Belgium and the IMF
Belgium was one of the founding members of the IMF. Currently, Belgium's share in the capital of the IMF is 4,605 million special drawing rights (the unit of account of the IMF), i.e. 1.80% of the total amount. With this Belgium ranks 12th among the 188 members of the IMF. This share entitles Belgium to approximately 1.80% of the voting rights in the Board of Governors.
A current revision will bring the Belgian participation to 6.410,7 million special drawing rights, representing 1.35 % of the capital or 1.30 % of the voting rights.
Belgium is represented on the Board of Governors by the Governor of the National Bank of Belgium. Every second year, the Belgian Minister of Finance represents the Belgian / Dutch constituency on the International Monetary and Financial Committee (IMFC).
Belgium is part of a constituency group with Netherlands, Luxembourg, Armenia, Bosnia-Herzegovina, Bulgaria, Croatia, Cyprus, Georgia, Israël, Macedonia, Moldova, Montenegro, Romania and Ukraine. Belgium and the Netherlands designate the Executive Director for this group on a rotating basis.
The role of the Administration of International and European Financial Affairs
The IEFA Administration assists the Minister in administering the relations between Belgium and the IMF as well as in fulfilling his role as a member of the IMFC. The IEFA Administration analyses the international financial and economic developments, gives advices with respect to themes dealt with in the IMF, prepares positions and participates in national and international meetings.
INTERNATIONAL MONETARY FUND (IMF)
The IMF is an international financial organization and currently has 188 members.
Objectives of the IMF
The IMF was established in 1944 with the purpose of promoting a balanced growth and a high level of employment, on the one hand, and lending financial assistance to countries facing temporary balance of payments problems, on the other.
Within this framework, the IMF ensures :
- the promotion of international monetary cooperation;
- the stability of exchange rates;
- orderly exchange arrangements.
The IMF pursues its goals by carrying out surveillance and providing policy advice, financial support and technical assistance.
Government of the IMF
The IMF is governed by:
- the Board of Governors;
- the International Monetary and Financial Committee (IMFC);
- the Executive Board.
The Board of Governors takes all major decisions with respect to general policy. Each member of the IMF is represented on this Board.
The International Monetary and Financial Committee (IMFC) is the political policy-making body that outlines the Fund's policy. The Committee consists of 24 members who represent one or more IMF member states.
The Executive Board is entrusted with the day-to-day management of the IMF. Like the IMFC, the Board consists of 24 members who represent one or more member states.
More information can be found at www.imf.org