International Monetary Fund and Developing Nations

As outlined by the text and class discussion, the IMF (International Monetary Fund) serves as more of the World Bank than the actual World bank does.  Seems interesting that they would call it a fund--fund as a singular object/concept--versus funds. 

I guess because the concept of the IMF is so complex--being that it incorporates currencies from 187 different nations (and not a one is of higher ranking than the other)--its purpose is to provide a universal 'funding' to all of those member nations.  Some nations who have surplus resulting from their financial activities can put their monies into the IMF, whereas the other nations who have deficits can withdraw from the IMF (interest free?).  Then those deficit nations can 'pay back' the IMF but putting their own currency back in to the fund. 

While I see the IMF as sort of a Federal Reserve for the World, (and a fantastic concept it is--being able to help one another out financially!) I also see it as very vast and seems almost too complicated.  How can they keep track of all the different currencies, and make sure that all of the nations are fair in withdrawing/depositing?  Seems like it could be a very stressful job--managing the IMF.  Albeit the Board itself (http://www.imf.org/)  consists of 187 nations--2 representatives per nation--like any standard membership organization, there is always the President, Vice President, Secretary and Treasurer.  I feel like in this particular case, the Treasurer would have the most important job!  Not to mention that the United States' alternate officer rep is Ben Bernanke, the Chairman of the Federal Reserve.  I wonder if it is the same with all of the other nations? 

In terms of how this relates to developing nations--regarding both institutionally and politically--I think that the IMF is definitely a positive influence. It is nice to know that it is there and available to provide support should the need arise.  Howerver, at the same time, it should be restrictive in how it assists nations.  This really relates in terms of fairness.  Let's say that a (relatively) politically- and economically-sound nation has invested a good portion into the IMF (from a surplus), and then another nation (one not as politically or economically priveleged) just goes in and borrows what they need.  Sure, they could write a promissory note, but that may not ensure payment back into the IMF.  What would the IMF do then?  Just kick that unstable nation out of the IMF membership?  It seems like this would be much more complicated.  I'm not entirely sure what kinds of things would happen!