How does a country become a member of the IMF?
The IMF currently has a near-global membership of 187 countries. To become a member, a country must apply and then be accepted by a majority of the existing members. Upon joining, each member of the IMF is assigned a quota, based broadly on its relative size in the world economy.
Who are the members of the International Monetary Fund?
List of Members
| Membership of the IMF (Date of entry into force: December 27, 1945) Chronological List (190 Member Countries) | |
|---|---|
| Member | Effective Date of Membership |
| Israel | July 12, 1954 |
| Afghanistan, Islamic Rep. of (Afghanistan) | July 14, 1955 |
| Korea | August 26, 1955 |
What are the specifications within an IMF quota for a state to become a member of the IMF?
The IMF uses a quota formula to help assess a member’s relative position. The current quota formula is a weighted average of GDP (weight of 50 percent), openness (30 percent), economic variability (15 percent), and international reserves (5 percent).
Who owns the IMF money?
United Nations
The International Monetary Fund (IMF) is an international financial institution, headquartered in Washington, D.C., consisting of 190 countries….International Monetary Fund.
| IMF Headquarters (Washington, DC) | |
|---|---|
| Parent organization | United Nations |
| Staff | 2,400 |
| Website | IMF.org |
What qualifies as a developing country?
A developing country is a sovereign state with a less developed industrial base and a low Human Development Index (HDI) relative to other countries. The World Bank classifies the world’s economies into four groups, based on Gross National Income per capita: high, upper-middle, lower-middle, and low income countries.
Who is a member of the International Monetary Fund?
The International Monetary Fund (IMF) – Membership. The original members of the IMF were the 29 nations whose governments had ratified the Articles of Agreement by 27 December 1945. Any other state, whether or not a member of the UN, may become a member of the IMF in accordance with terms prescribed by the Board of Governors.
Who can become a member of the IMF?
Any other state, whether or not a member of the UN, may become a member of the IMF in accordance with terms prescribed by the Board of Governors. The IMF had 184 members as of 12 December 2002.
How does a country become a member of the World Bank?
To become a member of the Bank, under the IBRD Articles of Agreement, a country must first join the International Monetary Fund (IMF). Membership in IDA, IFC and MIGA are conditional on membership in IBRD. In tandem with the IMF, and in consultation with other World Bank Group staff, the Corporate Secretariat Vice Presidency…
How many countries are on the IMF Executive Board?
The organization currently lists 189 member countries that are represented on the IMF Executive Board. The ratio of board members from each member country depends on the country’s economic muscle, with the economic giants getting the highest representation.