The International Monetary Fund (IMF) was conceived at a United Nations conference convened in July 1944.
The IMF has 187 member countries. It is a specialised agency of the UN but has its own charter, governing structure, and finances. Its members are represented through a voting – or 'quota' – system, broadly based on their relative size in the global economy. The UK's quota is 4.52%.
The IMF promotes international monetary co-operation and stability to support global growth. It monitors and reports on developments in member countries' economies and the global economy. It provides funding to countries that are experiencing balance of payments difficulties or to assist with poverty reduction. The IMF also plays a major role in international efforts to provide debt relief and ensure debt sustainability.
Her Majesty's Treasury leads on government policies towards the IMF. The IMF provides macroeconomic advice and technical and financial assistance to low income countries. We therefore work closely with the Treasury on the UK's approach to these issues.
In 2009, the G20 agreed to treble the IMF's general resources to $750 billion (USD) helping it to significantly increase its lending to middle income countries. The UK also worked with other partners to support an increase in IMF lending to low income countries.
The IMF is accountable to its members through its board of governors and executive board, where all members are represented. The chancellor of the exchequer is the UK's governor. The governor of the Bank of England is the UK's alternative governor.
Day-to-day decisions are made by the executive board, where the UK holds a permanent seat. The board is based at the IMF's headquarters in Washington D.C. where the UK representative is supported by a small delegation of staff drawn from DFID, HM Treasury and the Bank of England.
DFID staff in the UK work closely with this team to pursue the UK's objectives and hold the IMF to account.
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