Which countries are in the IMF. International Monetary Fund (IMF)

IMF- intergovernmental monetary and credit organization to promote international monetary cooperation on the basis of consultations of its members and the provision of loans to them.

It was created by decision of the Bretton Woods Conference in 1944 with the participation of delegates from 44 countries. The IMF began functioning in May 1946.

The International Monetary Fund is engaged in the collection and processing of statistical data on international payments, foreign exchange resources, the amount of foreign exchange reserves, etc. The IMF Charter obliges countries, when receiving loans, to provide information on the state of the country's economy, gold and foreign exchange reserves, etc. In addition, a country that has taken a loan must comply with the recommendations of the IMF to improve its economy.

The main task of the IMF is to maintain world stability. In addition, the tasks of the IMF include informing all members of the IMF about changes in the financial and other member countries.

More than 180 countries of the world are members of the IMF. When joining the IMF, each country contributes a certain amount of money as a membership fee, which is called a quota.

• education for lending to participating countries;
• determining the amount that a country can receive in the event of financial difficulties;
• determining the number of votes a participating country receives.

Quotas are reviewed periodically. The United States has the highest quota and, accordingly, the number of votes (it is just over 17%).

The procedure for granting loans

The IMF provides loans only for stabilizing the economy, bringing it out of the crisis, but not for economic development.

The procedure for granting a loan is as follows: they are provided for a period of 3 to 5 years at a slightly lower market rate. The transfer of the loan is carried out in installments, tranches. The interval between tranches can be from one to three years. This procedure is designed to control the use of credit. If the country does not fulfill its obligations to the IMF, then the transfer of the next tranche is postponed.

Before granting a loan, the IMF conducts a system of consultations. Several representatives of the fund travel to the country that has applied for a loan, collect statistical information on various economic indicators (price levels, employment levels, tax revenues, etc.) and compile a Report on the results of the study. The Report is then discussed at a meeting of the IMF Executive Board, which makes recommendations and proposals for improving economic situation countries.

• Promote development international cooperation in the monetary and financial sphere within the framework of a permanent institution providing a mechanism for consultation and joint work over international monetary and financial problems.
• Contribute to the process of expansion and balanced growth of international trade and thereby achieve and maintain high level employment and real incomes, as well as the development of the productive resources of all Member States.
• promote currency stability, maintain an orderly exchange regime among member states and avoid using currency devaluations to gain competitive advantage.
• To assist in the establishment of a multilateral system of settlements for current transactions between member countries, as well as in elimination of currency restrictions that hinder growth.
• Through temporary provision common resources Fund to Member States, while providing adequate guarantees, to create a state of confidence in them, thereby ensuring the ability to correct imbalances in their balance of payments without resorting to measures that could be detrimental to welfare at the national or international level.

International Monetary Fund, IMF International Monetary Fund, IMF listen)) is a specialized agency of the United Nations, headquartered in Washington, USA.

At the Bretton Woods Monetary Conference of the United Nations on July 22, 1944, the basis of the agreement was developed ( IMF charter). The most significant contribution to the development of the concept of the IMF was made by John Maynard Keynes, who led the British delegation, and Harry Dexter White, a senior official of the US Treasury. The final version of the agreement was signed by the first 29 states on December 27, 1945 - the official date of the creation of the IMF. The IMF began operations on March 1, 1947 as part of the Bretton Woods system. In the same year, France took the first loan. Currently, the IMF unites 188 states, and 2,500 people from 133 countries work in its structures.

The IMF provides short- and medium-term loans with a deficit in the balance of payments of the state. The granting of loans is usually accompanied by a set of conditions and recommendations.

The IMF policy and recommendations in relation to developing countries have been repeatedly criticized, the essence of which is that the implementation of recommendations and conditions is ultimately not aimed at increasing self-reliance, stability and development national economy state, but only to tie it to international financial flows. Among the managing directors of the IMF were: a Spaniard, a Dutchman, a German, 2 Swedes, 6 Frenchmen.

In accordance with Article 1 of the agreement, the IMF sets itself the following goals:

• Promote the development of international cooperation in the monetary and financial sphere within the framework of a permanent institution that provides a mechanism for consultation and joint work on international monetary and financial problems.
• To promote the expansion and balanced growth of international trade and thereby favor the achievement and maintenance of a high level of employment and real incomes, as well as the development of the productive resources of all member states, considering these actions as the priorities of economic policy.
• Maintain currency stability and an orderly exchange regime among member states, and avoid currency devaluations in order to gain a competitive edge.
• To assist in the establishment of a multilateral system of settlements for current transactions between member states, as well as in the removal of foreign exchange restrictions that impede the growth of world trade.
• By temporarily providing the general resources of the fund to member countries, subject to adequate safeguards, to create a state of confidence in them, thus ensuring that imbalances in their balance of payments can be corrected without resorting to measures that could harm national or international welfare.
• In line with the foregoing, shorten the duration of imbalances in the external balance of payments of member states, as well as reduce the scale of these violations.

Structure of governing bodies

The supreme governing body of the IMF is Board of Governors(English) Board of Governors), in which each member country is represented by a governor and his deputy. Usually these are finance ministers or central bankers. The Council is in charge of resolving key issues of the Fund's activities: amending the Articles of the Agreement, admitting and expelling member countries, determining and revising their shares in the capital, and electing executive directors. The Governors meet in session, usually once a year, but may meet and vote by mail at any time. The authorized capital is about 217 billion SDRs. SDR (English Special Drawing Rights, SDR, SDRs) or Special Drawing Rights (SDR), is an artificial reserve and means of payment issued by the IMF. As of January 2008, 1 SDR was equal to approximately 1.5 US dollars. It is formed by contributions from member countries, each of which usually pays approximately 25% of its quota in SDRs or in the currency of other members, and the remaining 75% in its national currency. Based on the size of quotas, votes are distributed among member countries in the governing bodies of the IMF.

• The Executive Board, which sets policy and is responsible for most decisions, consists of 24 executive directors. Directors are nominated by the eight countries with the largest quotas in the Fund - the United States, Japan, Germany, France, the United Kingdom, China, Russia and Saudi Arabia. The remaining 176 countries are organized into 16 groups, each of which elects an executive director. An example of such a group of countries is the unification of the countries of the former Central Asian republics of the USSR under the leadership of Switzerland, which was called Helvetistan. Often the groups are formed by countries with similar interests and usually from the same region, such as francophone Africa.

The largest number of votes in the IMF (as of June 16, 2006]) are: USA - 17.08% (16.407% - 2011); Germany - 5.99%; Japan - 6.13% (6.46% - 2011); UK - 4.95%; France - 4.95%; Saudi Arabia - 3.22%; China - 2.94% (6.394% - 2011); Russia - 2.74%. The share of 15 EU member countries is 30.3%, 29 member countries of the Organization for Economic Cooperation and Development have a total of 60.35% of the votes in the IMF. The rest of the countries, which make up over 84% of the number of members of the Fund, account for only 39.65

The IMF operates the principle of "weighted" number of votes: the ability of member countries to influence the activities of the Fund by voting is determined by their share in its capital. Each state has 250 "basic" votes, regardless of the size of its contribution to the capital, and an additional one vote for every 100 thousand SDRs of the amount of this contribution. In the event that a country bought (sold) the SDRs it received during the initial issue of SDRs, the number of its votes increases (reduces) by 1 for every 400,000 purchased (sold) SDRs. This correction is carried out no more than? from the number of votes received for the country's contribution to the Fund's capital. This arrangement ensures a decisive majority of votes for the leading states.

Decisions in the Board of Governors are usually taken by a simple majority (at least half) of the votes, and on important issues of an operational or strategic nature, by a “special majority” (respectively, 70 or 85% of the votes of the member countries). Despite some reduction specific gravity US and EU votes, they can still veto key decisions of the Fund, the adoption of which requires a maximum majority (85%). This means that the United States, together with the leading Western states, has the ability to exercise control over the decision-making process in the IMF and direct its activities based on their own interests. With coordinated action, developing countries are also in a position to avoid the adoption of decisions that do not suit them. However, it is difficult for a large number of heterogeneous countries to achieve coherence. At a meeting of Fund leaders in April 2004, the intention was to "enhance the ability of developing countries and countries with economies in transition to participate more effectively in the IMF's decision-making mechanism."

An essential role in organizational structure The IMF plays the International Monetary and Financial Committee (IMFC; International Monetary and Financial Committee). From 1974 until September 1999, its predecessor was the Interim Committee on the International Monetary System. It consists of 24 IMF governors, including from Russia, and meets in its sessions twice a year. This committee is an advisory body of the Board of Governors and does not have the power to make policy decisions. Nevertheless, it performs important functions: directs the activities of the Executive Council; develops strategic decisions related to the functioning of the world monetary system and the activities of the IMF; Submits proposals to the Board of Governors to amend the Articles of Agreement of the IMF. A similar role is also played by the Development Committee - the Joint Ministerial Committee of the Boards of Governors of the WB and the Fund (Joint IMF - World Bank Development Committee).

The Board of Governors delegates many of its powers to the Executive Board, a directorate that is responsible for the conduct of the affairs of the IMF, which includes a wide range of political, operational and administrative matters, in particular the provision of loans to member countries and the oversight of their policies. exchange rate.

The IMF's Executive Board elects for a five-year term a Managing Director who leads the Fund's staff (as of March 2009, about 2,478 people from 143 countries). It usually represents one of European countries. Managing Director (since July 5, 2011) - Christine Lagarde (France), her first deputy - John Lipsky (USA).

Main lending mechanisms

1. reserve share. The first portion of foreign currency that a member country can purchase from the IMF within 25% of the quota was called "gold" before the Jamaica Agreement, and since 1978 - the reserve share (Reserve Tranche). The reserve share is defined as the excess of the quota of a member country over the amount in the account of the National Currency Fund of that country. If the IMF uses part of the national currency of a member country to provide credit to other countries, then the reserve share of such a country increases accordingly. The outstanding amount of loans made by a member country to the Fund under the NHS and NHA loan agreements constitutes its credit position. The reserve share and lending position together constitute the "reserve position" of an IMF member country.
2. credit shares. Funds in foreign currency that can be acquired by a member country in excess of the reserve share (in case of its full use, the IMF's holdings in the country's currency reach 100% of the quota) are divided into four credit shares, or tranches (Credit Tranches), which make up 25% of the quota . Member countries' access to IMF credit resources within the framework of credit shares is limited: the amount of the country's currency in the IMF's assets cannot exceed 200% of its quota (including 75% of the quota paid by subscription). Thus, the maximum amount of credit that a country can receive from the Fund as a result of using the reserve and loan shares is 125% of its quota. However, the charter gives the IMF the right to suspend this restriction. On this basis, the Fund's resources in many cases are used in amounts exceeding the limit fixed in the statute. Therefore, the concept of "upper credit shares" (Upper Credit Tranches) began to mean not only 75% of the quota, as in the early period of the IMF, but amounts exceeding the first credit share.
3. Stand-By Arrangements Stand-by Arrangements) (since 1952) provide a member country with a guarantee that, within a certain amount and during the term of the agreement, subject to the agreed conditions, the country can freely receive foreign currency from the IMF in exchange for national. This practice of granting loans is the opening of a line of credit. If the use of the first credit share can be made in the form of a direct purchase of foreign currency after the approval of the request by the Fund, then the allocation of funds against the upper credit shares is usually carried out through arrangements with member countries on standby credits. From the 1950s to the mid-1970s, stand-by credit agreements had a term of up to a year, since 1977 - up to 18 months and even up to 3 years due to the increase in balance of payments deficits.
4. Extended Lending Facility(English) Extended Fund Facility) (since 1974) supplemented the reserve and credit shares. It is designed to provide loans for longer periods and in large sizes in relation to quotas than within the framework of ordinary credit shares. The basis for a country's request to the IMF for a loan under extended lending is a serious imbalance in the balance of payments caused by adverse structural changes in production, trade or prices. Extended loans are usually provided for three years, if necessary - up to four years, in certain portions (tranches) at fixed intervals - once every six months, quarterly or (in some cases) monthly. The main purpose of stand-by and extended loans is to assist IMF member countries in implementing macroeconomic stabilization programs or structural reforms. The Fund requires the borrowing country to fulfill certain conditions, and the degree of their rigidity increases as you move from one credit share to another. Certain conditions must be met before obtaining a loan. The obligations of the borrowing country, which provide for the implementation of relevant financial and economic measures, are recorded in the "Letter of intent" or the Memorandum of Economic and Financial Policies sent to the IMF. The course of fulfillment of obligations by the country - the recipient of the loan is monitored by periodically evaluating the special target performance criteria provided for by the agreement. These criteria can be either quantitative, referring to certain macroeconomic indicators, or structural, reflecting institutional changes. If the IMF considers that a country uses a loan in contradiction with the goals of the Fund, does not fulfill its obligations, it may limit its lending, refuse to provide the next tranche. Thus, this mechanism allows the IMF to exert economic pressure on borrowing countries.

Unlike the World Bank, the IMF focuses on relatively short-term macroeconomic crises. The World Bank lends only to poor countries, the IMF can lend to any of its member countries that lacks foreign exchange to cover short-term financial obligations.

The IMF provides loans with a number of requirements - freedom of movement of capital, privatization (including natural monopolies - railway transport and utilities), minimizing or even eliminating government spending on social programs - education, health care, cheaper housing, public transport, etc.; waiver of protection environment; reduction of salaries, restriction of the rights of workers; increased tax pressure on the poor, etc.

The International Monetary Fund is the most influential international organization that regulates international macroeconomics.

Initially, the Fund financed primarily Western countries. In the mid 70s. industrialized and developing countries received approximately equal amounts from it, and since the 1980s, the IMF has switched almost entirely to lending to the latter.

The IMF monitors and controls the observance by the member countries of its Charter, which fixes the basic structural principles of the world monetary system.

No other international organization has been subjected to such sharp criticism from developing countries as the IMF. The Fund has a strong impact on the socio-economic processes in these regions, especially in the context of the debt crisis. However, without the Fund's active intervention in the debt crisis, its consequences for developing countries and the world credit system would have been much more serious.

The first part of this test paper presents the main activities and objectives of the International Monetary Fund, as well as the procedure for joining and participating in the IMF. The second part reveals the structure and functions of the IMF. The third part discusses the features of the IMF's credit policy, the main mechanisms for lending to member countries.

At the end of the work, conclusions are drawn.

1. Main directions of activity and tasks of the International Monetary Fund

International Monetary Fund, IMF (InternationalMonetaryfund,IMF)- an intergovernmental organization designed to regulate monetary and credit relations between member states and provide them with financial assistance in foreign exchange difficulties caused by a balance of payments deficit by providing short- and medium-term loans in foreign currency. The Fund - a specialized agency of the UN - practically serves as the institutional basis of the world monetary system.

The IMF was established at the international monetary and financial conference of the United Nations, held from 01 to 22 July 1944 in Bretton Woods (USA, New Hampshire). The Conference adopted the Articles of Agreement concerning the IMF, which is its Charter, and entered into force on December 27, 1945; practical activities The foundation began on March 1, 1947.

In connection with the evolution of the world monetary system, the IMF Charter was revised three times:

In 1969 with the introduction of the SDR system; HAPPY BIRTHDAY- international payment and reserve funds issued by the IMF and used for non-cash international settlements by way of entries on special accounts and as the unit of account of the IMF;

In 1976 with the creation of the Jamaican Monetary System;

In November 1992, with the inclusion of a sanction - the suspension of the right to participate in voting - in relation to countries that have not repaid their debts to the Fund.

As of February 15, 1999, 182 states were members of the IMF (Appendix 1), i.е. most countries of the world. Switzerland remained outside the Fund for a long time, but in 1992 it joined the IMF. In the early 1990s, most of the former socialist countries as well as China and Vietnam. Russia joined the IMF on July 1, 1992.

Each member of the IMF has a quota based on the country's relative economic and financial strength. Quotas determine the amount of financial contributions (subscriptions) of each member country, the number of votes falling on it and the conditions for its access to the resources of the Fund. The quota is equal to 250 "basic" votes, which are granted to each country participating in the Fund plus 1 vote for every 1,000,000 SDRs. The member country is obliged to pay 25% of the amount of its subscription in SDRs or in the currency of other member countries, determined by the IMF, in accordance with the charter; The country pays the rest in its own currency.

As of January 31, 2003, the US share in the total resources of the IMF exceeded 18% (which gave this country the actual opportunity to veto any decision related to the management of the Fund, the adoption of which requires at least 85% of all votes), Germany - 5.53%; Japan - 5.53%; UK - 4.98%; France - 4.98%; Saudi Arabia - 3.45%; Italy - 3.09%; Russia - 2.90%. The share of 15 countries - members of the EU - 28.8%, 29 industrial developed countries(countries - members of the Organization for Economic Cooperation and Development, OECD) have a total of 63.4% of the votes in the IMF. The rest of the countries, which make up over 84% of the Fund's membership, account for only 36.6% of the vote. Subscription fees were initially paid partly in gold and partly in the member's national currency. For the early members of the IMF, the contribution payable in gold was 25% of the quota, or 10% of the country's net official gold and dollar reserves as of September 12, 1946, whichever is lesser. The size of the membership dues of countries that joined the IMF after 1948 was determined individually. In 1978, after gold ceased to play any role in the operations of the IMF, the process began to gradually rid the Fund of gold. At present, 25% of member countries' contributions are paid in freely convertible currency, the remaining 75% is still in national currency. The contribution, payable in national currency, may be in the form of interest-free bonds of the government concerned, which the IMF may, if necessary, claim in cash. As of January 1, 2004, membership fees, which make up the total amount of quotas in the IMF, reached 145.4 billion SDRs, or almost $215 billion at the current exchange rate.

Initially, the quotas of IMF member countries were determined, but not directly, according to the Bretton Woods formula. The main variables of this formula were such indicators as annual imports and exports, gold reserves and dollar balances, national income. These indicators served as the basis for calculating quotas until the 1960s. In 1963 the Bretton Woods formula was revised and new formulas were added.

Taken together, they were used to help determine initial quotas for new members and increase quotas for old members. These formulas combine the economic indicators described above, as well as current incomes, current expenditures, and indicators related to exports and imports.

In the early 1980s, the IMF simplified quota calculations and improved the economic data used in the formulas.

When a country is about to become an IMF member, the staff of the fund calculates a quota for it and compares the result with the quotas of countries already in the Fund with similar economic characteristics. The obtained value of the quota is discussed by the committee "Participants" (membership) of the Executive Council. After the country about to join the Fund agrees to the terms of the membership agreement, the Executive Board (in full force) prepares a resolution for the Board of Governors. Upon completion of all formal steps, the represented country is invited to Washington to sign the Articles of Agreement.

The objectives of the International Monetary Fund include the following:

Promoting international monetary cooperation through consultations and interaction on currency issues;

Promoting the expansion and balanced growth of international trade and, accordingly, the growth of employment and the improvement of the economies of the member countries;

Ensuring the functioning of the international monetary system by harmonizing and coordinating monetary policy and maintaining the exchange rates and convertibility of the member countries' currencies; ensure orderly relations in the monetary area between member countries;

Determination of parities and exchange rates; prevent competitive backing of currencies;

Assistance in the creation of a multilateral system of payments for current transactions between member countries and in the elimination of foreign exchange restrictions;

Assistance to member countries by providing loans and credits in foreign currency to settle balances of payments and stabilize exchange rates;

Reducing the duration and reducing the degree of imbalance in the international balance of payments of member countries;

Providing advisory assistance on financial and currency issues to member countries;

Monitoring compliance by member countries with the code of conduct in international monetary relations.

2. Structure and functions of the IMF

Management in the IMF is carried out in accordance with the Articles of Agreement. The IMF governance structure includes the Board of Governors, the Interim Committee, the Development Committee, the Executive Council, the IMF Committee on Balance of Payments Statistics, and the Governor (Managing Director).

Board of Governors - the highest governing body of the IMF, in which each member country is represented by a governor and his deputy, appointed for five years. Usually these are finance ministers or central bankers. The Board of Governors normally meets in session once a year, but may meet or pass resolutions by mail vote or more frequently. The Council is in charge of resolving key issues of the Fund's activities, such as amending the Articles of Agreement, admission and expulsion of member countries, determining and revising the value of their shares in the capital, and electing executive directors. Decisions in the Board of Governors are usually taken by a simple majority (at least half) of the votes, and on the most important issues of an operational or strategic nature, by a "special majority" (respectively 70% or 85% of the votes of the member countries). The Board of Governors may delegate any of its functions to the Executive Board.

Provisional Committee executes the decisions of the Executive Council. Consists of 24 IMF governors, ministers or other officials of comparable rank. The Provisional Committee meets twice a year and reports to the Board of Governors on the management and functioning of the international monetary (monetary) system, and also makes proposals to amend the Articles of Agreement.

Development Committee just as the Interim Committee is composed of 24 IMF governors, ministers or other officials of comparable rank, makes recommendations and reports to the Board of Governors of the IMF. The Development Committee meets jointly with the Interim Committee to prepare reports and provide advice on all aspects of the transfer of real resources.

Most of its powers, the Board of Governors delegates Executive Council, i.e. the Directorate, which is responsible for the conduct of the affairs of the IMF, which includes a wide range of political, operational and administrative matters, in particular the provision of loans to member countries and the oversight of their exchange rate policies. The Executive Board is permanently based at the Foundation's headquarters in Washington DC and usually meets three times a week. The Executive Council is responsible for a wide range of administrative and operational matters, as well as deals with issues related to the Fund's policy towards member countries. Since 1992, the number of executive directors has been increased to 24. Five of them are appointed, according to the charter, by the USA, Germany, Japan, Great Britain and France, i.е. the five countries with the largest quotas in IMF capital; 3 - formally elected, but each representing one country - Saudi Arabia, Russia and China; 16 - elected from the rest of the member countries, divided into an appropriate number of groups, formed taking into account the principle of geographical representation or on the basis of common interests. Appointments and elections of executive directors are held every two years. The director has the number of votes, which are used in the aggregate by the managers who elected him. In most cases, decisions in the Executive Council are not made by a formal vote, but by a prior consensus of its members.

IMF Committee on Balance of Payments Statistics, which includes representatives from industrialized and developing countries, develops recommendations for more wide application statistical data in the preparation of balances of payments, coordinates the conduct of a basic statistical survey of portfolio investment and carries out studies on the registration of flows associated with financial resources of a derivative nature.

Manager (director - manager). Elected by the Executive Board, the IMF Governor chairs the Executive Board and is the organization's head of staff. Under the direction of the Executive Board, the Governor is responsible for the day-to-day operations of the IMF. The Governor is appointed for five years and may be re-elected for a subsequent term. The Managing Director presides over the Directorate (without the right to vote, except in cases where the votes are equally divided) and heads the administrative apparatus of the fund.

The functions of the Managing Director include conducting day-to-day affairs and appointing officials IMF: his deputy, secretary, treasurer, heads of departments, general counsel of the legal department, heads of administrative services and headquarters of the fund.

The activities of the IMF are based on a monetary approach to the regulation of economic activity, which is achieved through the organization's performance of the following main functions:

Supervision - function of the IMF, providing for its right to oversee the policies of member countries in the field of setting exchange rates and related macroeconomic policies. Each country is required to provide the IMF, upon request, with information necessary for the supervision of its economic policies. It usually consists of detailed information about the real monetary, budgetary and external sectors, as well as the government's structural policies (privatization, labor market, environment). The main goal of supervision is to timely identify potentially dangerous macroeconomic imbalances that could affect the stability of exchange rates, and, using the best world experience, to give recommendations to the country's government on how to correct them.

Financial aid- the use of IMF financial resources by member countries experiencing difficulties in financing the balance of payments and submitted to the IMF a reform program showing the government's intentions to overcome these difficulties. The financial resources of the IMF consist of its own resources (the contribution of each country to the authorized capital of the IMF in accordance with the quota), interest income for the use of IMF resources, as well as a number of borrowed funds. An IMF loan is a purchase of foreign currency for national; credit return - reverse exchange. IMF loans are issued in shares ( tranches). The use of IMF financial resources provides for their allocation in parts as the country implements the program of economic reforms agreed with the IMF. Credit tranches (starting from the second) can be received only if the criteria established in this program are met. This property of IMF tranches is called funding conditionality. All types of access to IMF financial resources are based on the fulfillment by countries of certain conditions, which are developed jointly by IMF experts and the government of the country as part of an economic reform program aimed at overcoming difficulties with the balance of payments.

Technical assistance - IMF assistance to member countries in the field of monetary, foreign exchange policy and banking supervision, budgetary and tax policy, statistics, development of financial and economic legislation and training. Technical assistance is provided through sending missions to the central banks and ministries of finance and statistical authorities of countries that have requested such assistance, sending experts to these authorities for 2-3 years, conducting an examination of draft legislative documents.

Issue of special drawing rights - international reserve assets created by the IMF in 1969 and periodically distributed among member countries in proportion to their quotas in the IMF. In the international economy, SDRs, accounting for approximately 2% of world reserves, perform the functions of 1) international reserves along with gold and foreign currency 2) the unit of account used by the IMF and some other international organizations,

3) currencies fixing the exchange rate in some countries,

4) denominator of a number of private financial instruments.

3. IMF lending activity

In the Charter of the Fund, two concepts are used to identify its lending activities:

1) transaction (transaction) - the provision of foreign exchange funds to countries from its resources: 2) operation (operation) - the provision of intermediary financial and technical services at the expense of borrowed funds. The IMF carries out lending operations only with official bodies - treasuries, central banks , stabilization funds.

A distinction is made between loans to cover the deficit of the balance of payments and to support the structural adjustment of economic policy with t member wounds.

In practice, the Fund's requests for credit are mainly from countries with non-convertible currencies. As a result, the IMF, as a rule, provides foreign currency loans to member states, as if "secured" by the corresponding amounts of non-convertible national currencies.

The IMF collects borrowing countries a one-time commission fee of 0.5% of the transaction amount and a certain fee (charge), or interest rate, for loans provided by them, which is based on market rates. After a specified period of time, the member country is obliged to make a reverse operation - to redeem the national currency from the Fund , returning the funds to him HAPPY BIRTHDAY or foreign currencies.

Re agreements h single loan, or with about" stand-by " provide a member country with a guarantee that it will be able to receive foreign currency from the IMF in exchange for national currency in accordance with the agreement at any time, subject to the agreed conditions.

A country's request for a loan from the IMF under an extended lending system could be grounds for a serious imbalance in the balance of payments caused by structural disturbances in production, trade, or the price mechanism.

In order to expand their credit h opportunities The IMF practices the creation of special funds (English faci l ity - device, mechanism, fund). They differ in terms of purpose, terms and cost of the loan.

1. Compensatory and contingency lending fund is intended for lending to IMF member countries whose balance of payments deficit is caused by external factors beyond their control. Among them: natural disasters, an unforeseen fall in world prices, industrial decline and the introduction of protectionist restrictions in importing countries, the emergence of substitute goods, etc.

2. Created in June 1969 Buffer (reserve) reserves lending fund to assist countries participating in the creation of such stocks of commodities in accordance with international agreements, if this worsens their balance of payments.

3. Functioning since 1989 Fund for financial support of operations to reduce and service external debt. This is due to the active role of the IMF in resolving the debt crisis of developing countries in the 80s.

4. In April 1993, the IMF established Structural Change Support Fund. This fund focuses on countries making the transition to a market economy through radical economic and political reforms.

In addition to the currently functioning four special funds, the IMF periodically creates temporary credit funds in order to solve acute problems of international monetary relations. For their formation, borrowed funds are attracted from various external official sources. Temporary special funds include:

1) Oil Fund in the amount of 6.9 billion. HAPPY BIRTHDAY, or 8 billion dollars (1974-1976). provided loans to IMF member countries to cover additional costs caused by an increase in the cost of importing oil and petroleum products. The resources needed for this were lent mainly by oil-exporting countries. Developing countries quantitatively prevailed among the recipients of loans, but their share was small (1/3) compared to developed countries. The conditions for granting loans from the oil fund were tough: relatively high interest rates (at least 7.2% per annum); obligatory implementation of the recommendations of the IMF in the conduct of national energy and monetary policy. As a result, the access of developing countries to the resources of the oil fund was limited: due to its cre children they covered only 1/3 of the additional costs of importing oil that had risen in price;

2) trust fund- in the amount of 4 billion. HAPPY BIRTHDAY, or $4.9 billion (1976-1981); was created mainly from profits from the sale at auctions of part of the IMF's gold reserves. The recipients of loans from this fund were the least the developed countries. Us l Ovia of these loans were relatively concessional: the borrowing countries did not contribute and whether in the IMF the equivalent of the funds received in the national currency, the interest rate is low 0.5%, the loan term is 10 years. These conditions are the most P They met the requirements of developing countries. 55 countries received SDR 3 billion from a trust fund. The rest was transferred to developing countries in proportion to their quotas.

3) Supplement Fund t spruce lending or foundation Witteveen- named after the Managing Director of the IMF; time of action 1979-1984 The purpose of this fund is to provide additional loans at the expense of borrowed funds with t wounds, is P experiencing particularly severe and protracted balance-of-payments crises and exhausting conventional IMF lending limits. The resources of the Witteveen Fund (SDR 7.8 billion, over $10 billion) were formed by loans from 13 a n-members of the IMF, as well as the Swiss National Bank. Credit t We have received from this fund 26 countries.

4) IMF Extended Access Facility; successor to the additional lending fund, functioned in 1981-1992. The purpose of the fund is to provide additional credit to member countries whose balance of payments imbalances are unreasonably large compared to their quotas. This fund was used when a country needed more funds than it could get from the IMF under the four loan shares and extended lending system, and for a longer period to implement corrective economic measures with a longer loan repayment period. Is t The source of the Fund's resources was the IMF's own funds raised in the form of subscriptions and borrowings from other countries. Due to the increase in the quo t member countries of the IMF, this fund ceased its activities in November 1992;

5) Background d structural P restructuring(since March 1986): P provides soft loans to the poorest developing countries , experiencing a chronic balance of payments crisis in order to implement medium-term programs of macroeconomic and structural adjustment. As of September 1993, 36 countries (out of 61 eligible countries) received these concessional loans in the amount of $1.5 billion. HAPPY BIRTHDAY, or about 2.1 billion dollars Loan terms: 0.5% per annum: repayment within 10 years; t rational period up to 5 "/2 years. Credit limit - up to 50% of the quota. Source of resources (2.7 billion SDRs.) - repayment of loans provided by the trust fund;

6) Expanded Structural Adjustment Fund; Since December 1987, it has been providing loans from both unused resources of the Structural Adjustment Fund and special loans and donations (SDR 6 billion). In terms of its goals and mechanism of operation, this fund is the successor of the Structural Adjustment Fund. In addition to 61 countries, the right to receive loans from this fund was granted in April 1992 to 11 more countries, including Albania and Mongolia. . HAPPY BIRTHDAY.) . A member country has the opportunity to receive these loans for a period of 3 years up to 190% of the quota, sometimes in exceptional circumstances up to 255% of the quota. Initially, the term for concluding loan agreements was set to November 1990, and later it was repeatedly extended (until February 28, 1994). At the end of 1993, a new expanded structural adjustment fund was formed - the successor of the previous one. The volume of the new fund is 5 billion SDRs (about $7 billion) to provide preferential loans for a period of three years and 2 billion SDRs (about $3 billion) to subsidize interest rates on these loans. By May 1994,43 countries had agreed to participate in the formation of this fund. In the programs of economic restructuring, which will be implemented with the assistance of the new fund, more attention will be paid to the social protection of the population and the improvement of the structure of public spending. The new expanded structural adjustment fund will run until the end of 1996, and funds under the agreements will be made available to borrowing countries until the end of 1999.

The formation of additional special funds within the framework of the IMF by borrowing resources from other member countries is one of the manifestations of the process of adapting the system of interstate lending and foreign exchange regulation to the changing conditions of the world economy. The IMF acts as an intermediary in the redistribution of loan capital from more prosperous creditor countries to countries , in need of loans. Simultaneously , exerting force on economic policy borrowing countries. He acts as a guarantor of the return of these funds.

Conclusion

During its existence, the IMF has become a truly universal organization , has achieved wide recognition as the main supranational regulatory body for international monetary and credit relations, an authoritative center for international lending, coordinator of interstate credit flows and a guarantor of solvency borrowing countries. At the same time, it begins to play an important role in the implementation of the decisions of the "seven" of leading Western states, becomes a key link in the emerging system of regulation of the world economy, international coordination , harmonization of national macroeconomic policies. The Fund has established itself as an actively functioning global monetary institution and has accumulated extensive and useful experience.

Of course, like any international organization, the IMF is an arena not only of partnership, but also of rivalry between national, economic and political interests. The United States lost the ability to monopolistically determine the policy of the Fund. They are forced to coordinate their line of conduct with the main states of Western Europe and Japan.

At the same time, the influence of the developing countries of Asia, Africa and Latin America defending their interests. The former CMEA member countries, especially Russia and other CIS countries, are also beginning to make themselves known. From this, there is a need for a more effective mechanism for comparing, taking into account and reconciling conflicting interests within the framework of the IMF to the benefit of the entire world community, the need to improve both the institutional structures of the Fund and the program policies it implements.

Bibliography

1. Bombs and dollars // Eco. - 1999. - No. 5.168 - 172 p.

2. Gerchikova I.G. "International economic organizations." / M .: Publishing house of JSC "Consultbanker". - 2003

3. Genesis of currency convertibility // ECO. - 2003. - No. 8.103 - 108 p.

4. Krasavina L.N. "International monetary and financial relations" / M.: Ed. "Finance and Statistics", 1994

5. International Monetary Fund: at the turn of the century // Money and credit. - 2004. - No. 5.58 - 66 p.

6. International Monetary Fund: at the turn of the century. Russian aspect // Money and credit. - 2005. - No. 1.54 - 67 p.

7. Fundamentals of international monetary and credit relations: Textbook / Ed. Kruglova V.V. - M.: INFRA-M, 2000

8. Smyslov D.V. International Monetary Fund: Modern trends and our interests. M.: Finance and statistics, 1999

9. Shrepler H. - A. International organizations. Directory. M.: MO, 1995

Attachment 1

List of IMF Member States

Gerchikova I.G. "International Economic Organizations." / M.: Ed. JSC "Consultbanker" - 2003, p.354.

Gerchikova I.G. "International Economic Organizations." / M.: Ed. JSC "Consultbanker" - 2003, p. 358. Send an application with a subject right now to find out about the possibility of obtaining a consultation.

The International Monetary Fund (IMF) was created to maintain stability in international monetary relations. Its official tasks, set out in the IMF Charter, are cooperation in international monetary matters, assistance in stabilizing currencies, eliminating currency restrictions and creating a multilateral settlement system between countries, providing member countries with foreign exchange resources to eliminate temporary violations of their balance of payments. From the beginning of the 80s. The IMF began to provide medium- and long-term loans (for 7-10 years) for "structural restructuring of the economy" to member countries implementing radical economic and political reforms.

The IMF began operations in March 1947 as a specialized body of the United Nations. The location of the central office, Washington, has its branches and representative offices in a number of countries. The founders of the IMF were 44 countries, in 1999 its members were 182 states.

In the governing bodies, votes are determined in accordance with the size of quotas. Each country has 250 votes plus 1 vote for every 100,000 SDRs of its quota. Decisions are made by a simple majority (at least half) of the votes, and on the most important issues - by a special majority (85% of the votes are of a strategic nature, and 70% are of an operational nature). Since the leading countries of the West have the largest number of quotas in the IMF (the United States - 17.5%, Japan - 6.3, Germany - 6.1, Great Britain and France - 5.1 each, Italy - 3.3%), and in general 25 economically developed states - 62.8%, then these countries control and direct its activities in their own interests. It should be noted that the United States, as well as EU countries (30.3%), can veto key decisions of the Fund, since their adoption requires a qualified majority of votes (85%). The role of other countries in decision-making is small, given their insignificant quotas (Russia - 3.0%, China - 3.0%, Ukraine - 0.69%).

Authorized capital The IMF is formed from the contributions of member states in accordance with the quota established for each country, which is determined based on the economic potential of the country and its place in the world economy and foreign trade.

In addition to equity, the IMF raises borrowed funds to expand its lending activities. To replenish credit resources, the IMF uses the following "mechanisms":

Master Loan Agreement;

new loan agreements;

borrowing funds from member countries of the IMF.

In 1962, the Fund signed with 10 economically developed countries (USA, Germany, Great Britain, Japan, France, etc.) Master Loan Agreement, which provided for the provision of revolving loans to the Fund. This agreement was originally concluded for 4 years, and then began to be renewed every 5 years. The credit limit was initially set at 6.5 billion CIIIA dollars, and in 1983 increased to 17 billion SDRs (23.3 billion US dollars). To deal with financial emergencies, the IMF's Executive Board (Directorate) expanded the Fund's borrowing capacity by approving in 1997 New Loan Agreements under which the IMF could raise up to SDR 34 billion (about $45 billion). The IMF also resorts to borrowing from central banks (in particular, it received a number of loans from the national banks of Belgium, Saudi Arabia, Japan and other countries).

The Fund, in turn, provides the funds received on the terms of a loan for a certain period with the payment of a certain percentage.

The most important direction of the Fund's activity is its lending operations. According to the statute. The IMF provides loans to member countries to rebalance their balance of payments and stabilize exchange rates. The IMF carries out lending operations only with the official bodies of member countries: treasuries, central banks, stabilization funds.

A country in need of foreign currency or SDRs purchases them from the Fund in exchange for an equivalent amount in local currency, which is credited to the IMF's account at the country's central bank. After the expiration of the established term of the loan, the country is obliged to perform the reverse operation, i.e., to redeem from the Fund the national currency held in a special account and return the received foreign currency or SDR. Such loans are given for up to 3 years and less often -5 years. For the use of loans, the IMF charges a fee of 0.5% of the loan amount and an interest rate for using the loan, the amount of which is set on the basis of market rates in force at the relevant time (most often it is 6-8% per annum). If the national currency of the debtor country held by the IMF is bought by any member country, then this is considered as repayment of the debt to the Fund.

The amount of loans provided by the Fund and the possibility of obtaining them are related to the fulfillment by the borrowing country of a number of conditions that are not always acceptable for these countries.

IMF since the early 1950s. began to conclude with member countries standby loan agreements or Stand-by Arrangements. Under such an agreement, a member country has the right to receive foreign currency from the IMF in exchange for national currency at any time, but on terms agreed with the Fund.

In order to assist IMF member countries experiencing difficulties in economic development for reasons beyond their control, as well as to assist in solving extensive problems of an economic and social nature. The Fund has created a number of special mechanisms that provide funds on foreign exchange terms. These include:

A mechanism for compensatory and emergency financing, the funds of which are allocated in connection with natural disasters that have befallen the country, unforeseen changes in world prices and other reasons;

Financing mechanism for buffer (reserve) stocks of raw materials created in accordance with international agreements;

The Financial Support Facility for External Debt Reduction and Servicing, which allocates funds to developing countries in external debt crises;

Structural Transformation Support Facility, which funds are channeled to countries in transition to a market economy through radical economic and political reforms.

In addition to the mechanisms that are currently functioning, the IMF created temporary special funds that were designed to help overcome currency crises that arose for various reasons (for example, an oil fund - to cover additional costs due to a significant increase in prices for oil and oil products; a trust fund - to provide assistance to the poorest countries at the expense of proceeds from the sale of gold from the IMF reserves, etc.).

Russia became a member of the IMF in 1992. In terms of the size of the allocated quota (4.3 billion SDRs, or 3%) and the number of votes (43.4 thousand, or 2.9%), it ranked 9th. Over the past years, Russia has received various types of loans from the Fund (reserve loans - stand-by, to support structural adjustment, etc.). In March 1996, the Board of Governors of the IMF approved the provision of an extended loan to Russia in the amount of $10.2 billion, which has already been used for the most part, including to repay the Fund's debt on previously granted loans. As of January 1, 1999, Russia's total debt to the Fund was $19.7 billion.

The World Bank Group includes the International Bank for Reconstruction and Development (IBRD) and its three affiliates - the International Development Association (MAP), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA).

Headed by a single leadership, each of these institutions independently, at the expense of its available funds and on various conditions, finances investment projects and promotes the implementation of economic development programs in a number of countries.

International Monetary Fund

International Monetary Fund, IMF(English) International Monetary Fund, IMF listen)) is a specialized agency of the United Nations, headquartered in Washington, United States.

Main lending mechanisms

1. reserve share. The first portion of foreign currency that a member country can purchase from the IMF within 25% of the quota was called "gold" before the Jamaica Agreement, and since 1978 - the reserve share (Reserve Tranche). The reserve share is defined as the excess of the quota of a member country over the amount in the account of the National Currency Fund of that country. If the IMF uses part of the national currency of a member country to provide credit to other countries, then the reserve share of such a country increases accordingly. The outstanding amount of loans made by a member country to the Fund under the NHS and NHA loan agreements constitutes its credit position. The reserve share and lending position together constitute the "reserve position" of an IMF member country.

2. credit shares. Funds in foreign currency that can be acquired by a member country in excess of the reserve share (in case of its full use, the IMF's holdings in the country's currency reach 100% of the quota) are divided into four credit shares, or tranches (Credit Tranches), which make up 25% of the quota . Member countries' access to IMF credit resources within the framework of credit shares is limited: the amount of the country's currency in the IMF's assets cannot exceed 200% of its quota (including 75% of the quota paid by subscription). Thus, the maximum amount of credit that a country can receive from the Fund as a result of using the reserve and loan shares is 125% of its quota. However, the charter gives the IMF the right to suspend this restriction. On this basis, the Fund's resources in many cases are used in amounts exceeding the limit fixed in the statute. Therefore, the concept of "upper credit shares" (Upper Credit Tranches) began to mean not only 75% of the quota, as in the early period of the IMF, but amounts exceeding the first credit share.

3. Stand-By Arrangements Stand-by Arrangements) (since 1952) provide a member country with a guarantee that, within a certain amount and during the term of the agreement, subject to the agreed conditions, the country can freely receive foreign currency from the IMF in exchange for national. This practice of granting loans is the opening of a line of credit. If the use of the first credit share can be made in the form of a direct purchase of foreign currency after the approval of the request by the Fund, then the allocation of funds against the upper credit shares is usually carried out through arrangements with member countries on standby credits. From the 1950s to the mid-1970s, stand-by credit agreements had a term of up to a year, since 1977 - up to 18 months and even up to 3 years due to the increase in balance of payments deficits.

4. Extended Lending Facility(English) Extended Fund Facility) (since 1974) supplemented the reserve and credit shares. It is designed to provide loans for longer periods and in larger amounts in relation to quotas than under normal loan shares. The basis for a country's request to the IMF for a loan under extended lending is a serious imbalance in the balance of payments caused by adverse structural changes in production, trade or prices. Extended loans are usually provided for three years, if necessary - up to four years, in certain portions (tranches) at fixed intervals - once every six months, quarterly or (in some cases) monthly. The main purpose of stand-by and extended loans is to assist IMF member countries in implementing macroeconomic stabilization programs or structural reforms. The Fund requires the borrowing country to fulfill certain conditions, and the degree of their rigidity increases as you move from one credit share to another. Certain conditions must be met before obtaining a loan. The obligations of the borrowing country, which provide for the implementation of appropriate financial and economic measures, are recorded in the "Letter of intent" (Letter of intent) or Memorandum of Economic and Financial Policies sent to the IMF. The course of fulfillment of obligations by the country - the recipient of the loan is monitored by periodically evaluating the special target performance criteria provided for by the agreement. These criteria can be either quantitative, referring to certain macroeconomic indicators, or structural, reflecting institutional changes. If the IMF considers that a country uses a loan in contradiction with the goals of the Fund, does not fulfill its obligations, it may limit its lending, refuse to provide the next tranche. Thus, this mechanism allows the IMF to exert economic pressure on borrowing countries.

The IMF provides loans with a number of requirements - freedom of movement of capital, privatization (including natural monopolies - rail transport and utilities), minimization or even elimination of government spending on social programs - education, health care, cheaper housing, public transport, etc. P.; refusal to protect the environment; reduction of salaries, restriction of the rights of workers; increased tax pressure on the poor, etc.

According to Michel Chosudovsky,

IMF-sponsored programs since then have consistently continued to destroy the industrial sector and have gradually dismantled the Yugoslav welfare state. The restructuring agreements increased the external debt and provided the mandate for the devaluation of the Yugoslav currency, which hit hard on Yugoslav living standards. This initial round of restructuring laid the foundations for it. During the 1980s, the IMF periodically prescribed further doses of its bitter "economic therapy" while the Yugoslav economy slowly slipped into a coma. Industrial production had sunk to a 10 percent drop by 1990, with all the predictable social consequences.

Most of the loans issued by the IMF to Yugoslavia in the 80s went to service this debt and solve problems caused by the implementation of IMF prescriptions. The Foundation forced Yugoslavia to stop the economic alignment of the regions, which led to the growth of separatism and further civil war, which claimed the lives of 600 thousand people.

In the 1980s, the Mexican economy collapsed due to a sharp drop in oil prices. The IMF began to act: loans were issued in exchange for large-scale privatization, cuts in government spending, etc. Up to 57% of government spending was spent on paying off external debt. As a result, about $45 billion left the country. Unemployment reached 40% of the economically active population. The country was forced to join NAFTA and provide huge benefits to American corporations. The incomes of Mexican workers instantly fell.

As a result of the reforms, Mexico - the country where corn was first domesticated - began to import it. The support system for Mexican farms was completely destroyed. After the country joined NAFTA in 1994, liberalization went even faster, protectionist tariffs began to be eliminated. The United States, however, did not deprive its farmers of support and actively supplied corn to Mexico.

The proposal to take and then pay off external debt in foreign currency leads to an orientation of the economy exclusively to export, regardless of any food security measures (as was the case in many African countries, the Philippines, etc.).

see also

• Member States of the IMF

Notes

Literature

• Cornelius Luca Trading in the global currency markets = Trading in the Global Currency Markets. - M .: Alpina Publisher, 2005. - 716 p. - ISBN 5-9614-0206-1

Links

• IMF Governance Structure and Member Voices (see table on page 15)
• The Chinese Renmin Ribao should become the President of the IMF 19.05.2011
• Egorov A. V. "International financial infrastructure", Moscow: Linor, 2009. ISBN 978-5-900889-28-3
• Alexander Tarasov "Argentina is another victim of the IMF"
• The IMF can be dissolved? Yuri Sigov. "Business Week", 2007
• IMF loan: pleasure for the rich and violence for the poor. Andrew Ganzha. "Telegraph", 2008 - link copy of the article does not work
• International Monetary Fund (IMF) "First Moscow Currency Advisors", 2009