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Established
1944
Headquarters
Washington
Members
186 states
Organization
Board of Governors is the highest decision-making body; 24-member Board of Directors is the standing decision-making body on the operational level
Swiss Executive Director
Thomas Moser
Managing Director
Christine Lagarde
Staff
around 2,500
Financing
Member contributions determined by relative importance in the world economy.
Swiss contribution in 2008 (FFA)
CHF 16,1 million
Link
www.imf.org
International Monetary Fund (IMF)
The International Monetary Fund was founded in July 1944 in Bretton Woods at the same time as the World Bank. Following the Second World War, the World Bank aimed to promote reconstruction in Europe and the IMF had the mandate to guarantee stable currencies. International financial stability is still the main task of the IMF today.
| The main tasks of the International Monetary Fund, IMF |
The main task of the IMF is guaranteeing the stability of the international monetary and financial system. To achieve this, the IMF is active in three areas:
- Monitoring of economic policy: The IMF monitors the general situation of the world economy and the economic and financial developments in its member states.
- Financial assistance: When balance of payments problems arise, the IMF grants its members credits to support economic adjustment and reform measures.
- Technical assistance: The IMF offers its members technical assistance and training opportunities in its sphere of competence.
The IMF is committed to the Millennium Development Goals, particularly through the Poverty Reduction Growth Facility, PRGF, by which it supports the poverty reduction strategies of developing countries and makes credits available at favourable terms. The IMF also provides important support to developing countries with technical assistance in the macroeconomic sphere.
| The IMF and Switzerland |
A stable international financial system is crucial for Switzerland which is an open, export-oriented economy. It became a member of the IMF in 1992.
Switzerland is represented on the Board of Governors, the highest decision-making body, by the head of the Federal Department of Finance, FDF, and the President of
the Swiss National Bank, SNB. The FDF is responsible for the coordination of relations with the IMF. The Board of Directors, which is made up of representatives from 24 voting
groups, deals with matters on the operational level. Since 1992 Switzerland has headed a constituency or voting group made up of Poland, Serbia, Azerbaijan, Kyrgyzstan, Tajikistan,
Turkmenistan and Uzbekistan, the so called Helvetistan Group. In this way, Switzerland, in spite of its modest size, can take an active part in the IMF and help determine decisions. The capital and
voting share of Switzerland in the IMF is 1.6% and the share of the whole voting group is around 2.9%.
Switzerland pursues mainly organizational, monetary and development goals in the IMF, while in the World Bank development considerations have priority. As an important donor country, it focuses on
its commitment in favour of the poorest countries within the IMF. Switzerland participates consistently in the financing of low-interest IMF credits for the poorest countries. The
SDC ensures that the Swiss negotiating position includes a development policy perspective.
The Federal Finance Administration, FFA, publishes an newsletter on the IMF every two months. It
explains current IMF business and the relevant Swiss position.