Article shared by: ... Africa and Latin America constitute about 90 per cent of the members of IMF but in reality these countries are having 38 per cent of the total voting power in various affairs of Fund. To become a member of the Bank, under the IBRD Articles of Agreement, a country must first join the International Monetary Fund (IMF). They are allocated to members in proportion to their quota subscriptions. The International Monetary Fund (IMF) was created in the wake of the Great Depression to promote stability in global financial markets. For optimum experience we recommend to update your browser to the latest version. Read more or Dismiss. ... Two organisations were later set up to meet these aims: the International Monetary Fund, and the World Bank. ... Total Quotas: SDR 477 billion (US$692 billion) 10. the US deposited the largest amount with the IMF. IMF was established in 1944 as a result of the original layout of part of the Bretton Wood System exchange agreement, it was a primary idea of Harry Dexter White and John Maynard Keynes.It came into existence in the year 1945 with 29 member nations. These bodies make all major decisions for the organizations. Your browser is not up-to-date. The largest member of the IMF is the U.S. while the smallest member is Tuvalu. Accordingly, the United States receives about 17 percent of the total votes on both the board of governors and the executive board. It also has 18,103 votes, which is 0.36% of the total votes distributed to the member countries of the IMF. The U.S. contributes about 20 percent of the total annual IMF Budget. India is the founding member of the IMF. With approval from the IMF board, the quota of China was increased from 1.2 billion SDRs to 1.8 billion SDRs. E.g. IMF financial resources have risen from about $50 billion in 1950 to nearly $300 billion last year, sourced from contributions from its 183 members.This initial amount depends on the size of the countries economy. A member can transfer SDR to another member and receive credit in a convertible or hard currency, for example, US dollars or euros. For example, the United States’ approximately $83 billion contribution is the most of any IMF member, accounting for approximately 17 percent of total quotas. Iraq provided $1663.89 million SDR, Special Drawing Rights, to the IMF, which is 0.35% of total SDR paid to the IMF. International Monetary Fund (IMF): Objectives, Organisation and Other Details. The International Monetary Fund (IMF) is based in Washington, D.C. The organization is currently composed of 189 member countries, each of which has representation on the IMF… SDR are both assets and liabilities of IMF members. The fiscal year for the IMF begins on May 1 and ends on April 30. As of 2017 the quota of China in the IMF was 30.5 billion SDRs, giving it 6.09% of the total vote. Nearly all countries are members of the IMF, but the United States is the largest cumulative contributor to the IMF at $155 billion and the largest voting bloc—holding effective veto power for many decisions. The current interest rate on this credit is 0.066 percent. The head of the IMF staff is the Managing Director. The IMF can lend its members a total amount of $1tn. The largest number of IMF loans have gone to the African Continent. Currently there are 189 members of the International Monetary Fund. China also obtained a single-country seat on the IMF executive board, which expanded the number of IMF directors to 22 members. Iraq was one of the original members of the IMF, joining the IMF on December 27, 1945. The IMF can also ask its member countries for more money. Member countries govern the World Bank Group through the Boards of Governors and the Boards of Executive Directors. 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