International Monetary Fund – IMF (www.imf.org) is an international financial institution created to promote international cooperation, maintain foreign exchange stability, promote economic growth and high employment level and provide temporary financial support to the member countries so as to facilitate the balance of payments adjustment.
Established in 1945, IMF currently has 189 member states working on global financial cooperation, sound financial stability, international trade facilitation, promotion of employment and economic growth and corruption reduction.
IMF acts together with the International Bank for Reconstruction and Development, to the end of establishing stable system of international relations.
The IMF’s Director is Chairperson of the Executive Board and Head of IMF staff at the same time. He is elected by the members of the Executive Board for a term of five years. The Executive Board is composed of 24 members, each representing a country or group of countries.
Five main goals of IMF are the following:
- promote international monetary cooperation;
- facilitate the expansion and balanced growth of international trade;
- promote exchange stability;
- assist in the establishment of a multilateral system of payments; and
- make resources available (with adequate safeguards) to members experiencing balance of payments difficulties.
Republic of North Macedonia has been member of the International Monetary Fund since 14th December 1992.
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