ABSTRACT
The Board of Governors has delegated many of its powers to the Executive Directors. However, certain important powers including the conditions governing the admission of new members, adjustment of quotas, and the election of Executive Directors remain the sole responsibility of the Board of Governors. As in the Board of Governors, the voting power of each member is related to its quota in the Fund, but in practice the Executive Directors normally operate by consensus. In March 2020 the Executive Directors welcomed the recent expedited approval of new International Monetary Fund (IMF) commitments by the US Congress, given the anticipated demand on IMF's lending capacity as a result of the COVID-19 pandemic. All requests other than for use of the reserve tranche are examined by the Executive Board to determine whether the proposed use would be consistent with the Fund's policies, and a member must discuss its proposed adjustment programme with IMF staff.
