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The IMF keeps account of international [[balance of payments]] accounts of member states, and for members in financial distress can acts as a lender of last resort, e.g. currency crisis, problems meeting balance of payment when in deficit and [[Default|debt default]]. Membership is based on quotas, or the amount of money a country provides to the fund relative to the size of its role in the international trading system.  

The IMF keeps account of international [[balance of payments]] accounts of member states, and for members in financial distress can acts as a lender of last resort, e.g. currency crisis, problems meeting balance of payment when in deficit and [[Default|debt default]]. Membership is based on quotas, or the amount of money a country provides to the fund relative to the size of its role in the international trading system.  

== Organization and Purpose ==

= Organization and Purpose =

The IMF describes itself as: "an organization of 184 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty". Of all UN member states only [[North Korea]], [[Cuba]], [[Liechtenstein]], [[Andorra]], [[Monaco]], [[Tuvalu]] and [[Nauru]] are either integrated and represented by other member states or choose not to participate.

The IMF describes itself as: "an organization of 184 countries, working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty". Of all UN member states only [[North Korea]], [[Cuba]], [[Liechtenstein]], [[Andorra]], [[Monaco]], [[Tuvalu]] and [[Nauru]] are either integrated and represented by other member states or choose not to participate.

          

          

== History ==

= History =

Agreement for its creation came at the [[United Nations]]-sponsored [[Bretton Woods Conference|Monetary and Financial Conference]] in [[Bretton Woods]], New Hampshire on July 22, 1944. The principle architects of the IMF at the Bretton Woods Conference were [[John Maynard Keynes]] and the Assistant Secretary of the [[United States Treasury]], [[Harry Dexter White]]. The [http://www.imf.org/external/pubs/ft/aa/index.htm Articles of Agreement] came into force on December 27, 1945, the organization came into existence in May 1946, as part of a post-[[World War II|WWII]] reconstruction plan, and it began financial operations on March 1, 1947.

Agreement for its creation came at the [[United Nations]]-sponsored [[Bretton Woods Conference|Monetary and Financial Conference]] in [[Bretton Woods]], New Hampshire on July 22, 1944. The principle architects of the IMF at the Bretton Woods Conference were [[John Maynard Keynes]] and the Assistant Secretary of the [[United States Treasury]], [[Harry Dexter White]]. The [http://www.imf.org/external/pubs/ft/aa/index.htm Articles of Agreement] came into force on December 27, 1945, the organization came into existence in May 1946, as part of a post-[[World War II|WWII]] reconstruction plan, and it began financial operations on March 1, 1947.

The IMF was instituted in and operated as a short-term credit fund for exchange rate stabilization throughout the Keynesian Welfare State era of 1945 - 1971. With the removal of the fixed exchange rate system in the early 70s - the original role for the IMF has changed. As neo-liberalism took hold in the US and [[Western Europe]] through the 70s and 80s, the IMF has assisted debtor nations with problems meeting balance of payment deficits on condition they institute reforms in line with neo-liberal and classical economic theory. Arguably there has been a qualification of this stance with the recent HIPC initiatives, but it is safe to conclude that the IMF remains a neo-liberal institution, arguably much removed from its original mandate.

The IMF was instituted in and operated as a short-term credit fund for exchange rate stabilization throughout the Keynesian Welfare State era of 1945 - 1971. With the removal of the fixed exchange rate system in the early 70s - the original role for the IMF has changed. As neo-liberalism took hold in the US and [[Western Europe]] through the 70s and 80s, the IMF has assisted debtor nations with problems meeting balance of payment deficits on condition they institute reforms in line with neo-liberal and classical economic theory. Arguably there has been a qualification of this stance with the recent HIPC initiatives, but it is safe to conclude that the IMF remains a neo-liberal institution, arguably much removed from its original mandate.

==Political Influence Over Governance==

=Political Influence Over Governance=

The governance structure of the International Monetary Fund is formally based on financial quotas contributed by member states, which determine voting weight, access to financing, and participation in decision‑making . Because quotas reflect the size and global role of national economies, influence within the IMF is not evenly distributed. Member states with larger economies hold proportionally greater voting power, and this directly shapes the institution’s policy direction and lending practices.

The governance structure of the International Monetary Fund is formally based on financial quotas contributed by member states, which determine voting weight, access to financing, and participation in decision‑making . Because quotas reflect the size and global role of national economies, influence within the IMF is not evenly distributed. Member states with larger economies hold proportionally greater voting power, and this directly shapes the institution’s policy direction and lending practices.

== Statement on IMF Managing Director Dominique Strauss-Kahn ==

 

==Statement on IMF Managing Director Dominique Strauss-Kahn==

Press Release No. 11/179, May 15, 2011.

Press Release No. 11/179, May 15, 2011.

John Lipsky has been announced on 15 May 2011 to temporarily replace Strauss-Kahn as the IMF's CEO.

John Lipsky has been announced on 15 May 2011 to temporarily replace Strauss-Kahn as the IMF's CEO.

==See also==

=See also=

* [[World Bank]]

* [[World Bank]]

* [[Globalization]]

* [[Globalization]]

* [[Globalism]]

* [[Globalism]]

==External links==

=External links=

* [http://www.imf.org International Monetary Fund website]

* [http://www.imf.org International Monetary Fund website]

* [http://www.serendipity.li/hr/imf_and_dollar_system.htm How the IMF Props Up the Dollar System.]

* [http://www.serendipity.li/hr/imf_and_dollar_system.htm How the IMF Props Up the Dollar System.]

== References ==

=References=

* ''[[The Best Democracy Money Can Buy]]'' by [[Greg Palast]] (2002)

* ''[[The Best Democracy Money Can Buy]]'' by [[Greg Palast]] (2002)

* The IMF and The World Bank: How do they differ?[http://www.imf.org/external/pubs/ft/exrp/differ/differ.htm] by David D. Driscoll

* The IMF and The World Bank: How do they differ?[http://www.imf.org/external/pubs/ft/exrp/differ/differ.htm] by David D. Driscoll