Organizational Structure

The IMF’s Board of Governors comprising all Governors from member countries, holds a meeting once a year during the World Bank-IMF annual meeting to discuss and decide important IMF policies. Furthermore, there is also the International Monetary and Financial Committee (IMFC), which comprises 24 members in accordance with the IMF’s Executive Board structure. The IMFC acts as a consultant for the Board of Governors, which considers and provides various policy recommendations concerning regulation of the international monetary system.  

The IMF’s Executive Board and staff is responsible for the day-to-day business of the IMF, in accordance with the recommendations of the IMFC. Meanwhile, Managing Director acts as the CEO and top management. 

Membership: The number of the member countries in the IMF increased from 29 in 1945 to 190, with Andorra, being the newest member to join the IMF in October 2020. To apply for IMF membership, countries must first be a member of the United Nations. 

Quota: Upon joining the IMF membership, the country will be allocated quotas denominated in Special Drawing Rights (SDR) in accordance with its respective economic size and importance relative to the global economy. Normally the IMF will review their quota once every 5 years to appropriately adjust each member’s quotas given changing economic situations, as well as increase the IMF’s lending capacity.   

Quotas play an important role in determining the members’ voting rights and access limits to IMF’s financial assistance. In particular, member countries will be allocated an equal amount of basic votes (250) and an additional vote per 100,000 SDR worth of quota. Furthermore, member countries may apply for IMF loans no more than 100% of quota annually and no more than 300% of quota cumulatively. 

Relationship with Thailand

Membership: On 3 May 1949, Thailand joined the IMF as its 44^th member. The Bank of Thailand (BOT) represents Thailand in the IMF in accordance with the International Monetary Fund and Bank for International Settlements Operation Act 1951. The BOT’s Governor and Deputy Governor also act as a Governor and Alternate Governor of the IMF. Currently, Thailand’s quota is worth 3211.9 million SDR, or 0.67% of total outstand quota and is equivalent to 33,578 votes.     

Economic Surveillance: The IMF will assess the Thai economy on an annual basis under Article 4 of the IMF’s Article of Agreement. Furthermore, Thailand also abides by Article 8 of the IMF’s Article of Agreement by lifting capital and exchange rate control on trade since 4 May 1990. Most recently, Thailand participated in the Financial Sector Assessment Program (FSAP)^1/ in early 2019.

link to previous Article IV Staff Report for Thailand

Financial Assistance: Thailand received 5 financial assistances from the IMF under the  Stand-By Arrangement^2/ (totaling 4,431 million SDR). The first was in July 1978 for 45.25 million SDR, the second in June 1981 for 814.5 million SDR (but actual withdrawal was for 345 million SDR), the third in November 1982 for 271.5 million SDR, the fourth in June 1985 for 400 million SDR (actual withdrawal was 260 million SDR), and the fifth in August 1997 for 2,900 million SDR (actual withdrawal was 2,500 million SDR) (additional information).

Thailand’s role in the IMF

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^1/ The Financial Sector Assessment Program (FSAP) is a joint program between the IMF and World Bank to promote financial system resilience for member countries. The FSAP assessment focuses on identifying strength and weaknesses in member countries’ financial systems to help prioritize reform agendas. 
 
^2/ Stand-by arrangement is a loan facility for member countries facing short-term Balance of Payment problems, and a facility that most members participate in. Loan periods are between 12-24 months and repayment periods range from 3 ¼ - 5 years, with increasing interest rates depending on the loan amount.