International Monetary Fund
The International Monetary Fund (IMF) was set up in 1944 at Bretton Woods, in the United States; it has its headquarters in Washington. Its work relates in particular to the international monitoring of the economic policies of its member countries.
This monitoring is based partly on annual consultations, the purpose of which is to evaluate the country’s economic policy in the light of its obligation to establish stable exchange rates. The private sector’s involvement in the resolution of financial crises and the reform of the architecture of the international monetary and financial system are currently a central concern of the Fund.
In consultation with the Belgian government authorities the National Bank participates in the preparation of the positions adopted by the Executive Director of the IMF representing Belgium, who heads a constituency comprising 15 countries (Armenia, Belgium, Bosnia-Herzegovina, Bulgaria, Croatia, Cyprus, Georgia, Israel, Luxembourg, Macedonia, Moldova, Montenegro, the Netherlands, Romania, Ukraine). The National Bank also finances Belgium’s contributions to the capital of the IMF, which are used to support economic adjustment programmes for member countries experiencing balance of payments problems.
Finally, the National Bank organises the annual visit to Belgium of an IMF delegation under the Article IV consultations, which are surveys of the country’s economic and financial situation. It plays a central role in financial transactions between Belgium and the IMF.