Press Release No. 10/458

Press Release No. 10/458
November 24, 2010

The 2010 regular election of the Executive Directors of the International Monetary Fund (IMF) was completed and the new Executive Board took office on Tuesday, November 23. The term of newly elected Directors runs through October 31, 2012. The Articles of Agreement require a regular election of Executive Directors to take place every two years, and the next regular election of the Executive Board will be held in the Fall of 2012.

The objective is to hold the 2012 elections under the new reform package recommended to the Board of Governors by the Executive Board earlier this month. Under the proposed reform package, the Executive Board will consist solely of elected Executive Directors. The structure of the Board would also change in favor of emerging market countries, while protecting the representation of low income countries (See Press Release No. 10/418).

The Executive Board functions in continuous session and is responsible for conducting the business of the IMF. Under current arrangements, it is composed of 24 Directors, who are appointed (5) or elected by member countries or by groups of countries (19), and the Managing Director, who serves as its Chairman.