International Monetary Fund- the most influential international organization regulating international macroeconomics.

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

The IMF monitors and controls compliance by member countries with its Charter, which sets out the basic structural principles of the world monetary system.

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

In the first part of this test work The main areas of activity and goals of the International Monetary Fund, as well as the procedure for joining and participating in the IMF are presented. The second part reveals the structure and functions of the IMF. The third part examines the features of the IMF's credit policy and the main mechanisms for lending to participating countries.

At the end of the work, conclusions are drawn.

1. Main activities and tasks of the International Monetary Fund

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

The IMF was established at the UN International Monetary and Financial Conference, held from July 1 to July 22, 1944 in Bretton Woods (USA, New Hampshire). The conference adopted the Articles of Agreement for the IMF, which is its Charter and came into force on December 27, 1945; The Foundation began its practical activities on March 1, 1947.

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

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

In 1976, with the creation of the Jamaican Monetary System;

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

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

Each IMF member has a quota, calculated based on the relative economic and financial strength of the country. Quotas determine the size of financial contributions (subscriptions) of each member country, the number of votes assigned to it and the conditions for its access to the resources of the Fund. The quota is equal to 250 "basic" votes, which are allocated to each country participating in the Fund plus 1 vote for every 1,000,000 SDRs. A participating country is required to pay 25% of its subscription in SDRs or in the currencies of other participating countries, as determined by the IMF, according to the charter; The country pays the rest in its own currency.

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

Initially, the quotas of IMF member countries were determined, but not directly, according to the Bretton Woods formula. The main variables of this formula were such indicators as annual imports and exports, gold reserves and dollar balances, and national income. These indicators served as the basis for calculating quotas until the 60s. In 1963, the Bretton Woods formula was revised and new formulas were added.

Taken together, they were used as aids in determining the initial quotas of new members and increasing the quotas of old members. These formulas combine the economic indicators described above, as well as current income, running costs, as well as indicators related to exports and imports.

In the early eighties, the IMF simplified quota calculation procedures and improved the economic data used in the formulas.

When a country is about to become a member of the IMF, the fund's staff calculates a quota for it and compares the result with the quotas of countries already in the Fund with similar economic characteristics. The resulting quota value is discussed by the Membership Committee of the Executive Council. After a country intending to join the Fund agrees to the terms of the membership agreement, the Executive Council (as a whole) prepares a resolution for the Board of Governors. Once all formal steps are completed, the country represented is invited to Washington to sign the Articles of Agreement.

The goals of the International Monetary Fund include the following:

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

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

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

Determination of parities and exchange rates; prevent competitive currencies;

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

Providing assistance to member countries by providing loans and credits in foreign currencies to settle balances of payments and stabilize exchange rates;

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

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

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

2. Structure and functions of the IMF

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

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

Interim Committee implements decisions of the Executive Council. Consists of 24 IMF governors, ministers, or other officials of comparable rank. The Temporary Committee meets twice a year and reports to the Board of Governors on the management and functioning of the international monetary system, and also makes proposals for changes to the Articles of Agreement.

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

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

IMF Committee on Balance of Payments Statistics, which includes representatives from industrialized and developing countries, 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 investment, and carries out studies on the recording of flows associated with financial means of a derivational nature.

Manager (director - managing director). 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 further term. The Managing Director presides over the Directorate (without voting rights, except in cases where the votes are equally divided) and heads the administrative apparatus of the fund.

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

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

Supervision - function of the IMF, which provides for its right to monitor the policies of member countries in the field of setting exchange rates and related macroeconomic policies. Each country is required to provide the IMF, upon request, with information necessary for the supervision of its economic policies. It usually consists of detailed information on the real monetary, fiscal and external sectors, as well as on government structural policies (privatization, labor market, environment). The main goal of supervision is to promptly identify potentially dangerous macroeconomic imbalances that could affect the stability of exchange rates, and, using the best international experience, provide the government with recommendations for correcting them.

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

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

Issue of Special Drawing Rights - international reserve assets created by the IMF in 1969 and periodically distributed among member countries in proportion to their IMF quotas. In the international economy, SDRs, accounting for approximately 2% of world reserves, serve as 1) international reserves along with gold and foreign currencies, 2) a unit of account that is used by the IMF and some other international organizations,

3) fixation currencies exchange rate in some countries,

4) denominator of a number of private financial instruments.

3. IMF lending activities

The Fund’s Charter uses two concepts to identify its lending activities:

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

There are different types of loans to cover the balance of payments deficit and to support the structural adjustment of economic policy with T wound members.

In practice, the Fund receives loan requests primarily from countries with non-convertible currencies. As a result, the IMF, as a rule, provides foreign currency loans to member states as if “secured” by the corresponding amounts of non-convertible national currencies.

The IMF charges borrowing countries a one-time commission fee of 0.5% of the transaction amount and a certain charge, or interest rate, for the loans it provides, which is based on market rates. After a specified period of time, the member country is obliged to carry out the reverse operation - to buy back the national currency from the Fund , returning the funds to him HAPPY BIRTHDAY or foreign currencies.

Re agreements h ervnoy credit, or with O sayings " stand-by " provide the member country with a guarantee that it will be able to receive foreign currency from the IMF in exchange for national currency in accordance with the agreement at any time, provided that the country complies with the agreed conditions.

The basis for a country's request to the IMF for a loan under the Extended Credit Facility may be a serious balance of payments imbalance caused by structural disturbances in production, trade, or the price mechanism.

In order to expand its credit h opportunities, the IMF practices the creation of special funds (eng. faci l ity - device, mechanism, fund). They differ in the purposes, conditions and cost of the loan.

1. Compensatory and Contingency Loan Fund intended for lending to IMF member countries whose balance of payments deficit is due to external factors beyond their control. Among them: natural disasters, an unexpected drop in world prices, an industrial decline and the introduction of protectionist restrictions in importing countries, the emergence of substitute goods, etc.

2. Created in June 1969 Buffer (Reserve) Stock Lending Fund to assist countries participating in the creation of such commodity stockpiles in accordance with international agreements if this worsens their balance of payments.

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

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

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

1) Oil Fund in the amount of 6.9 billion. HAPPY BIRTHDAY, or 8 billion dollars (1974-1976). provided loans to IMF member countries to cover additional costs caused by the increase in the cost of imports of oil and petroleum products. The resources needed for this were lent primarily by oil exporting countries. Developing countries quantitatively predominated among recipients of loans, but their share was small (1/3) compared to developed countries. The conditions for providing loans from the oil fund were strict: relatively high interest rates (at least 7.2% per annum); mandatory implementation of IMF recommendations when implementing national energy and monetary policy. As a result, developing countries’ access to the resources of the oil fund was limited: due to its cre ditov they covered only 1/3 of the additional costs of importing increased oil prices;

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

3) Fund supplement T individual lending or foundation Witteveen- named after the Managing Director of the IMF; duration 1979-1984 The purpose of this fund is to provide, through borrowed funds, additional loans with T wounds, is P those experiencing particularly severe and protracted balance of payments crises and having exhausted the limits of conventional IMF lending. The resources of the Witteveen Fund (SDR 7.8 billion, over $10 billion) were formed through loans 13 pages A n-members of the IMF, as well as the Swiss National Bank. Credit T 26 countries received funds from this fund.

4) IMF Extended Access Fund; successor to the additional lending fund, operated in 1981-1992. The purpose of the fund is to provide additional loans to member countries whose balance of payments imbalances are disproportionately large compared to the size of their quotas. This fund was used in cases where a country needed funds in larger amounts than it could obtain from the IMF under the four lending shares and the Extended Credit Facility, and for a longer period to implement corrective economic measures over a longer period of loan repayment. Is T The source of the fund's resources were the IMF's own funds, attracted in the form of subscriptions, and borrowings from other countries. Due to the increase in quota T member countries of the IMF, this fund ceased its activities in November 1992;

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

6) Expanded Structural Adjustment Fund; since December 1987, it has been providing loans from both unused resources of the structural adjustment fund and special loans and donations (SDR 6 billion). In terms of its goals and functioning mechanism, this fund is the successor to the structural adjustment fund. In addition to the 61 countries, 11 more countries, including Albania and Mongolia, were granted the right to receive loans from this fund in April 1992. 29 countries had used this right by September 1993 in the amount of SDR 3.2 billion (actually 2.4 billion . HAPPY BIRTHDAY.) . A member country has the opportunity to receive these loans for a period of 3 years up to 190% of the quota, sometimes in exceptional circumstances up to 255% of the quota. Initially, the deadline for concluding loan agreements was set to November 1990; it was subsequently extended several times (until February 28, 1994). At the end of 1993, a new expanded structural adjustment fund was formed - the successor to the previous one. The volume of the new fund is SDR 5 billion (about $7 billion) to provide preferential loans for a period of three years and SDR 2 billion (about $3 billion) to subsidize interest rates on these loans. By May 1994, 43 countries had agreed to participate in the formation of this fund. The economic restructuring programs that will be implemented with the assistance of the new fund will pay more attention to social protection of the population and improving the structure of government spending. The new expanded structural adjustment fund is valid until the end of 1996, and funds under the concluded agreements will be provided to borrowing countries until the end of 1999.

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

Conclusion

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

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

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

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Annex 1

List of IMF member states

Gerchikova I.G. "International economic organizations." / M.: Publishing house. JSC "Consultbanker" – 2003, p.354.

Gerchikova I.G. "International economic organizations." / M.: Publishing house. JSC "Consultbanker" – 2003, p. 358. Send a request indicating the topic right now to find out about the possibility of obtaining a consultation.

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

At the United Nations Bretton Woods Conference on Monetary and Financial Affairs on July 22, 1944, the framework for 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. Final version The first 29 states signed the agreement 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 188 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.

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 at tying it to international financial flows. Among the managing directors of the IMF were: a Spaniard, a Dutchman, a German, 2 Swedes, 6 French.

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

• To promote international cooperation in the monetary and financial field through a permanent institution that provides a mechanism for consultation and joint work on international monetary and financial issues.
• To promote the expansion and balanced growth of international trade and thereby contribute to the achievement and maintenance high level employment and real incomes, as well as the development of the productive resources of all Member States, considering these actions as the primary objectives of economic policy.
• Maintain currency stability and an orderly exchange rate regime among member states, and avoid devaluation of currencies in order to gain competitive advantage.
• Assist in the establishment of a multilateral current account settlement system among member countries, as well as in the removal of foreign exchange restrictions that impede the growth of world trade.
• By temporarily making the general resources of the fund available to member countries, subject to adequate safeguards, to provide them with a state of confidence, thereby ensuring that imbalances in their balance of payments can be corrected without resorting to measures that could be detrimental to welfare at the national or international level.
• In accordance with the above, reduce the duration of imbalances in the external balances of payments of member states, as well as reduce the scale of these imbalances.

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. Authorized capital is about SDR 217 billion. SDR (Special Drawing Rights, SDR, SDRs) or Special Drawing Rights (SDR), is an artificial reserve and means of payment issued by the IMF. As of January 2008, 1 SDR was equal to approximately 1.5 US dollars. It is formed by contributions from member 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 Executive Board, which sets policy and is responsible for most decisions, 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, the United Kingdom, China, Russia and Saudi Arabia. The remaining 176 countries are organized into 16 groups, each of which elects an executive director. An example of such a group of countries is the unification of the countries of the former Central Asian republics of the USSR under the leadership of Switzerland, which was called Helvetistan. Often groups are formed by countries with similar interests and usually from the same region, such as French-speaking countries in Africa.

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

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 correction is carried out by no more than? from 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 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. 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."

The International Monetary and Financial Committee (IMFC) plays a significant role in the organizational structure of the IMF. 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. Nevertheless, it performs important functions: directs the activities of the Executive Council; produces strategic decisions related to the functioning of the world 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 Fund (Joint IMF - World Bank Development Committee).

The Board of Governors delegates many of its powers to the Executive Board, a directorate that is responsible for 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). As a rule, he represents one of the European countries. Managing Director (since July 5, 2011) is Christine Lagarde (France), her first deputy is John Lipsky (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.

Unlike the World Bank, the IMF's activities focus on relatively short-term macroeconomic crises. The World Bank provides loans only to poor countries, the IMF can provide loans to any of its member countries that lack foreign exchange to cover short-term financial obligations.

The IMF provides loans with a number of requirements - freedom of movement of capital, privatization (including natural monopolies - railway transport and public utilities), minimizing or even eliminating government spending on social programs- for education, healthcare, cheaper housing, public transport, etc.; refusal of protection environment; wage cuts, restrictions on workers' rights; increasing tax pressure on the poor, etc.

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). Because greatest number Leading Western countries have 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 total 25 economically developed states - 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 raises 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 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.

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

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 ¼ 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 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. 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."

Plays a significant role in the organizational structure of the IMF International Monetary and Financial Committee(IMFC; English) International Monetary and Financial Committee). From 1974 until September 1999, its predecessor was the Interim Committee on the International Monetary System. It consists of 24 IMF governors, including from Russia, and meets twice a year. This committee is an advisory body of the Board of Governors and has no power to make policy decisions. Nevertheless, it performs important functions: directs the activities of the Executive Council; develops strategic decisions related to the functioning of the 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 Fund (Joint IMF - World Bank Development Committee).

The Board of Governors delegates many of its powers Executive Council(eng. Executive Board), that is, the directorate that is responsible for conducting the affairs of the IMF, including 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 for a five-year term Managing Director(eng. Managing Director), who heads the staff of the Fund (as of March 2009 - about 2,478 people from 143 countries). As a rule, he represents one of the European countries. Managing Director (since July 5, 2011) is Christine Lagarde (France), her first deputy is John Lipsky (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(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(eng. 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 the 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.

It must be taken into account that votes when making decisions on the actions of the Fund are distributed in proportion to contributions. To approve the Fund's decisions, 85% of the votes are required. The US has about 17% of all votes. This is not enough to make an independent decision, but it allows you to block any decision of the Foundation. The US Senate could pass a bill that would prohibit the International Monetary Fund from doing certain things, such as making loans to countries. As the Chinese economist Professor Shi Jianxun points out, the redistribution of quotas does not at all change the basic framework of the organization and the balance of power in it, the US share remains the same, they have the right of veto: “The United States, as before, controls the order of the IMF.”

The IMF provides loans with a number of requirements - freedom of movement of capital, privatization (including natural monopolies - railway transport and utilities), minimization or even elimination of government spending on social programs - education, healthcare, cheaper housing, public transport, etc. P.; failure to protect the 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 fell by 10 percent by

The IMF (stands for International Monetary Fund) was created in 1944 at the Bretton Woods conference in the USA. Its objectives were initially stated as follows: promoting international cooperation in the field of finance, expanding and growing trade, ensuring the stability of currencies, assisting in settlements between member countries and providing them with funds to correct imbalances in the balance of payments. However, in practice, the Fund’s activities come down to money-grubbing for a minority (of countries and which, among other organizations, is controlled by the IMF. Have IMF, or IMF (International Monetary Fund) loans helped countries in need? How does the Fund’s work affect the world economy?

IMF: deciphering the concept, functions and tasks

IMF stands for International Monetary Fund, IMF (decoding of the abbreviation) in the Russian version looks like this: International Monetary Fund. This is designed to promote monetary cooperation on the basis of advising its members and providing them with loans.

The Fund's task is to consolidate solid currency parity. To this end, member states established them in gold and US dollars, agreeing not to change them by more than ten percent without the consent of the Fund and not to deviate from this balance in transactions by more than one percent.

History of the creation and development of the Foundation

In 1944, at the Bretton Woods conference in the United States, representatives of forty-four countries decided to create a single framework for economic cooperation in order to avoid the devaluation that resulted in the thirties. The Great Depression, as well as in order to restore the financial system between states after the war. The following year, based on the results of the conference, the IMF was created.

The USSR also took an active part in the conference and signed the Act establishing the organization, but subsequently never ratified it and did not participate in the activities. But in the nineties, after the collapse Soviet Union, Russia and other countries - former Soviet republics joined the IMF.

In 1999, the IMF already included 182 countries.

Governing bodies, structure and participating countries

The headquarters of the UN specialized organization, the IMF, is located in Washington. Governing body The International Monetary Fund is the Board of Governors. It includes the actual manager and a deputy from each participating country of the Fund.

The Executive Board consists of 24 directors representing groups of countries or individual member countries. At the same time, the managing director is always a European, and his first deputy is an American.

The authorized capital is formed from contributions from states. Currently, the IMF includes 188 countries. Based on the size of the quotas paid, their votes are distributed between countries.

IMF data indicate that the largest number of votes belongs to the United States (17.8%), Japan (6.13%), Germany (5.99%), Great Britain and France (4.95 each), Saudi Arabia (3 .22%), Italy (4.18%) and Russia (2.74%). Thus, the United States, as having the largest number of votes, is the only country that has the most important questions, discussed at the IMF. And many European countries (and not only them) simply vote the same way as the United States of America.

The Fund's role in the global economy

The IMF constantly monitors the financial and monetary policies of member countries and the state of the economy around the world. For this purpose, consultations are held every year with government organizations regarding exchange rates. On the other hand, member states must consult the Fund on macroeconomic issues.

The IMF issues loans to countries in need, offering countries that they can use for a variety of purposes.

In the first twenty years of its existence, the Fund provided loans mainly to developed countries, but then this activity was reoriented to developing countries. It is interesting that around the same time the neocolonial system began its formation in the world.

Conditions for countries to receive a loan from the IMF

In order for the organization's member states to receive a loan from the IMF, they must fulfill a number of political and economic conditions.

This trend formed in the eighties of the twentieth century, and over time it only continues to get tougher.

The IMF Bank demands the implementation of programs that, in fact, lead not to the country’s exit from the crisis, but to the curtailment of investments, the cessation of economic growth and the deterioration of citizens in general.

It is noteworthy that in 2007 there was a severe crisis in the IMF organization. Deciphering the global economic downturn of 2008, as they say, may have been its consequence. Nobody wanted to take loans from the organization, and those countries that had received them earlier were eager to ahead of schedule pay off the debt.

But a global crisis occurred, everything fell into place, and even more. The IMF has tripled its resources as a result and has an even greater impact on the world economy.