International Monetary Fund Essay Example | Topics and Well Written Essays - 1000 words - 1

International Monetary Fund - Essay Example The International Monetary Fund (IMF) was established in July 1944, under the ‘Bretton Woods System’ which comprised of three international organizations, those were:The International Monetary Fund (IMF): It was established with a purpose of developing International Monetary Cooperation. The International Bank of Reconstruction and Development: This was established with a motive of International Development Assistance and Investment. The International Trade Organization: It was established with a motive to develop International Trade. The above three components of The Bretton Woods System were entertained in the context of war, high unemployment, depression, hyper inflation and high fluctuating exchange rates which effected the global economy in the 1930s (Sykes, â€Å"Organisational Information†).A Brief Overview of The International Monetary Fund (IMF): Membership Currently: 187 countriesManaging Director: Madame Christine Lagarde, from GermanyStaff: 2,470, from 141 different countriesTotal Quotas: US$383 Billion as on 18/08/2011.Loans Outstanding: US$282 BillionTechnical assistance provided: Field delievery in FY 2010 – 192.5 person years.Surveillance Consultations: Consultations concluded for 120 countries in FY 2010 and for 88 countries in FY 2011 as on 11/02/2011 (The International Monetary Fund, â€Å"The IMF at a Glance†).The IMF’s governing body essentially, is the board of governors. Each state is being represented by their respective elected governor (member of the Board of Governor, IMF).