IMF

Finland has been a member of the International Monetary Fund since 1948. According to legislation, the Bank of Finland is responsible for representing the Finnish Government in the IMF and has also paid Finland's IMF subscription, by investing some of its foreign reserves in the Fund.

 

The aim of the International Monetary Fund is to foster sound economic development in its member countries and promote orderly exchange arrangements. In order to realise these aims, the IMF undertakes economic surveillance of the member countries. The main emphasis is on so-called bilateral Article IV consultations, which are carried out in many member countries annually.

 

The International Monetary Fund may grant its member countries temporary credit to help ease balance of payments adjustments. The Fund has also created special financing arrangements to assist developing countries.

 

The Nordic and Baltic countries have a joint representative on the Fund's Executive Board, for the so-called Nordic-Baltic Constituency. The constituency's joint bodies are the International Monetary and Financial Committee (IMFC) and the Alternate Members Meeting of the Committee, made up of representatives from the central banks and Ministries of Finance from the countries comprising the Nordic-Baltic Constituency.

 

Finland's relations with the IMF's sister organisation – the World Bank – is the responsibility of the Ministry of Finance.