§ Mr. Arnold
asked the Prime Minister which Minister is responsible for appointing the United Kingdom executive director of the International Monetary Fund; what are the duties of the executive director; and if she will make a statement.
§ The Prime Minister
The Chancellor of the Exchequer appoints the United Kingdom director to the executive board of the International Monetary Fund.
The United Kingdom executive director, together with other directors, has the responsibility for conducting under the chairmanship of the managing director, the day-to-day business of the fund. The directors exercise the powers assigned to the board under the fund's articles of agreement and delegated to it by the board of governors. The board functions in continuous session and meets as often as fund business dictates. The principal duties of directors involve surveillance of exchange rate policies, consideration of the use of fund resources and the development and review of basic fund policy — for example on conditionality, the SDR and fund liquidity.