International Monetary Fund

(redirected from IMF chief)
Also found in: Dictionary, Thesaurus, Legal, Financial.

International Monetary Fund

(IMF), specialized agency of the United Nations, established in 1945. It was planned at the Bretton Woods Conference (1944), and its headquarters are in Washington, D.C. There is close collaboration between it and the International Bank for Reconstruction and DevelopmentInternational Bank for Reconstruction and Development (IBRD)
(IBRD), independent specialized agency of the United Nations, with headquarters at Washington, D.C.; one of five closely associated development institutions (also including the International Center for Settlement of
..... Click the link for more information.
. Its primary mission is to ensure stability in the international monetary system. The IMF provides policy advice and financing to member countries with economic problems. The organization, using a fund subscribed by the member nations, purchases foreign currencies on application from its members so as to discharge international indebtedness and stabilize exchange rates. The IMF currency reserve units are called Special Drawing RightsSpecial Drawing Rights
(SDRs), type of international monetary reserve currency established (1968) by the International Monetary Fund (IMF). Created in response to worries concerning the limitations of gold and dollars as the sole means of settling international accounts, SDRs
..... Click the link for more information.
 (SDRs); from 1974 to 1980 the value of SDRs was based on the currencies of 16 leading trading nations. Since 1980 it has been reevaluated every five years and based on the relative international economic importance of the British pound sterling, Chinese yuan (added in 2016), the European Union euro (formerly the French franc and German mark), the Japanese yen, and the U.S. dollar. To facilitate international trade and reduce inequities in exchange, the fund has limited power to set the par value of currencies. Members are provided with technical assistance in making monetary transactions.

In 1995 the fund moved to increase disclosure requirements of countries borrowing money and at the same time created an emergency bailout fund for countries in financial crisis. IMF was criticized in 1998 for exacerbating the Asian financial crisis, through the fund's decision to require Asian nations to raise their interest rates to record levels. During the international financial crisis of the early 21st cent., the IMF provided loans and access to credit of more than $100 billion to developing countries that were affected by falling demand for their exports and other financial problems. IMF support and financing was also critical to financial rescue plans for several European Union members in the early 2010s. Changes effective in 2016 raised the status of the four major emerging market nations, Brazil, China, India, and Russia, including them among the IMF's top ten shareholders. The fund is ruled by a board of governors, with one representative from each nation. The board of governors elects an executive board of 24 representatives to direct regular operations; the executive board selects and is chaired by the managing director, who also heads the IMF's staff. There are 189 members in the IMF.

Bibliography

See studies by H. G. Grubel (1970), T. Agmon et al., ed. (1984); R. D. Hormats (1987), T. Ferguson (1988), E. P. McLellan, ed. (2002), D. Vines and C. L. Gilbert, ed. (2004), E. M. Truman, ed. (2006), G. Bird (2003), G. Bird and D. Rowlands, ed. (2 vol., 2007), and E. Conway (2015).

References in periodicals archive ?
The IMF chief recently addressed the Council on Foreign Relations in Washington and reported that there were no indications of a Greek departure from the Eurozone, irrespective of which party wins the general elections on the 25 th of January.
Criminal charges against Lagarde, 57, would mark the second straight scandal for an IMF chief, after her predecessor Dominique Strauss-Kahn, also from France, resigned in disgrace over an alleged assault on a New York hotel maid.
The IMF chief welcomed growing cooperation in Europe to tackle the sovereign debt crisis but said that further fiscal cooperation would be needed.
THE Paris prosecutor has dropped an investigation into an attempted rape claim against former IMF chief Dominique Strauss-Kahn.
The International Monetary Fund projects 5% GDP growth in Kyrgyzstan, IMF Chief of Mission Christian Beddies told a news conference today in Bishkek.
Summary: Socialist presidential hopeful Francois Hollande will be questioned by police in an inquiry into charges of attempted rape brought by a French writer against former IMF chief Dominique Strauss-Kahn, legal sources said Tuesday.
IMF Chief Dominique Strauss-Kahn has resigned as IMF head after he was arrested on charges of sexual assault in the United States.
Name the IMF chief facing sex assault charges after an alleged attack on a New York hotel maid.
The IMF chief was talking informally to journalists after a luncheon meeting with finance minister Pranab Mukherjee.
Finance Minister Zoran Stavreski is going to meet the IMF chief of mission for Macedonia, Wes McGrew, on Thursday.
EDS: UPDATING WITH SPEECHES BY FUKUI, IMF CHIEF RATO)
That Kohler didn't even pay courtesy visits to the chancellor and the finance minister was seen as a signal that the IMF chief was sure that his CDU/CSU party friends would get back into government.