International Monetary Fund abbreviation. International Monetary Fund (IMF). Impact of the International Monetary Fund on the global economy

In the same year, France took out its first loan. Currently, the IMF unites 185 countries, and its structures employ 2,500 people from 133 countries.

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

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

Official IMF goals

1. "contribute international cooperation in the monetary and financial sphere";
2. “to promote 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. “ensure the stability of currencies, maintain orderly monetary relations among member states” and prevent “currency depreciation in order to gain competitive advantages”;
4. provide assistance in creating a multilateral settlement system between member states, as well as in eliminating currency restrictions;
5. provide member states with temporary funds in foreign currencies to enable them to “correct imbalances in their balance of payments.”

Main functions of the IMF

• promoting international cooperation in monetary policy
• expansion of world trade
• lending
• stabilization of monetary exchange rates
• consulting debtor countries

Structure of governing bodies

The highest 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. 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 (as of January 2008, 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 governing bodies IMF.

The most big amount votes in the IMF (as of June 16, 2006) are held by: 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 industrial developed countries(member countries of the Organization economic cooperation and Development, OECD) have a combined 60.35% of the 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. 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 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 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, along with leading Western states have the opportunity to exercise control over the decision-making process in the IMF and direct its activities based on their interests. As for developing countries, if there is coordinated action, they are theoretically also able to prevent the adoption of decisions that do not suit them. However, achieving consistency a large number heterogeneous countries is difficult. At the Fund's April 2004 meeting, the intention was expressed 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 is playing International Monetary and Financial Committee IMFC International Monetary and Financial Committee ,IMFC). 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 twice a year. This committee is an advisory body of the Board of Governors and has no power to make policy decisions. However, he does important functions: directs the activities of the Executive Council; develops strategic decisions related to the functioning of the global monetary system and the activities of the IMF; submits to the Board of Governors proposals for amendments to the IMF's Articles of Agreement. 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 Joint IMF - World Bank Development Committee).

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

The IMF Executive Board elects a Managing Director for a five-year term. Managing Director), who heads the Foundation's staff (as of September 2004 - about 2,700 people from more than 140 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).

Chapter permanent mission IMF in Russia Neven Mathes

Basic 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 “golden” 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 a member country's national currency to provide credit to other countries, that country's reserve share increases accordingly. The outstanding amount of loans provided by a member country to the Fund under the loan agreements of the NHS and NHS constitutes its credit position. The reserve share and the 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 (if fully used, the IMF's holdings in the country's currency reach 100% of the quota) are divided into four credit shares, or tranches (Credit Tranches), each constituting 25% of the quota . Member countries' access to IMF credit resources within the framework of credit shares is limited: the amount of a country's currency in the IMF's assets cannot exceed 200% of its quota (including 75% of the quota contributed by subscription). Thus, the maximum amount of credit that a country can receive from the Fund as a result of using reserve and credit 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 are in many cases used in amounts exceeding the limit fixed in the charter. Therefore, the concept of “Upper Credit Tranches” began to mean not only 75% of the quota, as in early period activities of the IMF, and amounts exceeding the first credit share.

3. Stand-by Arrangements(since 1952) provide the member country with a guarantee that, up to a certain amount and for the duration of the agreement, subject to compliance with specified conditions, the country can freely receive foreign currency from the IMF in exchange for national currency. This practice of providing loans is the opening of a line of credit. While the use of the first credit share can be carried out in the form of an outright purchase of foreign currency after the Fund approves its request, the allocation of funds for the account of the upper credit shares is usually carried out through arrangements with member countries for reserve credits. From the 50s to the mid-70s, agreements on stand-by loans 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 mechanism(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 regular 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 specified intervals - once every six months, quarterly or (in some cases) monthly. The main purpose of stand-by loans 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 severity increases as they move from one loan share to another. Certain conditions must be met before receiving a loan. The obligations of the borrowing country, providing for its implementation of relevant financial and economic activities, are recorded in a Letter of Intent or Memorandum of Economic and Financial Policies sent to the IMF. The progress in fulfilling obligations by the country receiving the loan is monitored by periodically assessing the special performance criteria provided for in the agreement. These criteria can be either quantitative, relating to certain macroeconomic indicators, or structural, reflecting institutional changes. If the IMF considers that a country is using a loan in conflict with the goals of the Fund and is not fulfilling its obligations, it may limit its lending and refuse to provide the next tranche. Thus, this mechanism allows the IMF to exert economic pressure on borrowing countries.

Notes

see also

Links

• Alexander Tarasov “Argentina is another victim of the IMF”
• Could the IMF be dissolved? Yuri Sigov. "Business Week", 2007
• IMF loan: pleasure for the rich and violence for the poor. Andrey Ganzha. "Telegraph", 2008

International Monetary Fund

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

Basic 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 “golden” 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 a member country's national currency to provide credit to other countries, that country's reserve share increases accordingly. The outstanding amount of loans provided by a member country to the Fund under the loan agreements of the NHS and NHS constitutes its credit position. The reserve share and the 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 (if fully used, the IMF's holdings in the country's currency reach 100% of the quota) are divided into four credit shares, or tranches (Credit Tranches), each constituting 25% of the quota . Member countries' access to IMF credit resources within the framework of credit shares is limited: the amount of a country's currency in the IMF's assets cannot exceed 200% of its quota (including 75% of the quota contributed by subscription). Thus, the maximum amount of credit that a country can receive from the Fund as a result of using reserve and credit 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 are in many cases used in amounts exceeding the limit fixed in the charter. Therefore, the concept of “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 loan arrangements Stand-by Arrangements) (since 1952) provide the member country with a guarantee that, up to a certain amount and for the duration of the agreement, subject to compliance with specified conditions, the country can freely receive foreign currency from the IMF in exchange for national currency. This practice of providing loans is the opening of a line of credit. While the use of the first credit share can be carried out in the form of an outright purchase of foreign currency after the Fund approves its request, the allocation of funds for the account of the upper credit shares is usually carried out through arrangements with member countries for reserve credits. From the 50s to the mid-70s, agreements on stand-by loans 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 mechanism(English) Extended Fund Facility) (since 1974) supplemented the reserve and credit shares. It is intended to provide loans for longer periods and in larger amounts in relation to quotas than within the framework of conventional 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 specified intervals - once every six months, quarterly or (in some cases) monthly. The main purpose of stand-by loans 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 severity increases as they move from one loan share to another. Certain conditions must be met before receiving a loan. The obligations of the borrowing country, providing for its implementation of relevant financial and economic activities, are recorded in the “Letter of intent” or Memorandum of Economic and Financial Policies sent to the IMF. The progress in fulfilling obligations by the country receiving the loan is monitored by periodically assessing the special performance criteria provided for in the agreement. These criteria can be either quantitative, relating to certain macroeconomic indicators, or structural, reflecting institutional changes. If the IMF considers that a country is using a loan in conflict with the goals of the Fund and is not fulfilling its obligations, it may limit its lending and 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 - railway transport And public utilities), minimizing or even eliminating government spending on social programs - education, healthcare, cheaper housing, public transport and so on.; refusal of protection environment; wage cuts, restrictions on workers' rights; increasing tax pressure on the poor, etc.

According to Michel Chosudovsky,

IMF-sponsored programs have since consistently continued to destroy the industrial sector and gradually dismantle the Yugoslav welfare state. The restructuring agreements increased the external debt and provided a mandate for the devaluation of the Yugoslav currency, which greatly affected the living standards of the Yugoslavs. This initial round of restructuring laid the foundations. Throughout the 1980s, the IMF periodically prescribed further doses of its bitter "economic therapy" as the Yugoslav economy slowly slipped into a coma. Industrial production reached 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 equalization 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, reduction of 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 enormous benefits to American corporations. Mexican workers' incomes immediately fell.

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

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

see also

• IMF member states

Notes

Literature

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

Links

• The structure of the IMF's governing bodies and the voices of member countries (see table on page 15)
• Chinese should become IMF President People's Daily 05/19/2011
• Egorov A.V. “International financial infrastructure”, M.: Linor, 2009. ISBN 978-5-900889-28-3
• Alexander Tarasov “Argentina is another victim of the IMF”
• Could the IMF be dissolved? Yuri Sigov. "Business Week", 2007
• IMF loan: pleasure for the rich and violence for the poor. Andrey Ganzha. "Telegraph", 2008 - link copy of article does not work
• International Monetary Fund (IMF) “First Moscow Currency Advisors”, 2009

Already 25 years Russian Federation is a member of the International Monetary Fund (IMF). On June 1, 1992, Russia became part of one of the largest financial organizations in the world.
During this time, Russia has gone from a borrower, which received approximately $22 billion from the IMF, to a creditor.

The history of the relationship between Russia and the IMF is in the TASS material.
What is the International Monetary Fund? When did it appear and who is included in it?
The official date of creation of the IMF is December 27, 1945. On this day, the first 29 states signed the IMF Charter, the main document of the fund. The organization's website states the main purpose of its existence: ensuring the stability of the international monetary system, that is, the system of exchange rates and international payments that allows countries and their citizens to conduct transactions with each other.
Today the IMF includes 189 countries.On what principles does the IMF operate?
The Foundation performs many functions. For example, he watching the state of the international monetary and financial system both globally and in each specific country. In addition, employees The IMF advises countries members of the organization. Another function of the fund is lending to countries with significant economic problems.
Each IMF member country has its own quota, which affects the size of contributions, the number of “votes” in decision-making and access to financing. Current formula The calculation of quotas in the IMF consists of four components: gross domestic product, economic openness and volatility, and the country's international reserves.
Each participating state makes contributions to the fund in certain currency proportions - a quarter to choose from in one of the following currencies: US dollar, euro (until 2003 - mark and French franc), Japanese yen, Chinese yuan and pound sterling. The remaining three quarters are in national currency.
Since IMF member countries have different currencies, since 1972, for general convenience, the fund’s finances have been converted into internal means of payment, it's called SDR ("special rights borrowing"). It is in the SDR that the IMF conducts all calculations and issues loans, and only by “bank transfer” - there are no coins or SDR bills and never have been. The rate is floating: as of June 1, 1 SDR was equal to $1.38, or 78.4 rubles.
However, at the time of Russia's accession to the IMF, a curious situation arose. Our country in 1992 did not have the opportunity to contribute its share of foreign currency. The problem was solved in an original way - the country took out an interest-free loan for one day from the USA, Germany, France and Japan in the currencies of these countries, made its contribution to the IMF and immediately asked for its “reserve share” (a loan in the amount of a quarter of the quota that the member country has the right to ask the fund at any time for foreign currency). After which she returned the funds provided.How big is the Russian quota in the modern IMF?
Russia's quota is 2.7% - 12,903 million SDR ($17,677 million, or almost a trillion rubles).
Why was the Soviet Union not a member of the IMF?
Some experts believe that this was a miscalculation of the USSR leadership. For example, the current doyen of the fund’s Board of Directors (IMF term, literally translated as “elder”), Alexei Mozhin, told TASS that the Soviet delegation participated in the Bretton Woods Conference, at which the IMF Charter was developed. Its participants addressed the management Soviet Union with a recommendation to join the IMF, but the then People's Commissar for Foreign Affairs Vyacheslav Molotov wrote a refusal resolution. According to Mozhin, the reason was the peculiarities of the Soviet economy, different statistics and the reluctance of the authorities to give out certain economic data to foreign countries, for example the size of gold and foreign exchange reserves.
Main Researcher Institute of World Economy and international relations Dmitry Smyslov, author of the book “History of Russia’s relations with international financial institutions", gives another explanation: "Dogmatic ideological stereotypes that were inherent in the former political leadership of the USSR."Why did Russia start borrowing money from the fund?
After the collapse of the Soviet Union, multibillion-dollar debts remained, which were liquidated only this year. According to various sources, they ranged from 65 to 140 billion dollars. Initially, it was planned that 12 republics of the former Union (except for the Baltic countries) would issue loans. However, at the end of 1992, Russian President (1991-1999) Boris Yeltsin signed a “zero option” agreement, under which the Russian Federation agreed to pay the debts of all the republics of the USSR, and in return received the right to all the assets of the former Union.
The IMF and the United States (as the holder of the largest quota in the fund) welcomed this decision (according to one version, because other republics simply refused to repay the loans and in 1992 only Russia repaid the money). Moreover, according to Smyslov, the IMF almost made the signing of the “zero option” a condition for joining the fund.
The fund made it possible to receive funds for long periods and at very low interest rates (in 1992 the rate was 6.6% per annum and since then it has been steadily decreasing). Thus, Russia “refinanced” debts to creditors of the USSR: their “ interest rate" was significantly higher. Downside medals were the demands that the IMF put forward to Russia. And how much did we receive from the fund?
There are two numbers. The first of them is the size of approved loans, it amounts to 25.8 billion SDR. However, in fact, Russia received only 15.6 billion SDR. This significant difference is explained by the fact that loans are issued in installments and with certain conditions. If, in the opinion of the IMF, Russia did not comply with them, further tranches simply did not arrive.
For example, at the end of 1992, Russia was supposed to ensure a reduction in the budget deficit to 5% of GDP. But it turned out to be twice as high, and therefore the tranche was not sent. In 1993, the IMF was supposed to issue a loan of more than 1 billion SDR, but its leadership was not satisfied with the results of the financial and macroeconomic stabilization carried out in Russia. For this reason, as well as due to changes in the composition of the Russian government, the second half of the loan was never provided in 1993. Finally, in 1998, Russia defaulted, and therefore more than $10 billion in financial assistance was not provided. In 1999-2000, the IMF was supposed to lend about $4.5 billion, but transferred only the first tranche. Lending stopped at Russia's initiative— the price of oil rose, in 2000 the political situation in the country changed significantly and the need to go into debt disappeared. After that, Russia repaid the loans until 2005. Since then, our country has not borrowed funds from the IMF.
In any case, Russia was the IMF's largest borrower, and, for example, in 1998 the number of loans issued exceeded the quota by more than three times.

What was this money spent on?
There is no clear answer. Some of them went to strengthen the ruble, and some went to the Russian budget. A lot of money from IMF loans went to repay the USSR’s external debt to other creditors, including the London and Paris Clubs.Did the IMF help only with money?
No. The Fund provided assistance to Russia and other post-Soviet countries complex of expert and consulting services. This was especially relevant immediately after the collapse of the USSR, since at that time Russia and other republics did not yet know how to effectively govern market economy. According to Alexey Mozhin, the fund played a decisive role key role in the creation of a treasury system in Russia. In addition, relations with the IMF helped Russia obtain other loans, including from commercial banks and organizations.What is Russia's relationship with the IMF now?
"Russia is participating in financing our efforts - whether in African countries, where we now have many programs, or in some European countries where we work. And the money will be returned to her, with interest,” is how IMF Managing Director Christine Lagarde described the role of our country in an interview with TASS.
In turn, Russia periodically holds consultations with the IMF in all aspects economic situation in our country and economic development.
Sergey Kruglov

P.S. Bretton Woods. July 1944. It was here that the bankers of the Anglo-Saxon world finally built a very strange and contradictory common sense financial system, the inevitable decline of which we are witnessing today. Why inevitable? Because the system invented by the bankers contrary to the laws of nature. In the world, nothing disappears into nowhere or appears out of nothing. The law of conservation of energy operates in nature. And the bankers decided to violate the fundamental principles of existence. Money out of thin air, wealth out of nothing, without labor - this is the quickest path to degradation and degeneration. This is exactly what we are seeing today.

Great Britain and the USA actively directed events in the direction they needed. After all, a new world could only be built... on the bones of the old. And that’s why it was needed World War. According to its results, the dollar was to become the world reserve currency. This problem was solved through the Second World War and tens of millions of deaths. This is the only way the Europeans agreed to part with their sovereignty, an integral feature of which is the issuance of its own currency.

But the Anglo-Saxons were seriously planning to inflict nuclear attack in Russia-USSR, in the event of Stalin’s disagreement, he would “surrender” his financial independence. In December 1945, Stalin had the courage not to ratify the Bretton Woods agreements. An arms race will begin in 1949.

The fight begins because Stalin refused to surrender state sovereignty Russia. Yeltsin and Gorbachev will hand him over together.

The main outcome of Bretton Woods was cloning the American financial system for the whole world, with the creation in each country of a branch of the Federal Reserve System, subordinate to the world behind the scenes, and not to the government of that country.

This structure is pocket-sized and manageable for the Anglo-Saxons.
It is not the IMF itself, but the US government that decides what and how the International Monetary Fund should decide. Why? Because the United States has a “controlling stake” in the IMF votes, which was determined during its creation. And "independent" central banks They are members of the International Monetary Fund and comply with the norms of this organization. Under the film beautiful words about the stability of the world economy, about the desire to avoid crises and cataclysms, there was hidden a structure designed to tie the whole world to the dollar and pound once and for all.

IMF employees are not subject to the jurisdiction of anyone in the world, and they themselves have the right to demand any information. You can't refuse them.
Straight to prea On the side of the IMF charter is the inscription: “International Monetary Fund. Washington, DC, USA"

Author: N.V. Old people

International Monetary Fund- IMF, a financial institution of the United Nations. One of the main functions of the IMF is to issue loans to states to compensate for balance of payments deficits. The issuance of loans, as a rule, is linked to a set of measures recommended by the IMF to improve the economy.

The International Monetary Fund is special establishment UN. The head office is located in the capital of the United States - Washington.

The International Monetary Fund was founded in July 44 of the last century, but only in March 1947 it began its practice, issuing short-term and medium-term loans to needy countries in conditions of a lack of the country's balance of payments.

IMF independent organization, operating according to the charter itself, the goal is to establish cooperation between countries in the field of monetary finance, as well as stimulate international trade.

Functions of the IMF boils down to the following steps:

• promoting cooperation between states on financial policy issues;
• growth in the level of trade in the world services market;
• providing loans;
• balancing;
• advising debtor states;
• production international foundations monetary reporting and statistics;
• publication of statistics in the region.

The powers of the IMF (International Monetary Fund) include actions to form and issue financial reserves to participants using a special form “Special privileges for borrowing.” The IMF's resources come from the signatures, or “quotas,” of the fund's participants.

At the top of the IMF pyramid is the general board of managers, which includes the head and his deputy of the fund's member country. Most often, the role of manager is the minister of finance of the state, or the governor of the Central Bank. It is the meeting that decides all the main issues regarding the activities of the International Monetary Fund. The executive board, which consists of twenty-four directors, is responsible for formulating the fund's policies and carrying out its actions. The privilege of choosing the head is enjoyed by 8 countries that have the largest quota in the fund. These include almost all countries from the G8.

The IMF's Executive Board selects a steward for the next five years to lead the overall staff. From the second summer month 2011, the head of the IMF is Frenchman Christine Lagarde.

Impact of the International Monetary Fund on the global economy

The IMF issues loans to countries in a couple of cases: to pay off payment deficits and maintain macroeconomic stability of states. A country that needs additional foreign currency purchases it or borrows it, providing in exchange the same amount, only in the currency that is official in that country and is deposited into the IMF current account.

In order to strengthen international economic cooperation within the framework of international relations and create prosperous economies, such organizations as the International Monetary Fund and The World Bank. Despite similar ideas, the tasks and functions of the two organizations are somewhat different.

Thus, the IMF supports the development of international relations in the field of financial security by providing short- and medium-term loans, as well as advice on economic policy and maintaining financial stability.

In turn, the World Bank is taking measures to allow countries to achieve economic potential and also reduce the poverty threshold.

By collaborating in a variety of areas, the International Monetary Fund and the World Bank are helping countries reduce poverty by easing debt burdens. Twice a year, the organizations hold a joint meeting.

Cooperation between the IMF and Belarus began in July 1992. It was on this day that the Republic of Belarus became a member of the International Monetary Fund. Belarus' initial quota was just over SDR 280 million, which was later increased to SDR 386 million.

The IMF assists the Republic of Belarus in three vectors:

• cooperation with the Government of the Republic of Belarus on programs in the field of the national economy, focusing on tax, monetary and trade policies;
• provision of resources in the form of loans and;
• expert and technical assistance.

The IMF provided assistance to Belarus financial assistance twice. So in 1992, the Republic of Belarus was provided with a loan in the amount of 217.2 million US dollars for systemic transformations in. And another 77.4 million under the stand-by loan agreement. By the beginning of 2005, the country had paid the IMF in full.

The second time, the country's leadership turned to the IMF in 2008, with a request to again provide lending through the stand-by system. The financing program was agreed upon in January 2009 and the Republic of Belarus was allocated 2.46 billion US dollars for a period of fifteen months. The amount was later increased to US$3.46 billion.

The implemented programs allowed the Republic of Belarus to maintain stability in the foreign exchange market, the stability of the financial system, avoid a balance of payments deficit and do the impossible - reduce it, reducing it to a minimum.

The Belarusian authorities are negotiating to receive a new IMF loan in the amount of $3 billion at 2.3% for a period of 10 years. To allocate a loan, the IMF calls on Belarus to implement a comprehensive strategy of economic reforms.

At the beginning of 2017, the main issues of the negotiations were changing housing and communal services tariffs and improving the work of the public sector of the economy. The IMF calls for a number of reforms in relation to state-owned enterprises in order to increase their productivity and efficiency, and also recommends defining a sequence of measures to achieve full cost recovery in the housing and communal services sector.

Increasing tariffs for housing and communal services and the privatization of state-owned enterprises are the key topics in negotiations with the IMF. From my side, foreign policy department The country believes that in matters of increasing tariffs in housing and communal services, as well as privatization of the public sector, we should move step by step.

As the IMF notes, great importance has an improvement in the country's business climate, including through accession to the WTO and the development of competition in product markets. The country also needs to conduct careful monetary policy to maintain macroeconomic and financial stability.

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.

The IMF's policies and recommendations regarding developing countries have been repeatedly criticized, the essence of which is that the implementation of recommendations and conditions are ultimately not aimed at increasing the independence, stability and development of the national economy of the state, but only 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 levels of 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 standards for international 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.”

The International Monetary and Financial Committee plays a significant role in the organizational structure of the IMF. 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.