GOVMAN-2014-10-06-191ParentInternational OrganizationsInternational Monetary Fundhttp://www.imf.org
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202-623-7000202-623-4661YesYesYesYesYesChristine LagardeManaging Director and Chairman of the Executive BoardDavid LiptonFirst Deputy Managing DirectorNaoyuki ShinoharaDeputy Managing DirectorMin ZhuDeputy Managing Director(vacancy)Deputy Managing DirectorThe Final Act of the United Nations Monetary and Financial Conference, signed at Bretton Woods, NH, on July 22, 1944, set forth the original Articles of Agreement of the International Monetary Fund (IMF). The Agreement became effective on December 27, 1945, when the President, authorized by the Bretton Woods Agreements Act (22 U.S.C. 286), accepted membership for the United States in IMF, the Agreement having thus been accepted by countries whose combined financial commitments (quotas) equaled approximately 80 percent of IMF's original quotas. The inaugural meeting of the Board of Governors was held in March 1946, and the first meeting of the Executive Directors was held May 6, 1946.On May 31, 1968, the Board of Governors approved an amendment to the Articles of Agreement for the establishment of a facility based on Special Drawing Rights (SDR) in IMF and for modification of certain IMF rules and practices. The amendment became effective on July 28, 1969, and the Special Drawing Account became operative on August 6, 1969. United States acceptance of the amendment and participation in the Special Drawing Account were authorized by the Special Drawing Rights Act (22 U.S.C. 286 et seq.).On April 30, 1976, the Board of Governors approved a second amendment to the Articles of Agreement, which entered into force on April 1, 1978. This amendment gave members the right to adopt exchange arrangements of their choice while placing certain obligations on them regarding their exchange rate policies, over which IMF was to exercise firm surveillance. The official price of gold was abolished, and the SDR account was promoted as the principal reserve asset of the international monetary system. United States acceptance of this amendment was authorized by the Bretton Woods Agreements Act Amendments (22 U.S.C. 286e-5).On June 28, 1990, the Board of Governors approved a third amendment to the Articles of Agreement, which became effective on November 11, 1992. Under this amendment, a member's voting rights and certain related rights may be suspended by a 70-percent majority of the executive board if the member, having been declared ineligible to use the general resources of the Fund, persists in its failure to fulfill any of its obligations under the Articles.The IMF has 188 member countries. It promotes international monetary cooperation through a permanent forum for consultation and collaboration on international monetary problems; facilitates the expansion and balanced growth of international trade; promotes exchange rate stability; assists in the establishment of an open multilateral system of payments for current transactions among members; and gives confidence to members by making IMF resources temporarily available to them under adequate safeguards.IMF helps its members correct imbalances in their international balances of payments. It periodically examines the economic developments and policies of its member countries, offers policy advice, and at member's request and upon executive board approval, provides financial assistance through a variety of financial facilities designed to address specific problems. These financing mechanisms provide access to the Fund's general resources to offer short-term assistance during crises of market confidence, compensatory financing to countries suffering declines in export earnings, emergency assistance for countries recovering from natural disasters or armed conflict, and low-interest rate resources to support structural adjustment and promote growth in the poorest countries. IMF also provides technical assistance and training to its members.publicaffairs@imf.orghttp://www.imf.org