IMF lending, conditionality, and stabilization programs in the Bretton Woods era (1947–1973)

1. IMF begins operations; first member drawing

   May 8, 1947Labels: IMF, France

   • IMF Chronology
   • IMF Timeline
   • IMF F D

2. Stand-By Arrangement (SBA) concept adopted

   Jun 1, 1952Labels: Stand-By Arrangement, IMF

   • IMF F D
   • IMF Chronology
   • IMF Annual 1952

3. Standardized SBAs approved by Executive Board

   Oct 1, 1952Labels: Stand-By Arrangement, IMF Executive

   • IMF Chronology
   • IMF Annual 1952

4. General Arrangements to Borrow (GAB) adopted

   Jan 5, 1962Labels: General Arrangements, IMF

   • IMF Chronology
   • IMF Survey 1998
   • IMF GAB

5. Compensatory Financing Facility (CFF) created

   Feb 27, 1963Labels: Compensatory Financing, IMF

   • IMF Chronology
   • IMF CFF Review
   • IMF PIN 2004

6. IMF Governors approve plan for SDRs

   Sep 29, 1967Labels: Special Drawing, IMF Governors

   • IMF Chronology
   • IMF Articles

7. UK seeks IMF support after sterling devaluation

   Nov 23, 1967Labels: United Kingdom, Stand-By Arrangement

   • UK Hansard

8. Buffer Stock Financing Facility established

   Jun 25, 1969Labels: Buffer Stock, IMF

   • IMF Chronology

9. First Amendment takes effect, creating SDR Department

   Jul 28, 1969Labels: SDR Department, IMF Articles

   • IMF Chronology
   • IMF Articles

10. First SDR allocation distributed to members

    Jan 1, 1970Labels: SDR allocation, IMF

    • IMF Chronology
    • IMF SDR Article

11. U.S. suspends gold convertibility (“Nixon shock”)

    Aug 15, 1971Labels: United States, gold convertibility

    • Fed History

12. Smithsonian Agreement attempts to restore fixed rates

    Dec 18, 1971Labels: Smithsonian Agreement, major currencies

    • Fed History

13. Major currencies move to generalized floating

    Mar 1, 1973Labels: Generalized floating, major currencies

    • IMF Timeline
    • Britannica