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TERM 
REPOR
TONIN
TERNA
TIONAL 
MONET
ARY FU
ND
Submitted 
by:Submit
ted to:Sub
mitted on: 
17
th

March 200
9
Acknowledge
ment

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First of all we wo
uld like to thank 
Almighty God for 
giving us the stren
gth and courageto 
accomplish all tas
ks, big and small. 
And the will powe
r and patience in 
making thisreport 
possible. The rese
arch for this report 
has enlightened us 
with the insight an
d knowledge to ho
winternational eco
nomic organizatio
ns work.We woul
d also like to than
k our teacher who 
had been of a grea
t help in guiding u
s on therespective 
topics during his l
ectures and solvin
g our queries at an
y time.This report 
will be a source of 
best secondary dat
a for the upcomin
g students with si
milar  projectsIn t
he end we hope an
d pray that this re
port meets the crit
eria, which we we
re asked toadhere 
to and you have a 
worthy time going 
through it. Happy 
reading!Thank yo
uSincerely,
About the IMF
The IMF is an inte
rnational organiza
tion of 185 memb
er countries. It wa
s established to pr
omote internation
al monetary coop
eration, exchange 
stability, and orde
rly exchange
 

arrangements; to f
oster economic gr
owth and high lev
els of employment
; and to providete
mporary financial 
assistance to coun
tries to help ease b
alance of payment
s adjustment.Sinc
e the IMF was est
ablished its purpo
ses have remaine
d unchanged but i
ts operations —
which involvesur
veillance,financial 
assistance, andte
chnical assistance 
—havedeveloped 
to meet the chang
ing needs of its 
member countrie
s in an evolving 
worldeconomy.
Why was it create
d?
The IMF was con
ceived in July 19
44, when represe
ntatives of 45 gov
ernments meeting
in the town of Bre
tton Woods, New 
Hampshire, in the 
northeastern Unite
d States, agreedon 
a framework for i
nternational econ
omic cooperation
. They believed t
hat such aframew
ork was necessary 
to avoid a repetiti
on of the disastro
us economic polic
ies thathad contrib
uted to the Great 
Depression of the 
1930s.During that 
decade, attempts 
by countries to s
hore up their faili
ng economies—
bylimiting import
s, devaluing their 
currencies to com
pete against each 
other for exportm
arkets, and curtail
ing their citizens' 
freedom to buy g
oods abroad and t
o hold foreignexc
hange—proved to 
be self-defeating. 
World trade decli
ned sharply, and e
mploymentand liv
ing standards plu
mmeted in many c
ountries.Seeking t
o restore order to i
nternational mone
tary relations, the 
IMF's founders ch
argedthe new insti
tution with overse
eing the internatio
nal monetary syst
em to ensure exch
angerate stability 
and encouraging 
member countries 
to eliminate exch
ange restrictions t
hathindered trade
. The IMF came i
nto existence in 
December 1945, 
when its first 29
member countries 
signed its Articles 
of Agreement. Si
nce then, the IMF 
has adapteditself 
as often as needed 
to keep up with th
e expansion of its 
membership—184 
countriesas of Jun
e 2006—and chan
ges in the world e
conomy.
What does the Int
ernational Moneta
ry Fund do?
The IMF is the wo
rld's central organi
zation for internati
onal monetary coo
peration. It isan or
ganization in whi
ch almost all cou
ntries in the worl
d work together t
o promote thecom
mon good.The IM
F's primary purpo
se is to ensure the 
stability of the int
ernational moneta
ry system —the 
system of exchan
ge rates and inter
national payment
s that enables cou
ntries (andtheir cit
izens) to buy good
s and services fro
m each other. This 
is essential for sus
tainableeconomic 
growth and rising 
living standards.T
o maintain stabilit
y and prevent cris
es in the internati
onal monetary sys
tem, the IMFrevie
ws national, regio
nal, and global ec
onomic and financ
ial developments. 
It providesadvice 
to its 184 membe
r countries, enco
uraging them to a
dopt policies that 
foster economic s
tability, reduce the
ir vulnerability to 
economic and fina
ncial crises, and ra
ise
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living standards, a
nd serves as a foru
m where they can 
discuss the nation
al, regional, andgl
obal consequences 
of their policies.T
he IMF also make
s financing tempo
rarily available to 
member countries 
to help themaddre
ss balance of pay
ments problems
—that is, when 
they find themsel
ves short of forei
gn exchange bec
ause their payme
nts to other coun
tries exceed their 
foreignexchange 
earnings.And it pr
ovides technical a
ssistance and train
ing to help countri
es build the expert
ise andinstitutions 
they need for econ
omic stability and 
growth.Who runs 
the IMF?The IMF 
is governed by, an
d is accountable to
, its member count
ries through its Bo
ard of Governors. 
There is one Gov
ernor from each 
member country, 
typically the fina
nceminister or cen
tral bank governor
. The Governors u
sually meet once a 
year, in Septembe
r or October, at th
e Annual Meeting
s of the IMF and t
he World Bank.K
ey policy issues r
elated to the inter
national monetary 
system are consid
ered twice ayear 
by a committee o
f Governors calle
d the Internationa
l Monetary and F
inancialCommitte
e, or the IMFC. A 
joint committee of 
the Boards of Gov
ernors of the IMF 
andthe World Ban
k—the Developm
ent Committee—
advises and report
s to the Governors 
ondevelopment po
licy and other mat
ters of concern to 
developing countr
ies.The day-to-
day work of the I
MF is carried out 
by the Executive 
Board, which rece
ives its powers fro
m the Board of G
overnors, and the 
IMF's internation
ally recruited staf
f. TheExecutive B
oard selects the I
MF's Managing D
irector, who is app
ointed for a renew
ablefive-year term
. The Managing D
irector reports to t
he Board and serv
es as its chair and 
thechief of the IM
F's staff and is ass
isted by a First D
eputy Managing 
Director and twoo
ther Deputy Mana
ging Directors.
Where does the I
MF get its money?
The IMF's resourc
es come mainly fr
om the quotas that 
countries deposit 
when they jointhe 
IMF. Quotas bro
adly reflect the s
ize of each mem
ber's economy: t
he larger acountr
y's economy in te
rms of output, an
d the larger and m
ore variable its tra
de, thelarger its q
uota tends to be. F
or example, the U
nited States, the w
orld's largest econ
omy,has the large
st quota in the IM
F. Quotas are revi
ewed periodically 
and can be increa
sedwhen deemed 
necessary by the 
Board of Governo
rs.Countries depo
sit 25 percent of t
heir quota subscri
ptions in Special 
Drawing Rights o
r major currencie
s, such as U.S. d
ollars or Japanes
e yen. The IMF c
an call on therem
ainder, payable in 
the member's own 
currency, to be m
ade available for l
ending asneeded.
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Related Interests
 Structural Adjustment
 International Monetary Fund
 Heavily Indebted Poor Countries
 Special Drawing Rights
 Nawaz Sharif
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