No one
imagined how quickly these would be exhausted and how far sighted these
arrangement have proven to be. No one predicted the area either:
Southeast Asia.
Despite these momentous structural changes in the ways in which the IMF
extends its assistance, the details of the decision-making processes
have not been altered for more than half a century. The IMF has a Board
of Governors. It includes 1 Governor (plus 1 Alternative Governor) from
every member country (normally, the Minister of Finance or the Governor
of the Central Bank of that member). They meet annually (in the autumn)
and coordinate their meeting with that of the World Bank.
The Board of Governors oversees the operation of a Board of Executive
Directors, which looks after the mundane, daily business. It is
composed of the Managing Director (Michel Camdessus from 1987 till
2000) as the Chairman of the Board and 24 Executive Directors appointed
or elected by big members or groups of members. There is also an
Interim Committee of the International Monetary System.
The members' voting rights are determined by their quota which (as we
said) is determined by their contributions and by their needs.
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