The International Monetary Fund is the most important economic, trade and financial organization in the world. It was established on December 27, 1945, and became a specialized agency of the United Nations on November 15, 1947. Its purpose is to stabilize international exchange, eliminate foreign exchange controls that hinder world trade, promote international cooperation on currency issues, and provide short-term loans to solve the funding needs of member countries when their international balance of payments is imbalanced. The highest authority is the Council, which is composed of member states and meets once a year. The voting rights of each country are determined by the amount of fund shares paid. The executive board handles daily business and consists of 22 executive directors. Among them, the United States, Britain, France, Italy, Japan and Saudi Arabia, which have contributed the most, have one person each, and the remaining 16 are elected by region. The headquarters is located in Washington, USA, and the person in charge is the president.