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Managing Director of the International Monetary Fund

Managing Director of the International Monetary Fund. Dominique Strauss-Kahn. HISTORY. Formally created in July 1944 during the United Nations Monetary and Financial Conference Formally organized on December 27, 1945. France became the first country to officially borrow from the IMF. OVERVIEW.

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Managing Director of the International Monetary Fund

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  1. Managing Director of the International Monetary Fund Dominique Strauss-Kahn

  2. HISTORY • Formally created in July 1944 during the United Nations Monetary and Financial Conference • Formally organized on December 27, 1945. France became the first country to officially borrow from the IMF

  3. OVERVIEW • Organization of 185 countries • The IMF works to foster global growth and economic stability. It provides policy advice and financing to members in economic difficulties and also works with developing nations to help them achieve macroeconomic stability and reduce poverty.

  4. ROLES • Stabilize exchange rates and assist the reconstruction of the world's international payment system • Working to foster global monetary cooperation • Secure financial stability • Facilitate international trade • Promote high employment and sustainable economic growth • Reduce poverty

  5. KEY EVENTS The Bretton Woods Agreement • The IMF was conceived in July 1944, when representatives of 45 countries meeting in the town of Bretton Woods, New Hampshire, in the northeastern United States, agreed on a framework for international economic cooperation, to be established after the Second World War.

  6. KEY EVENTS IMF Criticism • They have experienced wide spread criticism in the fact that it seems as when the IMF steps in to help a country, the matters are only worsened • Argentina, 2001- economic crisis caused by IMF budget restrictions • Kenya- The IMF mandated that the Kenyan central bank had to allow easier currency movement, allowing for Kamlesh Manusuklal Damji Pattni, and a few government officials to siphon off billions of Kenyan Shillings in the Goldenberg Scandal

  7. KEY EVENTS Par value system • The countries that joined the IMF between 1945 and 1971 agreed to keep their exchange rates pegged at rates that could be adjusted only to correct a "fundamental disequilibrium" in the balance of payments, and only with the IMF's agreement • Stayed in place until 1971, when the US government suspended the convertibility of the dollar to gold

  8. Financial Base • The IMF has three main sources of funding: • Loan repayments (interest charges) from debtor countries • Gold reserves • Requested resources from its shareholders • Their budget was recently tripled to $1 trillion dollars at the 2009 G-20 London Summit

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