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Old 14th May 2016
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PeterBirder PeterBirder is offline
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Re: Political: Your money

Reading the posts so far there seems to be a total lack of real understanding
about the IMF. This is hardly surprising at the present time as we are
being bombarded by politician's and the media's usual selective and
biased reporting of the EU debate.

So, I did some research too.

The IMF report (not Ms Lagardes personal opinion) which has caused all
the agro is a routine (I think quarterly) assessment of our economic
situation and its predicted future which we get as part of our
membership of the IMF and inevitably therefore will address the so
called BREXIT issue.

The IMF is not related in any way to the EU but is a UN body of which a
total of 189 states are by choice members. The IMF is headquartered in
Washington but also has a number of regional offices and in-country
representatives. It only has a total staff of 2,663 who are all from
member states. Like all UN bodies with "international staff" (the
International Civil Aviation Oganisation and the International Maritime
Organisation are two other examples) it has "Diplomatic Status" and its
staff do not pay tax.To whom would they pay it?
For an organisation responsible for funds of around 500 billion an MD's
salary of 300K doesn't seem unreasonable particularly when the MD of a
well known UK Grocer gets 1.6M plus a 3M bonus.
Every member state makes a "contribution" to the fund, its Quota, which
is based on the size of its economy (GDP). These are not payments but
loans to the IMF made from states Foreign Exchange Reserves on which
interest is paid and which will be repaid. They do not come from a
state's "current account" and do not therefore use money which would
otherwise be used for government expenditure so do not affect the
budgets for Education, Health Defence or anything else.
The UK quota is 21 billion which is 4.27% of the total quotas. The US
is the largest contributor at 83 billion 17.86% followed by Japan,China
and Germany with ourselves and the French next with equal quotas.

Regards.
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