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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).
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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.
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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 José Toribio (Spain) |
| Javier Guzmán-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) |
| José 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 Daïri (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) |
| Nicolás Eyzaguirre (Chile) |
Argentina
Bolivia
Chile
|
Paraguay
Peru
Uruguay
|
| (31,958-2.14 percent) |
| Koffi Yao (Côte d'Ivoire) |
| Alexandre Barro Chambrier (Gabon) |
Benin
Burkina Faso
Cameroon
Cape Verde
Central African
Republic
Chad
Comoros
Congo, Rep. of
Côte d'Ivoire
Djibouti
Equatorial Guinea
|
Gabon
Guinea
Guinea-Bissau
Madagascar
Mali
Mauritania
Mauritius
Niger
Rwanda
São Tomé
and Principe
Senegal
Togo
|
| (19,936-1.33 percent) |
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