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Comprehension check

I. Give English equivalents to the following:

Резервные кредиты, страны-должники, благоприятный курс, в свою очередь, уменьшать субсидии, кредиты развития, одолеваемая долгами, текущая (краткосрочная) задолженность, слаборазвитые страны, в крайнем случае.

II. Read the words and guess their meanings:

global financial system, exchange rates, balance of payments, offering financial and technical assistance, to experience serious financial difficulties, increasing the prices, transition from centrally planned to market economies, currency convertibility, economic growth, the Executive board, monetary stake in, floating debt, debt-ridden, development loans, underdeveloped countries, in turn, favourable rate, debtor countries, to reduce subsidies, standby loans, in the last resort.

III. Which of the following is true?

  1. The IMF came into existence in December 1945, when the first 29 countries signed its Articles of Agreement.

  2. IMF is composed of 22 Governors.

  3. The quota determines the amount of financial resources the member has to make available to the IMF.

  4. IMF member countries may utilize the Fund’s resources.

  5. Borrowing countries have to pay the loans back within 3-5 years.

  6. Much of the IMF’s work is centered on annual consultations with each member country to ensure that its national policies take into account their consequences for the world economy and avoid unfair exchange policies.

  7. The IMF's influence in the global economy steadily increased as it accumulated more members.

  8. The IMF is for the most part controlled by the major Western Powers, with voting rights on the Executive board based on a quota derived from a monetary stake in the institution.

IV. Translate into English:

  1. МВФ был создан 27 декабря 1945 года.

  2. МВФ предоставляет кратко- и среднесрочные кредиты при дефиците платёжного баланса государства.

  3. Предоставление кредитов обычно сопровождается набором условий и рекомендаций, направленных на улучшение ситуации.

  4. Основные функции МВФ:

  • содействие международному сотрудничеству в денежной политике

  • расширение мировой торговли

  • кредитование

  • стабилизация денежных обменных курсов

  1. Высший руководящий орган МВФ — Совет управляющих (Board of Governors), в котором каждая страна-член представлена управляющим и его заместителем. Обычно это министры финансов или руководители центральных банков.

V. Answer some questions on the Text:

  1. What is the IMF?

  2. For what purpose was it established?

  3. What are the functions of IMF in countries with economic difficulties?

  4. What new activities has the IMF been engaged with since the early 1990s?

  5. Is the IMF funded by wealthy member countries?

  6. Is the “structural adjustment” process of ailing economies painful for nations?

Литература

Основная: 1, 3, 5, 6.

Дополнительная: 1, 2, 4, 6, 7, 11.