List of International Monetary Fund Members 2024

International Monetary Fund

Last Updated: 3 December 2023

Many a time we hear about IMF or International Monetary Fund but do you know what is International Monetary Fund and what its Functions are?

The International Monetary Fund (IMF) is an international financial institution formed in 1944 and headquartered in Washington, D.C., consisting of 190 countries (189 UN Countries and Kosovo).

Though IMF was created in 1944 it was started on 27 December 1945 at the Bretton Woods Conference primarily by the ideas of Harry Dexter White and John Maynard Keynes. IMF came into formal existence in 1945 with 29 member countries and aimed to reconstruct the international monetary system.

The stated mission of the International Monetary Fund (IMF) is “Working to Foster Global Monetary Cooperation, Secure Financial Stability, Facilitate International Trade, Promote High Employment and Sustainable Economic Growth, and Reduce Poverty Around the World.”

It now plays a central role in the management of balance of Payments Difficulties and International Financial Crises. Countries contribute funds to a pool through a quota system from which countries experiencing balance of payments problems can borrow money. As of 2016, the fund had XDR 477 billion (about US$667 billion).

IMF At A Glance

2Formation27th December 1945
3TypeInternational Financial Institution
4Purpose1) Promote International Monetary Co-operation
2) Facilitate International Trade
3) Foster Sustainable Economic Growth
4) Make Resources Available to Members Experiencing Balance of Payments Difficulties
5) Prevent and Assist with Recovery from International Financial Crises
5HeadquartersWashington, D.C., U.S.
6Membership190 Countries
7Official languageEnglish
8Managing DirectorKristalina Georgieva
9First Deputy Managing DirectorGita Gopinath
10Chief EconomistPierre-Olivier Gourinchas
11Main OrganUnited Nations
12Budget (2022)$1.2 billion USD

Functions of IMF

  • It works to foster global growth and economic stability by providing policy advice and financing the members by working with developing countries to help them achieve macroeconomic stability and reduce poverty.
  • Upon the founding of the IMF, its three primary functions were to oversee the fixed exchange rate arrangements between countries, thus helping national governments manage their exchange rates and allowing these governments to prioritize economic growth, and providing short-term capital to aid the balance of payments.
  • The IMF was also intended to help mend the pieces of the international economy after the Great Depression and World War II as well as to provide capital investments for economic growth and projects such as infrastructure.
  • IMF negotiates conditions on lending and loans under their policy of conditionality, which was established in the 1950s.
  • The IMF is mandated to oversee the international monetary and financial system and monitor its member countries’ economic and financial policies.
  • The IMF provides alternate sources of financing such as the Poverty Reduction and Growth Facility.

IMF Member Countries

  • Not all member countries of the IMF are sovereign states, and therefore not all “Member Countries” of the IMF are members of the United Nations.
  • Amidst “Member Countries” of the IMF that are not member states of the UN are non-sovereign areas with special jurisdictions that are officially under the sovereignty of full UN member states, such as Aruba, Curaçao, Hong Kong, and Macao, as well as Kosovo.
  • All members of the IMF are also International Bank for Reconstruction and Development (IBRD) members and vice versa.
  • Former members are Cuba (which left in 1964) and Taiwan, which was ejected from the IMF in 1980 after losing the support of then United States President Jimmy Carter and was replaced by the People’s Republic of China.
  • Taiwan Province of China is still listed in the official IMF indices.
  • Apart from Cuba, the other UN states that do not belong to the IMF are Liechtenstein, Monaco, and North Korea.
  • Former Czechoslovakia was expelled in 1954 for “failing to provide required data” and was readmitted in 1990, after the Velvet Revolution.
  • Poland withdrew in 1950 allegedly pressured by the Soviet Union but returned in 1986.
  • Andorra became the 190th member on 16th October 2020.

IMF Executive Directors

(As of February 2019)

24 Executive Directors make up the executive board. The executive directors represent all 189 member countries in a geographically based roster. Countries with large economies have their own executive director, but most countries are grouped into constituencies representing four or more countries.

No.CountryRegionNo. of Member(s) RepresentedDirectorCountry with Most Votes
1ArgentinaSouthern South America6Gabriel LopeteguiArgentina
2AustraliaFar East15Nigel RaySouth Korea
3Belgium1) Benelux
2) Israel
3) Eastern Europe
15Anthony De LannoyNetherlands
4BrazilNorthern South America11Alexandre TombiniBrazil
5Canada1) North Atlantic
2) Caribbean
12Louise LevonianCanada
6ChinaChina1Jin ZhongxiaChina
7Colombia1) Spain
2) Central America
8Leonardo VillarSpain
8Egypt1) North Africa
2) Middle East
11Hazem BeblawiUnited Arab Emirates
9FranceFrance1Herve de VillerocheFrance
10GermanyGermany1Steffen MeyerGermany
11IndiaIndian subcontinent4Surjit BhallaIndia
12IndonesiaSoutheast Asia13Juda AgungIndonesia
13Iran1) Iran
2) Middle East
8Jafar MojarradIran
14ItalyMediterranean Europe6Domenico G. FanizzaItaly
15JapanJapan1Masaaki KaizukaJapan
16MauritaniaAfrica 223Mohamed-Lemine RaghaniDemocratic Republic of the Congo
17RussiaRussia2Aleksei V. MozhinRussia
18Saudi ArabiaSaudi Arabia1Maher MouminahSaudi Arabia
19South AfricaAfrica 123Dumisani MahlinzaSouth Africa
20SwedenNorthern Europe8Thomas ÖstrosSweden
21Switzerland1) Switzerland
2) Poland
3) Near East
9Paul InderbinenSwitzerland
22TurkeyCentral Europe8Raci KayaTurkey
23United KingdomUnited Kingdom1Shona E. RiachUnited Kingdom
24United StatesUnited States1Mark RosenUnited States

Related: List Of NATO Countries (2024 Updated)

IMF Managing Directors

The IMF is led by a managing director, who is head of the staff and serves as Chairman of the executive board. The managing director is the most powerful position at the IMF. Historically, the IMF’s managing director has been a European citizen and the president of the World Bank has been an American citizen.

TermDirectorTerm InTerm OutCitizenshipBackground
1stCamille Gutt6 May
5 May
Belgium1) Politician
2) Economist
3) Lawyer
4) Economics Minister
5) Finance Minister
2ndIvar Rooth3 Aug
3 Oct
Sweden1) Economist
2) Lawyer
3) Central Banker
3rdPer Jacobsson21 Nov
5 May
Sweden1) BIS
2) Economist
3) Lawyer
4) Academic
5) League of Nations
4thPierre-Paul Schweitzer1 Sep
31 Aug
France1) Lawyer
2) Businessman
3) Civil Servant
4) Central Banker
5thJohan Witteveen1 Sep
18 Jun
Netherlands1) CPB
2) Politician
3) Economist
4) Academic
5) Finance Minister
6) Deputy Prime Minister
6thJacques de Larosière18 Jun
15 Jan
France1) Businessman
2) Civil Servant
3) Central Banker
7thMichel Camdessus16 Jan
14 Feb
France1) Economist
2) Civil Servant
3) Central Banker
8thHorst Köhler1 May
4 Mar
Germany1) Politician
2) Economist
3) Civil Servant
5) President
9thRodrigo Rato7 Jun
31 Oct
Spain1) Politician
2) Businessman
3) Economics Minister
4) Finance Minister
5) Deputy Prime Minister
10thDominique Strauss-Kahn1 Nov
18 May
France1) Politician
2) Economist
3) Lawyer
4) Businessman
5) Economics Minister
6) Finance Minister
11thChristine Lagarde5 Jul
12 Sep
France1) Politician
2) Lawyer
3) Finance Minister
12thKristalina Georgieva1 Oct
~Bulgaria1) Politician
2) Economist

IMF First Deputy Managing Directors

The Managing Director (MD) is assisted by a First Deputy Managing Director (FDMD) who, by convention, has always been a citizen of the United States. Together, the Managing Director and his/her First Deputy lead the Senior Management of the IMF.

TermNameTerm InTerm OutCitizenshipBackground
1stAndrew Overby9 Feb
24 Jan
U.S.1) Banker
2) Senior U.S. Treasury Official
2ndMerle Cochran16 Mar
31 Oct
U.S.U.S. Foreign Service Officer
3rdFrank Southard1 Nov
28 Feb
U.S.1) Economist
2) Civil Servant
4thWilliam Dale1 Mar
31 May
U.S.Civil Servant
5thRichard Erb1 Jun
31 Aug
U.S.1) Economist
2) White House Official
6thStanley Fischer1 Sep
31 Aug
1) Economist
2) Banker
3) Central Banker
7thAnne Kreuger1 Sep
31 Aug
8thJohn Lipsky17 Jul
11 Nov
9thDavid Lipton1 Sep
28 Feb
U.S.1) Economist
2) Senior U.S. Treasury Official
10thGeoffrey Okamoto20 Mar
20 Jan
U.S.1) Bank Consultant
2) Senior U.S. Treasury Official
11thGita Gopinath21 Jan
~U.S.1) Chief Economist of IMF
2) Professor at Harvard University’s Economics Department

IMF Chief Economists

The Chief Economist of the International Monetary Fund is also the economic counselor and director of the fund’s Research Department and is responsible for providing independent advice to the fund on its policy issues, integrating ideas of the research in the design of policies, conveying these ideas to the policymakers inside and outside the fund and managing all research done at IMF.

TermChief EconomistsTerm InTerm OutCitizenship
1stEdward Bernstein19461958United States
2ndJacques Polak19581980Netherlands
3rdWilliam Hood19801987Canada
4thJacob Frenkel19871991Israel
5thMichael MussaAug
United States
6thKenneth RogoffAug
United States
7thRaghuram RajanSep
8thSimon JohnsonMar
31 Aug
United Kingdom
United States
9thOlivier Blanchard1 Sep
8 Sep
10thMaurice Obstfeld8 Sep
31 Dec
United States
11thGita Gopinath1 Jan
21 Jan
United States
12thPierre-Olivier Gourinchas24 Jan

Voting Power of IMF Members

Voting power in the International Monetary Fund is based on a quota system. Each member has a number of basic votes plus one additional vote for each Special Drawing Right (SDR) of 100,000 of a member country’s quota. Changes in the voting shares require approval by a super-majority of 85% of the voting power.

RankCountryGovernorAlternative% of Votes
1United StatesAndy BaukolVacant16.50
2JapanShunichi SuzukiHaruhiko Kuroda6.14
3ChinaGang YiYulu Chen6.08
4GermanyJoachim NagelChristian Lindner5.31
5FranceBruno Le MaireFrançois Villeroy de Galhau4.03
6United KingdomRishi Sunak MPAndrew Bailey4.03
7ItalyDaniele FrancoIgnazio Visco3.02
8IndiaNirmala SitharamanShaktikanta Das2.63
9RussiaAnton SiluanovElvira S. Nabiullina2.59
10BrazilPaulo GuedesRoberto Campos Neto2.22
11CanadaChrystia FreelandTiff Macklem2.22
12Saudi ArabiaMohammed Al-JadaanFahad A. Almubarak2.01
13SpainNadia CalviñoPablo Hernández de Cos1.92
14MexicoRogelio Eduardo Ramirez de la OVictoria Rodríguez Ceja1.80
15NetherlandsKlaas KnotChristiaan Rebergen1.76
16South KoreaChoo Kyung-hoRhee Chang-yong1.73
17AustraliaJosh Frydenberg, M.P.Steven Kennedy1.33
18BelgiumPierre WunschVincent Van Peteghem1.30
19SwitzerlandThomas JordanUeli Maurer1.17
20TurkeyNureddin NebatiŞahap Kavcıoğlu0.95
21IndonesiaPerry WarjiyoSri Mulyani Indrawati0.95
22SwedenStefan IngvesElin Eliasson0.91
23PolandMateusz MorawieckiMarta Kightley0.84
24AustriaRobert HolzmannGottfried Haber0.81
25SingaporeTharman ShanmugaratnamRavi Menon0.80

Related: List Of International Organizations & Top Institutions Headquarters

Full Forms Related To IMF

No.AcronymsFull Form
1CCRTCatastrophe Containment and Relief Trust
2CRAContingent Reserve Arrangement
3ECFExtended Credit Facility
4EBRDEuropean Bank for Reconstruction and Development
5EFFExtended Fund Facility
6FAOFood and Agriculture Organization
7FCLFlexible Credit Line
8FDMDFirst Deputy Managing Director
9GDDSGeneral Data Dissemination System
10GDPGross Domestic Product
11IBRDInternational Bank for Reconstruction and Development
12IMFInternational Monetary Fund
13IMFCInternational Monetary and Financial Committee
14LDCsLess Developed Countries
15MDManaging Director
16MDGMillennium Development Goals
17ODIOverseas Development Institute
18OECDOrganization for Economic Co-operation and Development
19PLLPrecautionary and Liquidity Line
20PRSPsPoverty Reduction Strategic Papers
21RBIReserve Bank of India
22RCFRapid Credit Facility
23RFIRapid Financing Instrument
24SBAStand-By Arrangements
25SCFStandby Credit Facility
26SDDSSpecial Data Dissemination Standard
27SDRsSpecial Drawing Rights
28UNDPUnited Nations Development Program
29UNICEFUnited Nations International Children’s Emergency Fund
30WTOWorld Trade Organization
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