THE INTERNATIONAL MONETARY FUND (IMF)





The International Monetary Fund (IMF)

BACKGROUND: The 1930s was a period not only of great political upheaval but also of grave financial and economic difficulty. The gold standard was largely abandoned, and currency exchange rates fluctuated wildly. Economic chaos was aggravated by a lack of coordination between governments that imposed controls on international financial transactions and engaged in ruthless economic warfare.


During World War II, most countries realized that they would emerge from the conflict with depleted economic resources just when they would have to confront a reconstruction effort of staggering dimensions. It was also known that the United Kingdom would emerge from the war as the world's principal debtor nation and the United States, whose productive capacity had greatly increased during the war, as the world's principal creditor nation.

BUDGETS

The approved administrative budget for the fiscal year ending 30 April 2002 was $736.9 million and a capital project budget of $40 million. The Fund's income considerably exceeds its administrative expenditures. This income is derived principally from charges on the Fund's transactions.

BIBLIOGRAPHY

Annual Report of the Executive Board. Reviews the Fund's activities and surveys the world economy.

Annual Report on Exchange Arrangements and Exchange Restrictions.

Balance of Payments Statistics Newsletters. Provide information on the work of the Balance of Payments Committee and on statistical developments in balance of payments.

Direction of Trade Statistics. Quarterly. Contains trade-by-country statistics of some 150 countries and summaries by geographic and monetary areas.

Finance and Development. Quarterly. Presents articles and book reviews on a wide variety of topics in international economics and finance, as well as economic development.

Government Finance Statistics Yearbook.

IMF Research Bulletin. Quarterly. Summarizes key components of research done at the IMF, and provides a listing of research documents and other research-related activities.

IMF Survey. Biweekly. Provides topical coverage of the IMF's activities, policies and research in the context of global economic and financial developments.

International Financial Statistics Yearbook. Contains statistics on all aspects of domestic and international finance (exchange rates, gold and foreign exchange holdings, money supply, bank assets, international trade, prices, production, interest rates, etc.).

World Economic Outlook: A Survey by the Staff of the International Monetary Fund. Published September 2002.

(The complete and searchable IMF catalog of publications is available online at http://www.imf.org/external/pubind.htm .)

The International Monetary Fund (IMF)

IMF Members and Their Quotas
(as of 12 December 2002)
member quota
Afghanistan, Islamic State of 120.4
Albania 48.7
Algeria 1,254.7
Angola 286.3
Antigua and Barbuda 13.5
Argentina 2,117.1
Armenia 92.0
Australia 3,236.4
Austria 1,872.3
Azerbaijan 160.9
Bahamas 130.3
Bahrain 135.0
Bangladesh 533.3
Barbados 67.5
Belarus 386.4
Belgium 4,605.2
Belize 18.8
Benin 61.9
Bhutan 6.3
Bolivia 171.5
Bosnia and Herzegovina 169.1
Botswana 63.0
Brazil 3,036.1
Brunei Darussalam 215.2
Bulgaria 640.2
Burkina Faso 60.2
Burundi 77.0
Cambodia 87.5
Cameroon 185.7
Canada 6,369.2
Cape Verde 9.6
Central African Republic 55.7
Chad 56.0
Chile 856.1
China 6,369.2
Colombia 774.0
Comoros 8.9
Congo, Democratic Republic of the 533.0
Congo, Republic of 84.6
Costa Rica 164.1
Côte d'Ivoire 325.2
Croatia 365.1
Cyprus 139.6
Czech Republic 819.3
Denmark 1,642.8
Djibouti 15.9
Dominica 8.2
Dominican Republic 218.9
Ecuador 302.3
Egypt 943.7
El Salvador 171.3
Equatorial Guinea 32.6
Eritrea 15.9
Estonia 65.2
Ethiopia 133.7
Fiji 70.3
Finland 1,263.8
France 10,738.5
Gabon 154.3
Gambia 31.1
Georgia 150.3
Germany 13,008.2
Ghana 369.0
Greece 823.0
Grenada 11.7
Guatemala 210.2
Guinea 107.1
Guinea-Bissau 14.2
Guyana 90.9
Haiti 60.7
Honduras 129.5
Hungary 1,038.4
Iceland 117.6
India 4,158.2
Indonesia 2,079.3
Iran, Islamic Republic of 1,497.2
Iraq 504.0
Ireland 838.4
Israel 928.2
Italy 7,055.5
Jamaica 273.5
Japan 13,312.8
Jordan 170.5
Kazakhstan 365.7
Kenya 271.4
Kiribati 5.6
Korea, Republic of 1,633.6
Kuwait 1,381.1
Kyrgyz Republic 88.8
Lao People's Democratic Republic 52.9
Latvia 126.8
Lebanon 203.0
Lesotho 34.9
Liberia 71.3
Libyan Arab Jamahiriya 1,123.7
Lithuania 144.2
Luxembourg 279.1
Macedonia, the Former Yugoslav Republic of 68.9
Madagascar 122.2
Malawi 69.4
Malaysia 1,486.6
Maldives 8.2
Mali 93.3
Malta 102.0
Marshall Islands 3.5
Mauritania 64.4
Mauritius 101.6
Mexico 2,585.8
Micronesia, Federated States of 5.1
Moldova 123.2
Mongolia 51.1
Morocco 588.2
Mozambique 113.6
Myanmar 258.4
Namibia 136.5
Nepal 71.3
Netherlands 5,162.4
New Zealand 894.6
Nicaragua 130.0
Niger 65.8
Nigeria 1,753.2
Norway 1,671.7
Oman 194.0
Pakistan 1,033.7
Palau 3.1
Panama 206.6
Papua New Guinea 131.6
Paraguay 99.9
Peru 638.4
Philippines 879.9
Poland 1,369.0
Portugal 867.4
Qatar 263.8
Romania 1,030.2
Russia 5,945.4
Rwanda 80.1
St. Kitts and Nevis 8.9
St. Lucia 15.3
St. Vincent and the Grenadines 8.3
Samoa 11.6
San Marino 17.0
São Tomé and Príncipe 7.4
Saudi Arabia 6,985.5
Senegal 161.8
Seychelles 8.8
Sierra Leone 103.7
Singapore 862.5
Slovak Republic 357.5
Slovenia 231.7
Solomon Islands 10.4
Somalia 44.2
South Africa 1,868.5
Spain 3,048.9
Sri Lanka 413.4
Sudan 169.7
Suriname 92.1
Swaziland 50.7
Sweden 2,395.5
Switzerland 3,458.5
Syrian Arab Republic 293.6
Tajikistan 87.0
Tanzania 198.9
Thailand 1,081.9
Timor-Leste 8.2
Togo 73.4
Tonga 6.9
Trinidad and Tobago 335.6
Tunisia 286.5
Turkey 964.0
Turkmenistan 75.2
Uganda 180.5
Ukraine 1,372.0
United Arab Emirates 611.7
United Kingdom 10,738.5
United States 37,149.3
Uruguay 306.5
Uzbekistan 275.6
Vanuatu 17.0
Venezuela 2,659.1
Vietnam 329.1
Yemen 243.5
Yugoslavia 467.7
Zambia 489.1
Zimbabwe 353.4

Executive Directors of the IMF and Voting Power
(as of 12 December 2002)

The International Monetary Fund (IMF)

DIRECTOR CASTING VOTES OF VOTES BY COUNTRY TOTAL VOTES 1 % OF FUND TOTAL 2
1 Voting power varies on certain matters pertaining to the General Department with use of the Fund's resources in that Department.
2 Percentages are of total votes (2,173,313) in the General Department and the Special Drawing Rights Department.
APPOINTED
Nancy P. Jacklin United States 371,743 371,743 17.10
Ken Yagi Japan 133,378 133,378 6.14
Karlheinz Bischofberger Germany 130,332 130,332 6.00
Pierre Duquesne France 107,635 107,635 4.95
Tom Scholar United Kingdom 107,635 107,635 4.95
ELECTED
Willy Kiekens (Belgium)
Austria 18,973
Belarus 4,114
Belgium 46,302
Czech Republic 8,443
Hungary 10,634
Kazakhstan 3,907
Luxembourg 3,041
Slovak Republic 3,825
Slovenia 2,567
Turkey 9,890 111,696 5.14
J. de Beaufort Wijnholds (Netherlands)
Armenia 1,170
Bosnia and Herzegovina 1,941
Bulgaria 6,652
Croatia 3,901
Cyprus 1,646
Georgia 1,753
Israel 9,532
Macedonia, Former Yugoslav Republic of 939
Moldova 1,482
Netherlands 51,874
Romania 10,552
Ukraine 13,970 105,412 4.85
Hernán Oyarzábal (Venezuela)
Costa Rica 1,891
El Salvador 1,963
Guatemala 2,352
Honduras 1,545
Mexico 26,108
Nicaragua 1,550
Spain 30,739
Venezuela 26,841 92,989 4.28
Pier Carlo Padoan (Italy)
Albania 737
Greece 8,480
Italy 70,805
Malta 1,270
Portugal 8,924
San Marino 420
Timor-Leste 332 90,968 4.19
Ian E. Bennett (Canada)
Antigua and Barbuda 385
Bahamas 1,553
Barbados 925
Belize 438
Canada 63,942
Dominica 332
Grenada 367
Ireland 8,634
Jamaica 2,985
St. Kitts and Nevis 339
St. Lucia 403
St. Vincent and the Grenadines 333 80,636 3.71

The International Monetary Fund (IMF)

DIRECTOR CASTING VOTES OF VOTES BY COUNTRY TOTAL VOTES % OF FUND TOTAL
Ólafur Ísleifsson (Iceland)
Denmark 16,678
Estonia 902
Finland 12,888
Iceland 1,426
Latvia 1,518
Lithuania 1,692
Norway 16,967
Sweden 24,205 76,276 3.51
Michael J. Callaghan (Australia)
Australia 32,614
Kiribati 306
Korea 16,586
Marshall Islands 285
Micronesia 301
Mongolia 761
New Zealand 9,196
Palau 281
Papua New Guinea 1,566
Philippines 9,049
Samoa 366
Seychelles 338
Solomon Islands 354
Vanuatu 420 72,423 3.33
Sulaiman M. Al-Turki (Saudi Arabia)
Saudi Arabia 70,105 70,105 3.23
Ismaila Usman (Nigeria)
Angola 3,113
Botswana 880
Burundi 1,020
Eritrea 409
Ethiopia 1,587
Gambia, The 561
Kenya 2,964
Lesotho 599
Liberia 963
Malawi 944
Mozambique 1,386
Namibia 1,615
Nigeria 17,782
Sierra Leone 1,287
South Africa 18,935
Sudan 1,947
Swaziland 757
Tanzania 2,239
Uganda 2,055
Zambia 5,141
Zimbabwe 3,784 69,968 3.22
Sri Mulyani Indrawati (Indonesia)
Brunei Darussalam 2,402
Cambodia 1,125
Fiji 953
Indonesia 21,043
Lao People's Democratic Republic 779
Malaysia 15,116
Myanmar 2,834
Nepal 963
Singapore 8,875
Thailand 11,069
Tonga 319
Vietnam 3,541 69,019 3.18

The International Monetary Fund (IMF)

DIRECTOR CASTING VOTES OF VOTES BY COUNTRY TOTAL VOTES % OF FUND TOTAL
A. Shakour Shaalan (Egypt)
Bahrain 1,600
Egypt 9,687
Iraq 5,290
Jordan 1,955
Kuwait 14,061
Lebanon 2,280
Libyan Arab Jamahiriya 11,487
Maldives 332
Oman 2,190
Qatar 2,888
Syrian Arab Republic 3,186
United Arab Emirates 6,367
Yemen, Republic of 2,685 64,008 2.95
Wei Benhua (China)
China 63,942 63,942 2.94
Fritz Zurbrügg (Switzerland)
Azerbaijan 1,859
Kyrgyz Republic 1,138
Poland 13,940
Switzerland 34,835
Tajikistan 1,120
Turkmenistan 1,002
Uzbekistan 3,006
Yugoslavia 4,927 61,827 2.84
Aleksei V. Mozhin (Russia)
Russia 59,704 59,704 2.75
Murilo Portugal (Brazil)
Brazil 30,611
Colombia 7,990
Dominican Republic 2,439
Ecuador 3,273
Guyana 1,159
Haiti 857
Panama 2,316
Suriname 1,171
Trinidad and Tobago 3,606 53,422 2.46
Abbas Mirakhor (Iran, Islamic Republic of)
Afghanistan 1,454
Algeria 12,797
Ghana 3,940
Iran, Islamic Republic of 15,222
Morocco 6,132
Pakistan 10,587
Tunisia 3,115 53,247 2.45

The International Monetary Fund (IMF)

DIRECTOR CASTING VOTES OF VOTES BY COUNTRY TOTAL VOTES % OF FUND TOTAL
3 The total number of votes as of 12 December 2002, 2,172,621, does not include the votes of Somalia, which did not participate in the 2002 Regular Election of Executive Directors. The total votes of this member is 692.
4 This figure may differ from the sum of the percentages shown for individual Directors because of rounding.
Yaga V. Reddy (India)
Bangladesh 5,583
Bhutan 313
India 41,832
Sri Lanka 4,384 52,112 2.40
Guillermo Le Fort (Chile)
Argentina 21,421
Bolivia 1,965
Chile 8,811
Paraguay 1,249
Peru 6,634
Uruguay 3,315 43,395 2.00
Damian Ondo Mañe (Equatorial Guinea)
Benin 869
Burkina Faso 852
Cameroon 2,107
Cape Verde 346
Central African Republic 807
Chad 810
Comoros 339
Congo, Democratic Republic of 5,580
Congo, Republic of 1,096
Côte d'Ivoire 3,502
Djibouti 409
Equatorial Guinea 576
Gabon 1,793
Guinea 1,321
Guinea-Bissau 392
Madagascar 1,472
Mali 1,183
Mauritania 894
Mauritius 1,266
Niger 908
Rwanda 1,051
São Tomé and Príncipe 324
Senegal 1,868
Togo 984 30,749 1.41
TOTAL 2,172,621 3,4 99.98


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