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

Ex. 9.

a) Open the brackets putting the verbs into the correct forms.

b) Describe the IMF's activities during the anniversary year.