How does the International Monetary Fund make decisions by consensus?

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Headquarters of the International Monetary Fund — International Monetary Fund A view of the International Monetary Fund headquarters, Washington, D.C.

The International Monetary Fund (IMF) primarily conducts its business through the executive board, which is responsible for the organization's day-to-day operations.1

Because the executive board makes most of its decisions by consensus, it rarely finds it necessary to conduct formal voting. This consensus-based approach allows the board to reach agreements on policy and financial matters without relying on the formal voting power structure, which is otherwise determined by each member country's quota subscription—a sum based on a nation's wealth and economic performance.1

While the IMF maintains a system where voting power is proportional to these quotas, the preference for consensus reflects a commitment to broad cooperation among its member states.1