Question

Who does the International Monetary Fund account to, and who benefits from the International Monetary Fund?

Please be thorough with your answer and include as many details as possible in your explanation.

Answer 1

International Monetary fund (IMF)
An international organisation, formed in 1944 Bretton Woods conference, works to nurture economic cooperation among 189 member countries. It plays a leading role in managing and assessing BOP (balance of payments) problems and monetary instability among the member countries. The primary mission of IMF revolves around handling financial cooperation, upholding the structure of international monetary system and finding the balance and solution to financial difficulties faced by countries.

Who does the IMF account to, and who benefits from IMF?
Since IMF (International Monetary Fund) is an international body, it is most definitely accountable to its member countries. Its responsibilities revolve around providing financial help, technical assistance and training to certain member countries. Its most important job is to work for the welfare of its member countries.
Moreover, the organisational structure is set up in such a way as to cater to the interests of all members. As such, at the top of organisational hierarchy, there is Board of Governors wherein two governors (one governor and another alternate governor) are appointed by each member and their job include appointments for Executive Board, approval of new members, addressing quota changes, removal of members and special drawing rights.
All this structure is kept in order to look into the issues and problems that may arise when member countries interact, when the financial and monetary system need oil for the proper functioning and foster economic development among the member countries.

Who benefits from IMF?
Not only does this organisation is formed to foster economic stability and uphold the international monetary system, but it works to cater to the needs and interests of its member countries. All the countries that are members are eligible to receive financial assistance in case of financial problems, technical know how to come at a par with the world. Moreover, the member countries are allowed to look into economic policies and stances of fellow countries and expect opportunities for upgraded trade and investment.
As such, financial assistance capacity is being increased through IMF since 2009. Concessional and non concessional loans are given. Assistance and help especially to low income economies trapped in BOP crisis are a priority. Many new ways of monetary help such as zero interest rates are provided in order to help weak and vulnerable members in time of crisis.