The International Monetary Fund (IMF) was established in Washington on February 27th, 1945 in accordance with the agreement signed by the IMF at the Bretton Woods Conference in July. Established at the same time as the World Bank and listed as one of the two largest financial institutions in the world, its responsibility is to monitor the exchange rates and trade conditions of currencies of various countries, provide technical and financial assistance, and ensure the normal operation of the global financial system. Its headquarters is located in Washington. We often hear that the "SDR" was created by the institution in 1969.
The application to join the International Monetary Fund will be first considered by the board of directors of the organization. After that, the Board of Directors will submit a report on the "Members' Resolution" to the Governance Committee, which will suggest how many quotas and terms the applicant country can get in the fund. After the Governance Committee accepts the application, the country needs to amend the law, confirm the signed accession documents and promise to abide by the rules of the IMF. The "quota" of member countries determines a country's membership dues, voting rights, share of financial assistance and the number of special drawing rights.
In 20 10, the IMF executive board passed a reform bill, and China's share plan rose from 3.65% to 6. 19%. 20 13, 1 1, the us congress rejected this proposal.