2.1.2. IMF Governance

IMF is governed by and accountable to the 189 member countries. the IMF is run by a Board of Governors, an Exe•cutive Board and an international staff.

♤ Every member country delegates a representative (usually heads of central banks or ministers of finance) to the Board of Governors—the top link of the chain of command. It meets once a year and takes decision on fundamental matters such as electing new members or changing quotas.

♤ The Executive Board is entrusted to the management of day-to-day policy decisions. The Board comprises 24 executive directors who supervise the implementation of policies set by the member governments through the Board of Governors.

♤ The IMF is headed by the Managing Director who is elected by the Executive Board for a 5 year term of office.