IMF or the International monetary fund is an international organisation and has developed in recent years in the background of a rising global economy. IMF has a prominent role to play in the global system as a financial architecture. It's adapting and developing according to the changing economies of developing countries and the rising markets in the global economy. IMF being an international organisation has a well-structured system and adept strategies to make it a reliable institution for various countries.
Board of Governors
Starting with the highest organ of the IMF, the Board of Governors is deemed as the apex decision-making body. The functions of the highest organ of the IMF include admitting new member countries, giving assent to increase the quota, amendments of the articles through agreement and allocating or cancelling special drawing rights. The Board of Governors consists of one governor and one alternate governor for each country.
Ministerial Committees
The Ministerial Committees are the second most important part of the IMF. It holds more significance because it acts as advisory machinery to the Board of Governors. The Ministerial Committee consists of two committees – International Monetary and Financial Committee and Development Committee. The first committee comprise 24 members whereas the second committee comprise 25 members.
The Executive Board
The Executive Board consists of 24 members, who are responsible for conducting daily business and exercising the powers granted by the Board of Governors. The board is accountable for the entire fund’s related work including policy related to the global economy.
IMF Management
The executive board and IMF staff both are headed by the Managing Director of IMF. The Executive Board is responsible for appointing the Managing Director for the term of five years.
WRITER- DARSHIKA MOONDRA
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