The International Monetary Fund (contraction IWF; English: Internationally Monetary find, IMF) is a special organization of the United Nations. It is a sister organization of the group of World Banks and has its seat in Washington D.C., the USA.

The IWF was created on 22 July 1944 by an international agreement and took up in May 1946 its work. It took place due to the resolutions of the conference in Bretton Woods, a town in the US Federal State New Hampshire. These negotiations crucial for the reconstruction of the world economic system lasted from 1 July 1944 by 22 July 1944.

The IWF is called therefore together with the group of World Banks Bretton Woods institution.

To its tasks belong: Promotion of the international cooperation in the monetary policy, expansion of the world trade, stabilization of rates of exchange, granting of credit, monitoring of the monetary policy, technical aid.

The IWF has to time of 184 member countries, whose right to vote depends on its Kapitalanteil. The being correct portions of the most important member states: The USA 17.08%, Japan 6.13%, Germany 5.99%, France 4.95%, Great Britain and Northern Ireland 4.95%. The 25 European Union members have altogether 31,89% of the voices; the twelve euro-states over 22,91%. The USA have thereby officially a IMF Members' Quotas and Voting power, and IMF board OF Governors

Organization

Organs

• Board of governors
• International currency and financial committee (IMFC)
• Executive board of directors
• Internal evaluation committee

The IWF has about 2,693 coworkers and woman employees from 141 countries

Acting directors

The IWF is led by a "acting director" (Managing Director). In accordance with an agreement between the USA and some Western European countries the director of the IWF is always a European, while usually the influential position of the first deputy director (roofridge Deputy Managing Director) is occupied by an American.

Acting directors:

• 1946-1951 - Camille Gutt
• 1951-1956 - Ivar Rooth
• 1956-1963 - By Jacobsson
• 1963-1973 - Pierre Paul Schweitzer
• 1973-1978 - H. Johannes Witteveen
• 1978-1987 - Jacques de
• 16. January 1987 until 14 February 2000 - Michel Camdessus
• 1. May 2000 to 4. March 2004 - Refuge charcoal burner
• Anne O. Krueger
• since May 2004 - Rodrigo Rato

Deputy acting directors:

Deputy acting directors are to time:

• Roofridge Deputy Managing Director Anne O. Krueger (since 1 September 2001)
• Deputy Managing Director Carstens
• Deputy Managing Director Takatoshi Kato

(Conditions: 12. December 2005)

In the year 2000 with refuge charcoal burner had arrived for the first time a German at Spitzedes the IWF. The Red-Green at that time Federal Government had first tried to intersperse the financial undersecretary of state at that time Caio cook Weser thereby however because of the resistance in particular the USA had failed. Thereupon the Federal Government decided to nominate the CDU member refuge charcoal burner. Its candidacy was then also successful. It gave to be selected already speculations around a second term of office, when refuge charcoal burner withdrew in March 2004, in order afterwards on suggestion by Angela Merkel and Guido Westerwelle to the German Federal President.

Successor at the point of the IWF became a former Spanish minister of economics Rodrigo Rato. It could succeed with it against a number of further candidates (under it the Spaniard Manuel Pramo, the Belgian Peter Praet and the Irish Michael Tutty). Caio cook Weser had rejected a renewed candidacy.

Charcoal burner the IWF Interimsdirektorin Anne Krueger led the office business during the search for a successor for refuge.

Tasks and goals

If a member comes into pecuniary difficulties, then it can stress assistance with the IWF. The accounting unit of the IWF is the special drawing rights (SZR).

The IWF assigns limited credits under certain editions at states, which suffer from economic problems, e.g. Argentina, Turkey or Brazil conditions for the grant from credits are for example: Shortening the public expenditures, low inflation, increase of the export, as well as the liberalisation Bankenwesens.Die the States of imposed conditions in the form of structural adjustment programs of SAP can plan for example privatisation of public mechanisms such as savings banks, electricity and water supply, telecommunications etc. as well as dismissal of certain groups of coworkers.

Beyond that the IWF supports developing countries in Africa, Asia and South America with the development of growth and prosperity concepts and promotes these by direct financial assistance of the giving member countries. Just as the granting of credit are also development assistance often at conditions of the Good Governance (corruption dismantling, democracy,"Â…) and the liberalisation coupled.

Goals

• Promotion of lasting development assistance projects through Grants and Liabilities.
• Promotion of the international cooperation in the monetary policy.
• Expansion of the world trade.
• Stabilization of international financial markets.
• Assignment of short term credits, to reconciliation of payment deficits
• Monitoring of the monetary policy.
• To keep free the current international exchange of national restrictions of free foreign exchange traffic.
• Technical aid

How does the IWF try to achieve these

Each member country gets a ratio in such a way specified assigned. On this ratio depend:

• the deposit obligations (in gold, foreign exchange and national currency)
• the drawing rights (demand on a credit)
• the right to vote of a country in the IWF

If a country comes into pecuniary difficulties, it can stress financial assistance of the IWF (recourse to of a credit). They can buy the currency of another country on request with the IWF against gold or national currency. One calls this Ziehung.Die recourse to of a credit is coupled at certain conditions, which the respective country has to fulfill. These are called structural adjustment programs (SAP).

SAP could look e.g. in such a way:

• Shortening of public expenditures.
• A goal of a low inflation and an increase of the export.
• Liberalisation of the bank nature.
• Privatisation of public mechanisms (savings banks, power stations, water companies, telecommunications); further consequences: e.g. dismissal of coworkers.

There are so-called special drawing rights (SZR) since 1969. A member country has the right to buy under engagement of the IWF foreign exchange. For the foreign exchange the member country must pay in response with SZR. With the SZR it concerns a kind world money in the exchange of the central banks.

• SZR are assigned in certain height.
• For the SZR interest must be paid to the rear.
• The international liquidity is considerably extended by the SZR.
• With each increase of the SZR is examined whether world-wide a inflation-neutral need exists.

Example: If e.g. Turkey (developing country) turns to the IWF, since it needs foreign exchange for the reconciliation of the passive balance of payments on current account, then the IWF determines a country - for example the USA - with high foreign exchange reserves. The USA sells thereupon Turkey foreign exchange against SZR.

Original the IWF was to be received in such a way laid out that the member states had the right with presence of appropriate conditions (e.g. balance of payments problems) automatically, IWF credits. After the Korea war the prices for raw materials collapsed however, which led to appropriate balance of payments crises in individual member states. At this time the was introduced, i.e. the appropriate states did not have no more the right to IWF credits, on the contrary them dependent made on the fulfilment of certain conditions, at that time e.g. the Elimination on exchange controls and the liberalisation of trade restrictions. Also the partitioning of the credit purchase into individual phases was for the first time introduced, with credits at Chile in the year 1956, at Haiti in the year 1958. Each individual phase was made dependent on conditions on the fulfilment, which had to be fulfilled during the previous phase. Such conditions specified in the respective declaration of intent ("type character OF intent"), which practically contract nature had, before.

was an initiative of the USA, which was rejected first by other states. These states stood for the establishment document of the IWFs on the position that the right to IWF credits is entitled to the governments concerned automatically, completely in the spirit of the "Articles OF Agreement".

The Executive Director of the USA inserted to be veto, if IWF credit requests did not correspond to this idea of the This led to the fact that IWF credit applicant was not any more to the IWF, but first to the USA turning ISBN 1-84277-073-X, page thereby 66 the introduced to IWF practice.

Washington consent

The measures, which the IWF demands from the governments request-placing, are usually always the same, independent of the concrete situation of the national economies concerned. These are summarized under the name Washington Consensus.

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