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International Monetary Fund



1. International Monetary Fund or IMF is a specialized agency of the United Nations, having
been established alongwith International Bank for Reconstruction and Development — the World
Bank — at the United Nations Monetary and Financial Conference held in 1944 at Bretton Woods.
The IMF is recorded to have begun operations in 1947. Its purpose is to promote international*
monetary co-operation and to facilitate the expansion and balanced growth of international trade.
It may be achieved through the establishment of a multilateral system of payments for cunvn!
transactions and the elimination of foreign trade restrictions. It now has an important role in devel­
opment economics as a facilitator of the transition to full participation in the world economy.

2. The IMF is a permanent forum for consideration of issues of international payments, in
which member nations are encouraged to maintain an orderly pattern of exchange rates and to
avoid restrictive exchange practices. It also provides advice on economic policy and fiscal policy,
promotes world policy co-ordination, and gives technical assistance for central banks, accounting,
taxation, and other financial matters. Membership, currently comprising 179 countries, is open to
all sovereign nations. Members undertake to keep the IMF informed about economic and financial
policies that impinge on the exchange value of their national currencies. As a result, other mem­
bers can make appropriate policy decisions.

3. On joining the fund, each member is assigned a quota in Special Drawing Rights (SDRs).
the fund's unit of account since its establishment in 1969. Its value is based on the weighted
average value of five major currencies. In March 1994 the SDR was worth US$ 1.41. Having
replaced the old system, where subscription of members was to be 75 percent currency and 25 per
cent gold, the total quotas at the end of 1994 were SDR 144.8 billion. Each member's quota is an
amount corresponding to its relative position in the world economy. As the world's leading econo­
my, the United States has the largest quota, some SDR 19 billion; the smallest quota is about
SDR 2 million.

4. The amount of the quota subscription determines how large a vote a member will have it'
IMF deliberations, how much foreign exchange it may withdraw from the fund, and how many
SDRs it will receive in periodic allocations. Thus, the European Union has about 25 percent of the
voting strength, while the United States has about 20 per cent. If members have temporary bal­
ance of payments difficulties, they will apply to the fund for needed foreign currency from its pool of
resources. The IMF may also borrow from official institutions. General Agreement to Borrow of
1962 gave it the right to borrow from the so-called «Paris Club» of industrialized countries, which
have undertaken to make up to US$ 6.5 billion available if needed (this sum was raised to USS 17
billion).



5. On using this foreign exchange for a certain time, the borrower extricates itself from its
balance of payments problem. After having it for the period up to five years, the currency is to be
returned to the IMF's pool of resources. If the borrower uses the IMF resources, he will pay a
below-market rate of interest. The member whose currency is used receives almost all of these
interest payments. The remainder goes to the fund for operating expenses. The IMF is thus not a
bank, but sells countries SDRs in exchange for their own currency. The IMF also supports eco­
nomic development, such as the establishment of functioning free market economies in the former Warsaw Pact countries. This includes a special temporary fund, established in 1993, to offset trade and balance of payments difficulties experienced by any member country abandoning artificial price control policies.

6. By the end of March 1994, these had provided SDR 4.3 billion to 44 countries. On receiving loans under IMF terms, the nation frequently has stiff clauses attached regarding domestic eco­nomic policy. These have been the cause of some friction between the IMF and its debtors in the past. The board of governors is the highest authority in the IMF, the member nations being made up of leading monetary officials. Day-to-day operations will be the responsibility of the 22-member executive board, which represents member nations individually (for larger countries) or if it represents them in groups. The managing director chairs Ihe executive board. Main headquarters is in Washington, D.C.

2. Перепишите и письменно переведите ни русский язык следующие предложения.
Обратите внимание на перевод зависимого и независимого (самостоятельного) при -
частных оборотов.

1. International Monetary Fund or IMF is a specialized agency of the United Nations,
having been established along with International Bank for Reconstruction and
Development — the World Bank — at the United Nations Monetary and Financial
Conference held in 1944 at Bretton Woods.

2. Having replaced the old system, where subscription of members was to be 75 per cent
currency and 25 percent gold, the total quotas at the end of 1994 were SDR 144.8 billion.
•'3. The board of governors is the highest authority in the IMF, the member nations being
made up of leading monetary officials.

3. Перепишите и письменно переведите на русский язык следующие предложения.
Помните, что объектный, именительный и абсолютный инфинитивный обороты со­
ответствуют придаточным предложениям.

1. The IMF is recorded to have begun operations in 1947.

2. Members undertake to keep the IMF informed about economic and financial policies
that impinge on the exchange value of their national currencies.

3. General Agreement to Borrow of 1962 gave it the right to borrow from the so-called
«Paris Club» of industrialised countries, which have undertaken to make up to

US$ 6.5 billion available if needed (this sum was raised to US$ 17 billion).

4. This includes a special temporary fund, established in 1993, to offset trade and balance
of payments difficulties experienced by any member country abandoning artificial price
control policies.

4. Перепишите и письменно переведите на русский язык следующие сложные пред­-
ложения. Обратите внимание на перевод обстоятельственных предложений усло-­
вия и времени.

1. If members have temporary balance of payments difficulties, they will apply to the fund
for needed foreign currency from its pool of resources.

2. If the borrower uses the IMF resources, he will pay a below-market rate of interest.

3. Day-to-day operations will be the responsibility of the 22-member executive board,
which represents member nations individually (for larger countries) or if it represents
them in groups.

5. Перепишите и переведите предложения, содержащие герундий. Обратите вни­-
мание на функцию герундия в предложении.

s

1. On joining the fund, each member is assigned a quota in Special Drawing Rights
(SDRs), the fund's unit of account since its establishment in 1969.

2.On using this foreign exchange fora certain time, the borrower extricates itself from ib
balance of payments problem.

3. After having it for the periodup to five years, the currency is to be returned to the IMF’s pool of resources.

4. On receiving loans under IMF terms, the nation frequently has stiff clauses attached

regarding domestic economic policy.

 

ВАРИАНТ 2

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