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 .)
|
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)
| 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 | |
| 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 |
| 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 |
| 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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