C) Describe the World Bank's activities. Say how they differ from those of the IMF

B) Sum up the text in 5-7 sentences and present your summary in class.

Ex. 11. a) Fill each gap with a suitable word from the box.

board	encourage	member	financed
bear	setup	growth	provides
per	focused	carries out	operations
imbalances	policy	purposes	countries
established

World Bank – International Bank for Reconstruction and Development (IBRD)

The "World Bank" refers to the International Bank for Reconstruction and Development (IBRD) and its affiliate, the International Development Association (IDA). The Bank was ______together with the IMF by the Bretton Woods Conference of 1945 as an international bank for two_______: to help finance the rebuilding of war-devastated areas and to aid in the advancement of less-developed_______.

Operations started in 1946. The Bank is _______ partly by contributions paid by_______countries, partly by bond issues. The national contributions constitute the bank's capital and relate to the individual countries' share of world trade. The bond issues finance the lending_______of the bank.

In financing the economic _______ of member countries the International Bank complements the IMF, which finances temporary balance of payments_______. Loans are made to governments or government-guaranteed entities. Besides lending funds, the Bank _______technical advice to governments or other borrowers on a wide range of development problems. It_______general economic surveys for governments wishing to study resources and to plan long-range _______of development.

At first devoted to the reconstruction needs of industrial countries the World Bank by the 1950s had _______ its attention on the developing world. In 1956 the IBRD formed the International Finance Corporation (IFC) the purpose of which was to_______growth in the private sector of developing countries and to mobilize domestic and foreign capital for this purpose. In 1960 the IBRD_______the International Development Association in order to assist the poorer developing countries (those with an annual_______capita GNP of less than $731 in 1980 prices). Loans to these countries_______no interest and are repayable over 50 years with an initial grace period of 10 years.

The Bank's strategy has been to ensure that its aid reaches the broad masses of the people; this is to be done by investments encouraging productivity and integrating the broad masses of people as active partners into the development process.

The powers of the Bank are vested in a_______of Governors.

Words you may need:

affiliate n филиал

war-devastated areas разоренные войной территории

bond issue выпуск облигаций

complement v дополнять

survey n обследование

International Finance Corporation Международная финансовая корпорация

repayable adj подлежащий погашению (уплате)

grace period льготный период

integrate v интегрировать; (зд.) включать, вовлекать

vest v облекать, наделять властью

Дата добавления: 2014-11-29