary Fund.
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imf
Who is the Chairman of IMF
CHRISTINE LAGARDE(France) is the CEO of IMF.
Cristine Lagarde is head of the IMF.
CHRISTINE LAGARDE(France) is the CEO of IMF.
IMF is the International Monetary Fund, which is an organization of several countries to facilitate economic growth. An IMF quota is the amount of money which each member country is required to give to the IMF.
IMF was started after the Second World War ends at 1944
The strongest IMF Hydrazine has is Hydrogen bonds.
All IMF share holders are in the developing world.
The capital of IMF is made up of
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