Finances, Organization, and Accountability
The IMF’s 24-member Executive Board takes care of the daily business of the IMF. Together, the 24 Board members represent all 188 member countries. Large economies, such as the United States and China, have their own seat at the table, but most countries are grouped in constituencies representing four or more countries. The largest constituency includes 23 countries.
54 Years
at the IMF
The IMF Executive Board during FY2015 celebrated the distinguished IMF career of its outgoing Dean, Mr. Shakour Shaalan, who represented Bahrain, Iraq, Jordan, Kuwait, Lebanon, Libya, Maldives, Oman, Qatar, Syria, United Arab Emirates, Yemen, and his native Egypt for 22 years at the Board. This followed a career as member of the Fund staff that began in 1961—for a total of 54 years at the IMF.
As Executive Director, Mr. Shaalan made important contributions to the work of the institution, especially in the realm of surveillance, quota and voice, and in calling for evenhanded treatment of members. He became Dean of the Executive Directors in 2007 and retired in October 2014.
242
formal board meetings
The Board usually meets several times each week. It carries out its work largely on the basis of papers prepared by IMF management and staff. The Board discusses everything from the annual health checks of member countries’ economies to economic policy issues relevant to the global economy.
179
board meetings on countries
The Board normally makes decisions based on consensus but sometimes formal votes are taken. Informal discussions may be held to discuss complex policy issues still at a preliminary stage.