1998 IMF Survey Supplement on the Fund / September 1998

Organization

IMF Structure Shaped by Articles of Agreement

The IMF’s organizational structure is set out in its Articles of Agreement, which entered into force in December 1945. The Articles provide for a Board of Governors, an Executive Board, a Managing Director, and a staff of international civil servants. Since the mid-1970s, the Executive Board has received ministerial guidance from the Interim Committee of the Board of Governors on the International Monetary System (the Interim Committee) and the Joint Ministerial Committee of the Boards of Governors of the Bank and the Fund on the Transfer of Real Resources to Developing Countries (the Development Committee).

IMF Managing Director Michel Camdessus (at center) chairs a full session of the IMF Executive Board, its alternates, and staff. The Executive Board, which consists of 24 Executive Directors elected or appointed by member countries, is the IMF’s permanent decision-making organ.

Board of Governors. The highest authority of the IMF resides in its Board of Governors, which consists of one Governor and one Alternate Governor appointed by each member country. The Board of Governors, whose members are usually drawn from ministers of finance or heads of central banks, normally meets once a year, but may meet or vote by mail at other times.

Interim Committee. The Interim Committee provides ministerial guidance to the Executive Board. Composed of 24 IMF Governors, ministers, or other officials of comparable rank, the Interim Committee meets twice a year and reports to the Board of Governors on the management and functioning of the international monetary system and on proposals to amend the Articles of Agreement.

Development Committee. The Development Committee, also composed of 24 Governors of the World Bank or the IMF, ministers, or other officials of comparable rank, advises and reports to the Boards of Governors of the World Bank and the IMF on development issues.

Executive Board. The Board of Governors has delegated many of its powers to the IMF’s Executive Board, the IMF’s permanent decision-making organ. The Executive Board, which generally meets three times a week at the IMF’s headquarters in Washington, consists of 24 Executive Directors who are appointed or elected by member countries. It deals with a wide variety of policy, operational, and administrative matters, including surveillance of members’ exchange rate policies, provision of IMF financial assistance to member countries, and discussion of systemic issues in the global economy.

Managing Director . Selected by the Executive Board, the IMF’s Managing Director chairs the Executive Board and serves as head of the organization’s staff. Under the direction of the Executive Board, the Managing Director is responsible for conducting the ordinary business of the IMF. The Managing Director serves a five-year term and may be reelected to successive terms.

Staff. The Articles of Agreement require that staff appointed to the IMF demonstrate the highest standards of efficiency and technical competence and reflect the organization’s diverse membership. Among the organization’s 2,660 staff members, 122 nationalities are represented.

IMF Executive Board
(as of September 1, 1998)
Director
Alternate
Casting Votes of
(Percent of IMF total)

Karin Lissakers
Barry S. Newman
United States
(265,518-17.78 percent)

Bernd Esdar
Wolf-Dieter Donecker
Germany
(82,665-5.53 percent)

Yukio Yoshimura
Hideaki Ono
Japan
(82,665-5.53 percent)

Jean-Claude Milleron
Ramon Fernandez
France
(74,396-4.98 percent)

Stephen Pickford
Jon Shields
United Kingdom
(74,396-4.98 percent)

Willy Kiekens (Belgium)
Johann Prader (Austria)
Austria
Belarus
Belgium
Czech Republic
Hungary
Kazakhstan
Luxembourg
Slovak Republic
Slovenia
Turkey
(75,983-5.09 percent)

J. de Beaufort Wijnholds (Netherlands)
Yuriy G. Yakusha (Ukraine)
Armenia
Bosnia and
    Herzegovina
Bulgaria
Croatia
Cyprus
Georgia
Israel
Macedonia,
    FYR of
Moldova
Netherlands
Romania
Ukraine
(74,276-4.97 percent)

Juan Jos Toribio (Spain)
Javier Guzmn-Calafell (Mexico)
Costa Rica
El Salvador
Guatemala
Honduras
Mexico
Nicaragua
Spain
Venezuela
(64,295-4.30 percent)

Enzo R. Grilli (Italy)
John Spraos (Greece)
Albania
Greece
Italy
Malta
Portugal
San Marino
(59,987-4.02 percent)

Thomas A. Bernes (Canada)
Charles X. O'Loghlin (Ireland)
Antigua and
    Barbuda
Bahamas, The
Barbados
Belize
Canada
Dominica
Grenada
Ireland
Jamaica
St. Kitts and Nevis
St. Lucia
St. Vincent and the
    Grenadines
(55,500-3.72 percent)

Kai Aaen Hansen (Denmark)
Olli-Pekka Lehmussaari (Finland)
Denmark
Estonia
Finland
Iceland
Latvia
Lithuania
Norway
Sweden
(51,771-3.47 percent)

Abdulrahman A. Al-Tuwaijri
Sulaiman M. Al-Turki
Saudi Arabia
(51,556-3.45 percent)

Dinah Z. Guti (Zimbabwe)
Jos Pedro de Morais, Jr. (Angola)
Angola
Botswana
Burundi
Eritrea
Ethiopia
Gambia, The
Kenya
Lesotho
Liberia
Malawi
Mozambique
Namibia
Nigeria
Sierra Leone
South Africa
Swaziland
Tanzania
Uganda
Zambia
Zimbabwe
(51,292-3.43 percent)

Gregory F. Taylor (Australia)
Okyu Kwon (Korea)
Australia
Kiribati
Korea
Marshall Islands
Micronesia, Fed.
    States of
Mongolia
New Zealand
Papua New
    Guinea
Philippines
Samoa
Seychelles
Solomon Islands
Vanuatu
(49,182-3.29 percent)

A. Shakour Shaalan (Egypt)
Mohamad Hassan Elhage (Lebanon)
Bahrain
Egypt
Iraq
Jordan
Kuwait
Lebanon
Lybia
Maldives
Oman
Qatar
Syrian Arab Republic
United Arab Emirates
Yemen, Republic of
(47,646-3.19 percent)

Zamani Abdul Ghani (Malaysia)
Cyrillus Harinowo (Indonesia)
Brunei Darussalam
Cambodia
Fiji
Indonesia
Lao PDR
Malaysia
Myanmar
Nepal
Singapore
Thailand
Tonga
Vietnam
(43,505-2.91 percent)

Aleksei V. Mozhin
Andrei Lushin
Russia
(43,381-2.90 percent)

Roberto F. Cippa (Switzerland)
Wieslaw Szczuka (Poland)
Azerbaijan
Kyrgyz Republic
Poland
Switzerland
Tajikistan
Turkmenistan
Uzbekistan
(41,229-2.76 percent)

Abbas Mirakhor (Islamic Republic of Iran)
Mohammed Dari (Morocco)
Afghanistan,
    Islamic State of
Algeria
Ghana
Iran, Islamic Rep. of
Morocco
Pakistan
Tunisia
(39,542-2.65 percent)

Alexandre Kafka (Brazil)
Hamid O'Brien (Trinidad and Tobago)
Brazil
Colombia
Dominican
    Republic
Ecuador
Guyana
Haiti
Panama
Suriname
Trinidad and Tobago
(39,270-2.63 percent)

M. R. Sivaraman (India)
A. G. Karunasena (Sri Lanka)
Bangladesh
Bhutan
India
Sri Lanka
(38,561-2.58 percent)

Zhang Zhixiang
Zhang Fengming
China
(34,102-2.28 percent)

A. Guillermo Zoccali (Argentina)
Nicols Eyzaguirre (Chile)
Argentina
Bolivia
Chile
Paraguay
Peru
Uruguay
(31,958-2.14 percent)

Koffi Yao (Cte d'Ivoire)
Alexandre Barro Chambrier (Gabon)
Benin
Burkina Faso
Cameroon
Cape Verde
Central African
    Republic
Chad
Comoros
Congo, Rep. of
Cte d'Ivoire
Djibouti
Equatorial Guinea
Gabon
Guinea
Guinea-Bissau
Madagascar
Mali
Mauritania
Mauritius
Niger
Rwanda
So Tom
    and Principe
Senegal
Togo
(19,936-1.33 percent)


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