IMF flag. International Monetary Fund. IMF and Russia. The Fund's role in the global economy

The International Monetary Fund (IMF) was created to maintain stability in international monetary relations. Its official objectives, as set out in the IMF Charter, are cooperation in international monetary matters, assistance in stabilizing currencies, eliminating foreign exchange restrictions and creating a multilateral settlement system between countries, providing member countries with foreign exchange resources to eliminate temporary disturbances in their balance of payments. Since 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 carrying out radical economic and political reforms.

The IMF began its operations in March 1947 as a specialized agency of the UN. 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 governing bodies, votes are determined according to quotas. Each country has 250 votes plus 1 vote for every 100 thousand SDR units of its quota. Decisions are made by a simple majority (at least half) of votes, and on the most important issues - by a special majority (85% of votes are of a strategic nature, and 70% of an operational nature). Since the leading Western countries have the largest number of quotas in the IMF (USA - 17.5%, Japan - 6.3, Germany - 6.1, Great Britain and France - 5.1 each, Italy - 3.3%), and in general 25 economically developed countries- 62.8%, then these countries control and direct its activities in their 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 small quotas (Russia - 3.0%, China - 3.0%, Ukraine - 0.69%).

Authorized capital The IMF is formed from contributions from member states in accordance with a 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 to expand lending activities, the IMF attracts borrowed funds. To replenish credit resources, the IMF uses the following “mechanisms”:

General agreement on loans;

new loan agreements;

borrowing funds from IMF member states.

In 1962, the Fund signed with 10 economically developed countries (USA, Germany, UK, Japan, France, etc.) General agreement on loans, which provided for the provision of revolving loans to the Fund. This agreement was initially concluded for 4 years, and then began to be renewed every 5 years. The credit limit was initially set at $6.5 billion CIIIA, and in 1983 increased to SDR 17 billion ($23.3 billion). In order to overcome financial emergencies, the IMF Executive Board (Directorate) expanded the Fund's borrowing capabilities by approving in 1997 New Borrowing Agreements, under which the IMF can attract up to 34 billion SDR (about 45 billion US dollars). The IMF also resorts to obtaining loans from central banks (in particular, it has 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 loan terms for a certain period with payment of a certain percentage.

The most important activity of the Fund is its credit operations. According to the Charter. The IMF provides loans to member countries to restore equilibrium in their balance of payments and stabilize exchange rates. The IMF carries out lending operations only with 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 domestic currency, which is credited to the IMF account at the central bank of that country. Upon expiration of the established loan period, the country is obliged to perform the reverse operation, i.e., buy back the national currency in the special account from the Fund and return the received foreign currency or SDR. These types of loans are given for a period of up to 3 years and less often - 5 years. For the use of loans, the IMF charges a commission fee of 0.5% of the loan amount and an interest rate for the use of the loan, the amount of which is set on the basis of market rates in effect at the relevant time (most often it is 6-8% per annum). If the national currency of a debtor country held by the IMF is purchased by any member state, this is considered as repayment of debt to the Fund.

The size 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 to these countries.

IMF since the early 50s. began to enter into agreements with member countries standby loan agreements, or stand-by agreements. 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 provide assistance to 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:

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

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

External Debt Reduction and Service Facility, which provides funds to developing countries facing external debt crises;

A structural change support mechanism that focuses on countries transitioning to a market economy through radical economic and political reforms.

In addition to these currently functioning mechanisms, the IMF created temporary special funds that were designed to help overcome crisis currency situations that arose for various reasons (for example, an oil fund - to cover additional expenses due to a significant increase in prices for oil and petroleum products; a trust fund - to provide assistance to the poorest countries using 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 (SDR 4.3 billion, or 3%) and the number of votes (43.4 thousand, or 2.9%), it took 9th place. 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 IMF Board of Governors 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 outstanding debt on previously provided loans. The total amount of Russia's debt to the Fund as of January 1, 1999 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 own funds and on various conditions, finances investment projects and promotes the implementation of economic development programs in a number of countries.

The International Monetary Fund, the IMF is, first of all, specialized institution United Nations (UN), headquartered in Washington, USA. It is worth noting that although the IMF was created with the support of the UN, it is an independent organization.

The International Monetary Fund was created relatively recently - at the Bretton Woods Conference, on monetary and financial issues on July 22, 1944, the basis of the agreement was developed ( IMF Charter).

The most significant contributions to the development of the IMF concept were made by John Maynard Keynes, who headed the British delegation, and Harry Dexter White, a senior official at the US Treasury Department. 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 out its first loan. Currently, the IMF unites 187 countries, and its structures employ 2,500 people from 133 countries.

The IMF provides short- and medium-term loans when there is a deficit in the state's balance of payments. The provision of loans is usually accompanied by a set of conditions and recommendations aimed at improving the situation.

IMF policies and recommendations regarding developing countries have been repeatedly criticized, the essence of which is that the implementation of recommendations and conditions are ultimately aimed not at increasing independence, stability and development of the national economy of the state, but only at tying it to international financial flows.

international monetary fund lending

1. Main goals and functions of the IMF and structure of governing bodies

The main objectives of the International Monetary Fund are:

1. “the need to promote international cooperation in the monetary and financial sphere”;

2. “promoting the expansion and balanced growth of international trade” in the interests of developing productive resources, achieving high level employment and real incomes of Member States;

3. “ensuring the stability of currencies, maintaining orderly monetary relations among member states” and striving to prevent “currency depreciation in order to gain competitive advantages”;

4. providing assistance in creating a multilateral settlement system between member states, as well as in eliminating currency restrictions;

5. temporary provision of foreign currency funds to Member States to enable them to “correct imbalances in their balance of payments.”

The main functions of the IMF are:

1. promoting international cooperation in monetary policy

2. expansion of world trade

3. lending

4. stabilization of monetary exchange rates

5. consulting debtor countries

6. development of international standards financial statistics

7. collection and publication of international financial statistics

The highest governing body of the IMF is the Board of Governors, in which each member country is represented by a governor and his deputy. These are usually finance ministers or central bankers. The Council is responsible for resolving key issues of the Fund’s activities: amending the Articles of Agreement, admitting and expelling member countries, determining and revising their shares in the capital, and electing executive directors. Governors usually meet in session once a year, but may hold meetings and vote by mail at any time.

The authorized capital is about 217 billion SDR (special unit for the right to borrow) (as of January 2011, 1 SDR was equal to approximately 1.5 US dollars). It is formed by contributions from member states, each of which usually pays approximately 25% of its quota in SDRs or in the currencies of other members, and the remaining 75% in its own national currency. Based on the size of quotas, votes are distributed among member countries in the governing bodies of the IMF.

The largest number of votes in the IMF (as of June 16, 2010) are: USA - 17.8%; Germany - 5.99%; Japan - 6.13%; Great Britain - 4.95%; France - 4.95%; Saudi Arabia- 3.22%; Italy - 4.18%; 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 combined 60.35% of votes in the IMF. The share of other countries, making up over 84% of the Fund's membership, accounts for only 39.75%.

The IMF operates on the principle of a “weighted” number of votes: the ability of member countries to influence the Fund’s activities through 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 SDR of the amount of this contribution. If a country bought (sold) SDRs received during the initial issue of SDRs, the number of its votes increases (decreases) by 1 for every 400 thousand purchased (sold) SDRs. This adjustment is made by no more than 1/4 of the number of votes received for the country's contribution to the capital of the Fund. This arrangement ensures a decisive majority of votes for the leading states.

Decisions in the Board of Governors are usually made by a simple majority (at least half) of the votes, and on important issues of an operational or strategic nature - by a “special majority” (70 or 85% of the votes of member countries, respectively).

Despite a slight reduction in the share of voting power of the US and EU, 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 leading Western countries, has the opportunity to exercise control over the decision-making process in the IMF and direct its activities based on their interests. With coordinated action, developing countries are also able to prevent decisions that do not suit them. However, achieving consistency across a large number of disparate countries is difficult, so the intention was to “enhance the ability of developing countries and countries with economies in transition to participate more effectively in the decision-making machinery of the IMF.”

Significant role in organizational structure The IMF plays the International Monetary and Financial Committee. It consists of 24 IMF governors, including from Russia, and meets twice a year. This committee is an advisory body of the Board of Governors and has no power to make policy decisions. However, it performs important functions:

ь directs the activities of the Executive Council;

b develops strategic decisions related to the functioning of the global monetary system and the activities of the IMF;

b submits to the Board of Governors proposals for amendments to 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 World Bank and the Fund.

The Board of Governors delegates many of its powers to the Executive Board, a directorate that is responsible for conducting the affairs of the IMF, which includes a wide range of political, operational and administrative issues, such as providing loans to member countries and overseeing their policies. exchange rate.

The IMF Executive Board elects a Managing Director for a five-year term, who heads the Fund's staff (as of March 2009 - about 2,478 people from 143 countries). He must be a representative of one of the European countries. Managing Director (since November 2007) - Dominique Strauss-Kann (France), his first deputy - John Lipsky (USA).

The head of the IMF permanent mission in Russia is Neven Mathes.

Manager. Elected by the Executive Board, the IMF Governor chairs the Executive Board and is the organization's chief of staff. Under the direction of the Executive Board, the Governor is responsible for the day-to-day operations of the IMF. The manager is appointed for five years and may be re-elected for a subsequent term.

Staff. The Articles of the Agreement require personnel appointed to the IMF to demonstrate the highest standards of professionalism and technical competence, and reflect the internationality of the organization. Approximately 125 nations are represented among the organization's 2,300 employees.

International Monetary Fund, IMF (International Monetary Fund, IMF) is a specialized agency of the United Nations, the decision to create which was made on monetary and financial issues in 1944. The agreement on the creation of the IMF was signed by 29 states on December 27, 1945, and the Fund began its work on March 1, 1947 As of March 1, 2016, 188 countries are members of the IMF.

The main objectives of the IMF are:

1. promoting international cooperation in the monetary and financial sphere;
2. promoting the expansion and balanced growth of international trade, achieving high levels of employment and real incomes of member states;
3. ensuring the stability of currencies, maintaining orderly foreign exchange relations and preventing the depreciation of national currencies in order to gain competitive advantages;
4. assistance in creating multilateral settlement systems between member states, as well as in eliminating foreign exchange restrictions;
5. providing member states of the Fund with funds in foreign currency in order to eliminate imbalances in their balance of payments.

The main functions of the IMF are:

1. promoting international cooperation in the field monetary policy and ensuring stability;
2. lending to the Fund's member countries;
3. stabilization of exchange rates;
4. advising governments, monetary authorities and financial market regulators;
5. development of standards for international financial statistics and the like.

The authorized capital of the IMF is formed from contributions from member countries, each of which pays 25% of its quota in or in the currencies of other member countries, and the remaining 75% in national currency. Based on the size of quotas, votes are distributed among member countries in the governing bodies of the IMF. As of 03/01/2016 authorized capital The IMF amounted to SDR 467.2 billion. Ukraine's quota is SDR 2,011.8 billion, which is 0.43% of the IMF's total quota.

Supreme governing body The IMF has a Board of Governors, in which each member country is represented by a governor and a deputy governor. As a rule, these are finance ministers or central bankers. The Council resolves key issues of the Fund's activities: amendments to the Articles of Agreement on the IMF, admission and exclusion of member countries, determination and revision of their quotas in the Fund's capital, elections of executive directors. The Council session usually takes place once a year. Decisions of the Board of Governors are made by a simple majority (at least half) of votes, and on important issues - by a “special majority” (70 or 85%).

The other governing body is the Executive Board, which sets the IMF's policies and consists of 24 executive directors. Directors are appointed by the eight countries with the largest quotas in the Fund - the United States, Japan, Germany, France, Great Britain, China, Russia and Saudi Arabia. The remaining countries are organized into 16 groups, each of which elects one chief executive. Together with the Netherlands, Romania and Israel, Ukraine is part of the Dutch group of countries.

The IMF operates on the principle of a “weighted” number of votes: the ability of member countries to influence the Fund’s activities through 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 SDR of the amount of this contribution.

A significant role in the organizational structure of the IMF is played by the International Monetary and Financial Committee, which is an advisory body of the Council. Its functions include developing strategic decisions related to the functioning of the world monetary system and the activities of the IMF, developing proposals for amendments to the Articles of Agreement of the IMF, and the like. A similar role is also played by the Development Committee - the Joint Ministerial Committee of the Boards of Governors of the World Bank and the Fund (Joint IMF - World Bank Development Committee).

The Board of Governors delegates part of its powers to the Executive Board, which is responsible for the day-to-day work of the IMF and resolves a wide range of operational and administrative issues, including providing loans to member countries and overseeing their policies.

The IMF Executive Board elects a Managing Director, who heads the Fund's staff, for a five-year term. As a rule, he represents one of the European countries.

If problems arise in a country's economy, the IMF can provide loans, which, as a rule, are accompanied by certain recommendations aimed at improving the situation. Such loans, for example, were provided to Mexico, Ukraine, Ireland, Greece and many other countries.

Loans can be provided in four main areas.

1. Based on the reserve share (Reserve Tranche) of an IMF member country within 25% of the quota, the country can receive a loan almost without hindrance upon the first request.
2. Based on the credit share, a country's access to IMF credit resources cannot exceed 200% of its quota.
3. Based on Stand-by Arrangements, which have been provided since 1952 and provide a guarantee that, up to a certain amount and subject to certain conditions, a country can freely receive a loan from the IMF in exchange for national currency. In practice, this is done by opening up the country. are provided for a period from several months to several years.
4. Based on the Extended Fund Facility, since 1974, the IMF has been providing loans for long periods and in amounts exceeding country quotas. The basis for a country's request to the IMF for a loan under extended lending is a serious imbalance caused by unfavorable structural changes. Such loans are usually provided for several years in tranches. Their main purpose is to assist countries in implementing stabilization programs or structural reforms. The Fund requires the country to fulfill certain conditions. The obligations of the borrowing country, providing for its implementation of relevant financial and economic activities, are recorded in the Memorandum of Economic and Financial Policies and sent to the IMF. The progress of fulfillment of obligations is periodically monitored by assessing the provided target criteria for the implementation of the Memorandum (Performance Criteria).

Ukraine’s cooperation with the IMF is carried out on the basis of regular IMF missions, as well as cooperation with the Fund’s representative office in Ukraine. As of February 1, 2016, Ukraine’s total loan debt to the IMF was 7.7 billion SDR.

(See Special Drawing Rights; IMF Official Website:

General information

The International Monetary Fund (IMF) is the leading organization international cooperation in the monetary and financial sphere.

The IMF was created by decision of the Bretton Woods Conference in 1944 in order to increase the stability of the global monetary and financial system. The USSR took part in the creation of the IMF, but for a number of political reasons refused to become one of its founders.

• To managers from Russian Federation The IMF is the Minister of Finance of the Russian Federation A.G. Siluanov.
• Deputy Governor from Russia at the IMF - Chairman of the Bank of Russia E.S. Nabiullina.
• Executive Director from Russia at the IMF – A.V. Mozhin.

Goals and objectives

The purpose of the activity is to maintain the stability of the global financial system.

The objectives of the IMF, in accordance with the Articles of Agreement (Charter), are:

• expansion of international cooperation in the monetary sphere;
• maintaining a balanced development of international trade relations;
• ensuring stability of exchange rates, orderliness of currency regimes in member countries;
• promoting the creation of a multilateral settlement system and the elimination of currency restrictions;
• assistance to member countries in eliminating balance of payments imbalances through the temporary provision of financial resources;
• reduction of external imbalances.

The main issues discussed during the regularly held Annual Meetings of the IMF Board of Directors and meetings of the International Monetary and Financial Committee (IMFC) are: reform of the international financial architecture and, first of all, the management system, quotas and votes, changes in the monetary policy of developed countries and their influence on world economy in general, increasing the role of emerging market countries, reform of financial regulation, etc.

Financial resources

The IMF's financial resources are generated mainly through quota contributions from member countries to the Fund's capital. Quotas are calculated using a formula based, among other things, on the relative size of the member countries' economies. The size of the quota determines the amount of funds that member countries undertake to provide to the IMF, and also limits the amount of financial resources that can be provided to a given country as a loan.

Cooperation of the Russian Federation with the IMF

Currently, the IMF has 189 member countries (including the Russian Federation). Russia has been a member of the IMF since 1992. During the period of membership, Russia attracted IMF funds to maintain the stability of its financial system for a total amount of about 15.6 billion SDR. In January 2005, Russia repaid its debt to the Fund ahead of schedule, as a result of which it acquired the status of a creditor of the IMF. In connection with this decision of the IMF Board of Directors, Russia was included in the Fund's Financial Operations Plan (FOP), thereby becoming one of the IMF members whose funds are used in the IMF's financial operations.

In connection with the Fourteenth Quota Review, which took place on February 17, 2016, the Russian Federation’s quota in the IMF was increased from SDR 9945 to 12903.7 million.

Considering the ongoing nature of operations for the provision of IMF funds by the Bank of Russia within the framework of the Russian Federation quota, as well as in view of the indefinite nature of the obligations of the IMF member countries to provide IMF funds, the course to maintain financing by the Russian Federation of the IMF is maintained, and the validity period of credit mechanisms (new borrowing agreements (NAB) ), as well as bilateral borrowing agreements) are extended on the terms proposed by the IMF.

Cooperation between the Russian Federation and the IMF is characterized by the Fund’s active consulting activities and work with its participation to provide technical support(within the framework of thematic missions of the Foundation’s experts, seminars, conferences, training events).

Cooperation between the Bank of Russia and the IMF

The manager of the IMF from Russia is the Minister of Finance of the Russian Federation, the Chairman of the Bank of Russia is the deputy manager of the IMF from Russia. In 2010, the functions of financial interaction with the IMF were transferred by the Ministry of Finance of the Russian Federation to the Bank of Russia. The Bank of Russia is the depository of IMF funds in Russian rubles and carries out operations and transactions provided for by the Fund's Charter.

The Bank of Russia performs the function of depository of IMF funds. In particular, two IMF ruble accounts No. 1 and No. 2 have been opened at the Bank of Russia. In addition, several securities accounts have been opened with the Bank of Russia, in which bills of the Ministry of Finance and the Bank of Russia are accounted for in favor of the IMF. These bills are security for the obligations of the Russian Federation to make contributions to the capital of the IMF.

Currently, the Bank of Russia, on behalf of the Russian Federation, is involved in providing financing to the IMF under loan agreements, information about which is provided in the certificate located at the following link: About loan agreements with the IMF.

The Central Bank of the Russian Federation cooperates with the IMF on various tracks international work. Representatives of the Bank take part in sessions and annual meetings of the IMF, interacting at the expert level as part of a number of working groups, as well as during working meetings, consultations and video conferences with IMF experts.

Since 2010, in relation to Russia (as a country with a globally systemically important financial sector), an assessment of the state of the financial sector has been carried out within the framework of the Financial Sector Assessment Program (FSAP), implemented by the IMF jointly with World Bank. When conducting evaluation activities of the program, the role of the Bank of Russia is key. In this regard, it should be noted that the FSAP 2015/2016 program has become the most extensive since the beginning of its implementation in the Russian Federation. With the participation of the Bank of Russia, work is underway to prepare assessments of compliance with international standards and codes (ROSCs), in particular, in the field of monetary policy, banking supervision and corporate governance. In this regard, the most relevant ROSC for the Russian Federation at present is the assessment of the compliance of Russian banking regulation with the principles of the BCBN (ROSC VСP) and the assessment of the compliance of financial market regulation with the principles of IOSCO (ROSC IOSCO) in 2016.

Representatives of the Bank of Russia take part in annual consultations with IMF missions within the framework of Article IV of the Fund’s Charter, as well as in the preparation of the relevant final reports of the Fund.

An important area of ​​work is the participation of the Bank of Russia in the preparation of the IMF Annual Report on Exchange Regimes and Exchange Restrictions (AREAER).

Additionally, it is necessary to note the participation of the Bank of Russia in the implementation of the Group of 20 Initiative to eliminate information gaps in financial statistics and interaction with the IMF to implement the recommendations of this initiative in Russia.

In accordance with the Special Data Dissemination Standard (SDDS), the IMF provides data on the balance of payments, external debt, and dynamics of foreign exchange reserves.

In cooperation with departments and organizations, the Bank of Russia ensures participation in the analytical and research activities of the IMF, in the preparation of IMF publications and in conducting specialized seminars and conferences.

Currently, the Bank of Russia is seeking to attract the expertise of the Fund in order to implement a number of recommendations based on the results of the FSAP 2015/2016 program in the field of developing stress testing methods in the Bank of Russia, as well as in order to improve the quality and efficiency of the monetary policy of the Bank of Russia and the level of training relevant specialists.

International Monetary Fund (IMF) is an intergovernmental organization designed to regulate monetary relations between states and provide financial assistance member countries to eliminate foreign exchange difficulties caused by balance of payments imbalances. The IMF was established at the International Monetary and Financial Conference (July 1-22, 1944) in Bretton Woods (USA, New Hampshire). The Foundation began its practical activities on March 1, 1947.

The USSR also took part in the Bretton Woods Conference. However, subsequently, due to " cold war"between East and West, he did not ratify the Agreement on the formation of the IMF. For the same reason, during the 50-60s, Poland, Czechoslovakia and Cuba left the IMF. As a result of deep socio-economic and political reforms in the early 90s former socialist countries, as well as states that were previously part of the USSR, joined the IMF (with the exception of the Democratic People's Republic of Korea and Cuba).

Currently, 182 countries are members of the IMF (see Fig. 4). Any country that conducts independent foreign policy and ready to accept the rights and obligations provided for by the IMF Charter.

The official objectives of the IMF are to:

• promote balanced growth of international trade;
• maintain the stability of currency exchange rates;
• promote the creation of a multilateral settlement system for current transactions between members of the Fund and the elimination of currency restrictions that impede the growth of international trade;
• provide member countries with credit resources that allow them to regulate the imbalance of temporary payments without the use of restrictive measures in the field of foreign trade and payments;
• serve as a forum for consultation and cooperation on international monetary issues.

Responsible for the smooth operation of the global currency and payment system, the Fund devotes Special attention the state of liquidity on a global scale, i.e. the level and composition of reserves available to member states and intended to cover trade and payment needs. One of important functions The Fund is also providing additional liquid funds to its members through distribution special rights borrowing (SDR). SDR (or SDR) is an international monetary unit of account used as a conventional scale for measuring international requirements and obligations, establishing currency parity and exchange rate, as an international means of payment and reserve. The SDR value is determined based on average cost five major currencies of the world (before January 1, 1981 - sixteen currencies). The specific weight of each currency is determined taking into account the country’s share in international trade, but for the US dollar it is taken into account specific gravity in international payments. To date, 21.4 billion SDRs have been issued with a total value of about 29 billion US dollars, which is about 2% of all reserves.

The Fund has significant general resources to finance temporary disequilibria in the balance of payments of its members. To use them, a member must provide the Fund with a compelling justification for the need, which may be related to the balance of payments, reserve position, or changes in reserves. The IMF provides its resources on the basis of equality and non-discrimination, taking into account the social and domestic political objectives of member countries. The Fund's policy gives them the opportunity to use IMF financing already at early stage the emergence of balance of payments problems.

At the same time, the Fund’s assistance helps to overcome the imbalance of payments without the use of trade and payment restrictions. The Fund plays a catalytic role, as changes in the policies pursued by states in implementing IMF-supported programs help attract additional financial assistance from other sources. Finally, the Fund acts as a financial intermediary, ensuring the redistribution of funds from those countries where there is a surplus to countries where there is a deficit.

IMF governance structure

1. The highest governing body is the Board of Governors, in which each member country is represented by a governor and his deputy. In most cases, the Fund's managers are ministers of finance, or heads of central banks, or other persons of similar position. The Board of Governors elects a chairman from among its members. The competence of the council includes decisions on the most important, fundamental issues activities of the IMF, such as the admission and exclusion of members of the Fund, the determination and revision of quotas, the distribution of net income, and the election of executive directors. The Governors meet in session to discuss the activities of the Fund once a year, but they may vote at any time by mail.

The IMF is structured as joint stock company, and therefore the ability of each participant to influence its activities is determined by its share in the capital. In accordance with this, the IMF operates the principle of the so-called “weighted” number of votes: each member country has 250 “basic” votes (regardless of the size of the contribution to the Fund’s capital) and an additional one vote for every 100 thousand SDR units of its share in this capital. In addition, when voting on certain issues, creditor countries receive an additional one vote for every 400 thousand US dollars of loans provided by them on voting day, due to a corresponding reduction in the number of votes of debtor countries. This arrangement leaves the final say in the management of the IMF's affairs to the countries that have invested the most in it.

Decisions in the IMF Board of Governors are mainly made by a simple majority (at least half) of votes, and on the most important issues (for example, amendments to the Charter, establishment and revision of the size of the shares of member countries in capital, a number of issues of the functioning of the SDR mechanism, policy in the field of exchange rates, etc.) by a “special (qualified) majority”, which currently provides for two categories: 70% and 85% of the total votes of member countries.

The current IMF Charter provides that the Board of Governors may decide to establish a new permanent governing body, the Council at the ministerial level of member countries, to oversee the regulation and adaptation of the global monetary system. But it has not yet been created, and its role is played by the 22-member Interim Committee of the Board of Governors on the World Monetary System, established in 1974. However, unlike the proposed Council, the Interim Committee does not have the power to make policy decisions.

2. The Board of Governors delegates many of its powers to the Executive Board, i.e. The Directorate, which is responsible for the conduct of the affairs of the Foundation and operates from its headquarters in Washington.

3. The IMF Executive Board appoints a managing director, who heads the administrative apparatus of the Fund and is in charge of day-to-day affairs. Traditionally, the managing director must be European or (at least) non-American. Since 2000, the Managing Director of the IMF is Horst Keller (Germany).

4. The IMF Committee on Balance of Payments Statistics, which includes representatives of industrialized and developing countries. It develops recommendations for the wider use of statistics in the compilation of balances of payments, coordinates the implementation of a basic statistical survey of portfolio investments and carries out studies on the recording of flows associated with derivative funds.

Capital. The IMF's capital is made up of subscription contributions from member countries. Each country has a quota expressed in SDR. A member country's quota is the most important element of its financial and organizational relations with the Foundation. First, the quota determines the number of votes in the Fund. Secondly, the size of the quota is based on the extent of access of an IMF member to the financial resources of the organization in accordance with established limits. Third, the quota determines the IMF member's share in the allocation of SDRs. The Charter does not provide methods for determining quotas for IMF members. At the same time, from the very beginning, the size of quotas was associated, although not on a rigid basis, with such economic factors as national income and the volume of foreign trade and payments. The Ninth General Review of Quotas used a set of five formulas agreed upon during the Eighth General Review to produce “estimated quotas,” which provide a broad measure of the relative position of IMF members in the global economy. These formulas use economic data on a state's gross domestic product (GDP), current transactions, fluctuations in current receipts, and government reserves.

The United States, being the country with the highest economic performance, made the largest contribution to the IMF, amounting to about 18% of the total amount of quotas (about 35 billion US dollars); Palau, which joined the IMF in December 1997, has the smallest quota and has contributed about US$3.8 million.

Until 1978, 25% of the quota was paid in gold, currently - in reserve assets (SDRs or freely usable currencies); 75% of the subscription amount is in national currency, usually provided to the Fund in the form of promissory notes.

The IMF Charter provides that in addition to its own capital, which is the main source of financing its activities, the Fund also has the ability to use borrowed funds in any currency and from any source, i.e. borrow them both from official bodies and on the private capital market. To date, the IMF has received loans from the treasuries and central banks of member countries, as well as from Switzerland, which was not a member until May 1992, and from the Bank for International Settlements (BIS). As for the private money market, he has not yet resorted to its services.

IMF lending activities. The IMF's financial transactions are carried out only with official bodies of member countries - treasuries, central banks, and currency stabilization funds. The Fund's funds can be made available to its members through a range of approaches and mechanisms, differing mainly in the types of problems of financing the balance of payments deficit, as well as the level of conditions put forward by the IMF. Moreover, these conditions are a composite criterion that includes three separate elements: the state of the balance of payments, the balance of international reserves and the dynamics of the reserve position of countries. These three elements that determine the need for balance of payments financing are considered independent and each of them can form the basis for submitting a request for financing to the Fund.

A country in need of foreign currency purchases freely usable currency, or SDRs, in exchange for an equivalent amount of its domestic currency, which is deposited into an IMF account at the country's central bank.

The IMF charges borrowing countries a one-time commission fee of 0.5% of the transaction amount and a certain fee, or interest rate, for the loans it provides, which is based on market rates.

After the expiration of the established period, the member country is obliged to carry out the reverse operation - to buy back its national currency from the Fund, returning to it the borrowed funds. Typically, this operation, which in practice means the repayment of a previously received loan, must be carried out within a period of 3 1/4 to 5 years from the date of purchase of the currency. In addition, the borrowing country must repurchase its excess currency for the Fund ahead of schedule as its balance of payments improves and foreign exchange reserves increase. Loans are also considered repaid if the national currency of the debtor country held by the IMF is purchased by another member state.

Member countries' access to IMF credit resources is limited by certain nuances. According to the original Charter, they were as follows: firstly, the amount of currency received by a member country in the twelve months preceding its new application to the Fund, including the amount requested, should not exceed 25% of the country's quota; Secondly, total amount the currency of a given country in the IMF's assets could not exceed 200% of its quota (including 75% of the quota contributed to the Fund by subscription). The revised Charter in 1978 removed the first limitation. This allowed member countries to utilize their ability to obtain currency from the IMF for more than short term than the five years it took before. As for the second condition, in exceptional circumstances its operation may be suspended.

Technical assistance. The International Monetary Fund also provides technical assistance to member countries. It is carried out through sending missions to central banks, ministries of finance and statistical authorities of the countries that requested such assistance, sending experts to these bodies for 2-3 years, conducting an examination of the legislative documents being prepared. Technical assistance is expressed in the IMF's assistance to member countries in the field of monetary, exchange rate policy and banking supervision, statistics, development of financial and economic legislation and personnel training.