C) Describe the purposes for which the IMF was set up

B) Write down 3-5 questions about the text.

Ex. 8. a) Supply the articles where necessary.

F) Write out from the main text international words like investor, channel, role, etc. Transcribe them and read aloud.

D) Make your own sentences with any five word combinations from (b) and (c).

Ex. 7. Work on vocabulary and grammar.

a) Study the key words of the unit in the dictionary at the back of this book:

adjustment, balance of payments, exchange rate, trade, parity, disequilibrium;

b) Think of the verbs that are most commonly used with:

payments, transaction, monitoring, inflation, project, maladjustments, balance, subscription, loans, fiscal issues;

c) Think of the nouns that are most often used with:

to govern, to set up, to found, to establish, to negotiate, to support, to correct, to assist, to draw, to maintain, to relieve, to consult, to repay, to envisage, to stipulate, to specify;

e) Match the verbs from (a) with the nouns from (b) below:

a) to address b) export controls

to affect individuals

to provide relationships

to define interests

to reconcile accounts

to impose impact

to strengthen benefits

to adjust functions

to settle problems

International Monetary Fund

The International Monetary Fund, an association of governments, was set up on 27th December, 1945, as a result of the Bretton Woods Agreements which were designed to translate the bitter lessons of global depression into... stable and cooperative international monetary system. The organizational structure of the IMF is set out in its Articles of Agreement, which entered into... force in December 1945. The goals of... IMF are to promote international monetary cooperation through a permanent institution; to facilitate the expansion and balanced growth of international trade; to promote exchange stability; to assist in the establishment of a multilateral system of payments in respect of current transactions between members; and to provide members with an opportunity to correct maladjustments in their balance of payments without resorting to measures destructive to national and international prosperity. Over many years the IMF has been directly involved in supporting... efforts of developing countries to pursue broad structural reforms and achieve sustainable growth. As of August 1, 1994, 179 countries were members of the IMF. Each member government has been set... quota to be paid into the Fund, payable partly in... gold and partly in the member's own currency; the quota determines the member's voting power and... amount of foreign exchange that it may draw from the Fund. A member may purchase foreign exchange, paying its own currency, but... member must "repurchase" its own currency within three or, at the outside, five years to maintain the balance in the Fund pool. Currencies drawn from the Fund may be used to relieve... member's balance-of-payments difficulties; the funds may not be used for military purposes or for programmes of economic development. The aim is to assure... maintenance of fixed exchange rates in the face of short-term fluctuations. Many countries have been helped in this way. Each member undertakes to establish and maintain an agreed par value for its currency, and to consult the Fund on any change in... initial parity. In addition, the Fund consults with members on their international financial situation and on specific problems as they arise. On request, the Fund furnishes expert missions to advise and assist... governments in working out monetary problems on the spot. In any event, members are kept informed of... latest developments. Policies are laid down by a Board of Governors, representing all members, which normally meets annually. Many of its powers are delegated to a Board of Executive Directors. In recent years, the resources of the Fund have been supplemented by resources of... Group of Ten.

Words you may need:

to be designed быть предназначенным для чего-л.

to enter into force вступать в силу

balanced adj сбалансированный

multilateral system многосторонняя система

in respect of в отношении

to correct maladjustments исправлять диспропорции

resort (to) v прибегать к

structural reforms структурные реформы

voting power голоса в руководящих органах

purchase v покупать

to maintain the balance поддерживать баланс

pool n пул

relieve v облегчать

fluctuation n колебание

par value валютный паритет, номинал

parity n паритет

furnish v (зд.) предоставлять

on the spot на месте

lay down v устанавливать, формулировать

Board of Governors Совет управляющих

powers n полномочия

delegate v делегировать

Board of Executive Directors Совет исполнительных директоров

Дата добавления: 2014-11-29