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International Monetary Fund
C) Describe the purposes for which the IMF was set up.
B) Write down 3-5 questions about the text.
A) Supply the articles where necessary.
B. COMMUNICATIVE SITUATIONS
1. Round-table discussion. The question is: “What role does the World bank play?”.
2. You are at the conference. You are discussing such questions:
· What organizations help reschedule debts?
· Your opinion on Ukraine’s borrowings from the IMF. Is it the only way to cover the budget deficit?
· In what ways do countries benefit from the membership in such organizations as GATT, OECD, BIS, UNCTAD, IMF?
¨ READ AND DISCUSS
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
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 – бути призначеним для чогось
to enter into force – вступати в дію
balanced – збалансований
multilateral system – багатостороння система
in respect of – у відношенні
to correct maladjustments – виправляти диспропорції
resort (to) – удаватися до
structural reforms – структурні реформи
voting power – голоси у керівних органах
purchase – купувати
to maintain the balance – підтримувати баланс
pool – пул
relieve – полегшувати
fluctuation – коливання
par value – валютний паритет, номінал
parity – паритет
furnish – надавати
on the spot – на місці
lay down – встановлювати, формулювати
Board of Governors – Рада Керівників
powers – повноваження
delegate – делегування
Board of Executive Directors – Рада виконавчих директорів