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The need for international monetary cooperation
and under-standing was felt soon after the war, and
the Bretton Woods Conference resulted in the establishment of
IMF and the World Bank. Originally 44 member countries met
at the Conference and the IMF was set up as per the agreement
reached among them in December 1945. It had an original
membership of 29 countries and by end of 2002 rose to cover
almost all the, countries, (182) barring a few smaller countries.
The IMF is governed by a policy-making body, viz. the Board
of Governors but the day-to-day affairs are looked into by the
Board of Executive Directors consisting of the representatives
of 16 elected countries and 6 nominated countries...
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