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 by the most important issues- special majority (85% of votes are of a strategic nature, and 70% of an operational nature). Since the leading Western countries have the largest number of quotas in the IMF (USA - 17.5%, Japan - 6.3, Germany - 6.1, Great Britain and France - 5.1 each, Italy - 3.3%), and in general 25 economically developed countries - 62.8%, then these countries control and direct its activities in their interests. It should be noted that the United States, as well as EU countries (30.3%) can veto key decisions of the Fund, since their adoption requires a qualified majority of votes (85%). The role of other countries in decision-making is small, given their small quotas (Russia - 3.0%, China - 3.0%, Ukraine - 0.69%).

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

In addition to equity To expand lending activities, the IMF attracts borrowed funds. To replenish credit resources, the IMF uses the following “mechanisms”:

General agreement on loans;

new loan agreements;

borrowing funds from IMF member states.

In 1962, the Fund signed with 10 economically developed countries (USA, Germany, UK, Japan, France, etc.) General agreement on loans, which provided for the provision of revolving loans to the Fund. This agreement was initially concluded for 4 years, and then began to be renewed every 5 years. The credit limit was initially set at $6.5 billion CIIIA, and in 1983 increased to SDR 17 billion ($23.3 billion). In order to overcome emergency situations in the financial sector, 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 SDR 34 billion in funds from 25 prospective countries participating in these agreements ( 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 rebalance their balance of payments and stabilize exchange rates. The IMF carries out lending operations only with official bodies of member countries: treasuries, central banks, stabilization funds.

A country in need of foreign currency or SDRs purchases them from the Fund in exchange for an equivalent amount in domestic currency, which is credited to the IMF account at the central bank of that country. Upon expiration of the established loan period, the country is obliged to perform the reverse operation, i.e., buy back the national currency in the special account from the Fund and return the received foreign currency or SDR. These types of loans are given for a period of up to 3 years and less often - 5 years. For the use of loans, the IMF charges a commission fee of 0.5% of the loan amount and an interest rate for the use of the loan, the amount of which is set on the basis of market rates in effect at the relevant time (most often it is 6-8% per annum). If the national currency of a debtor country held by the IMF is purchased by any member state, this is considered as repayment of debt to the Fund.

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

IMF since the early 50s. began to enter into agreements with member countries standby loan agreements, or stand-by agreements. Under such an agreement, a member country has the right to receive foreign currency from the IMF in exchange for national currency at any time, but on terms agreed with the Fund.

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

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

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

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

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

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

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

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

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

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

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

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

The official objectives of the IMF are to:

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

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

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

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

IMF governance structure

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

IMF, or World Monetary Fund is a special institution created by the United Nations (UN) that helps improve international cooperation in the field of economics and finance, as well as regulates the stability of currency relations.

In addition, the IMF is interested in issues of developing trade, general employment, and improving the standard of living of the population of countries.

This structure is managed by 188 countries that are members of the organization. Despite the fact that the Fund was created by the UN as one of its divisions, it operates separately and has a separate Charter, management and financial systems.

History of the creation and development of the Foundation

In 1944, at a conference held in Bretton Woods in New Hampshire (USA), a commission of 44 countries decided to create the IMF. The prerequisites for its emergence were the following problematic issues:

• formation of favorable “soil” for international cooperation on the world stage;
• the threat of repeated devaluation;
• “reanimation” of the world monetary system from the consequences of World War II;
• and others.

However, the Foundation was officially created only in 1945. At the time of its creation there were 29 participating countries. The IMF became one of the international financial organizations established at that conference.

The other was the World Bank, the scope of which is somewhat different from the work areas of the Fund. But these two systems successfully interact with each other, and also assist each other in solving various issues on the highest level.

Goals and objectives of the IMF

When the IMF was created, the following goals of its activities were defined:

• development of cooperation between countries in the field of international finance;
• stimulation of international trade;
• control over the stability of currency relations;
• participation in the creation of a universal payment system;
• provision of mutual assistance between IMF member states to those who are in difficult financial situations (with guaranteed fulfillment of the conditions for the provision of financial assistance).

The most important task The fund is to regulate the balance of monetary and financial interaction between countries, as well as to prevent preconditions for the emergence of crisis situations, control over the level of inflation, and the situation on the foreign exchange market.

A study of financial crises of past years shows that countries, being in such a situation, become dependent on each other, and the problems of various sectors of one country can affect the state of a given sector of another country, or negatively affect the situation as a whole.

In this case, the IMF exercises supervision and control, and also provides timely financial assistance, allowing countries to pursue the necessary economic and monetary policies.

IMF governing bodies

The IMF developed under the influence of changes in the general economic situation in the world, so the improvement of the management structure occurred gradually.

So, the modern management of the IMF is represented by the following bodies:

• The top of the system is the Board of Governors, which consists of two representatives from each participating country: the governor and his deputy. This governing body meets once a year at the Annual Meeting of the IMF and the World Bank;
• The next link in the system is represented by the International Monetary and Financial Committee (IMFC), which consists of 24 representatives who meet twice a year;
• The IMF Executive Board, which is represented by one member from each country, works daily and carries out its functions at the fund's headquarters in Washington.

The governance system described above was approved in 1992, when former members joined the IMF Soviet Union, significantly increasing the number of fund participants.

Structure of the IMF

The five largest countries (UK, France, Japan, USA, Germany) appoint executive directors, and the remaining 19 countries choose the rest.

The first person of the foundation is simultaneously the head of staff and the chairman of the executive board of the foundation, has 4 deputies, and is appointed by the board for a period of 5 years.

At the same time, managers can nominate candidates for this post, or self-nominate.

Basic lending mechanisms

Over the years, the IMF has developed several lending methods that have been tested in practice.

Each of them is suitable for a certain financial and economic level, and also provides an appropriate influence on him:

• Non-concessional lending;
• Stand-by loan (SBA);
• Flexible credit line (FCL);
• Preventive support and liquidity line (LPL);
• Extended Credit Facility (EFF);
• Rapid Financing Instrument (RFI);
• Preferential lending.

Participating countries

In 1945, the IMF consisted of 29 countries, but today their number has reached 188. Of these, 187 states are recognized as participants in the fund in full, and one - partially (Kosovo). Full list IMF member countries are freely published online along with the dates of their entry into the fund.

Conditions for countries to receive a loan from the IMF:

• The main condition for obtaining a loan is to be a member of the IMF;
• An existing or possible crisis situation in which there is no possibility of financing the balance of payments.

The loan provided by the fund makes it possible to implement measures to stabilize the crisis situation, carry out reforms to strengthen the balance sheet and improve the economic situation of the state as a whole. This will become a guaranteed condition for the repayment of such a loan.

The Fund's role in the global economy

The International Monetary Fund plays a huge role in the global economy, expanding the spheres of influence of mega-corporations into countries with developing economies and financial crises, controlling foreign exchange and many other aspects of the macroeconomic policies of states.

Over time, the development of the fund is heading towards turning it into an international body of control over the financial and economic policies of many countries. It is possible that the reforms will lead to a wave of crises, but they will only benefit the fund, increasing the number of loans several times.

IMF and World Bank - what's the difference?

Despite the fact that the IMF and the World Bank were established at approximately the same time and have common goals, there are significant differences in their activities that need to be noted:

• The World Bank, unlike the IMF, is concerned with improving living standards by financing hotel sectors on a long-term basis;
• Financing of any activities occurs not only at the expense of the participating countries, but also through the issuance of securities;
• In addition, the World Bank covers a wider range of disciplines and areas of action than the International Monetary Fund.

Despite their significant differences, the IMF and the World Bank actively cooperate in various areas, such as helping countries below the poverty line, holding joint meetings and jointly analyzing their crisis situations.

International Monetary Fund (IMF)

An intergovernmental organization created to provide financial assistance in the form of foreign currency loans, as well as providing financial advice.

The IMF was formed at the end of 1944 during the Bretton Woods Conference, but actually began to function only in 1946. The purpose of creating the fund is to increase the stability of the monetary and financial system, as well as strengthen trade relations between the economies of different countries.

The IMF's financial resources are generated through systematic cash contributions made by the member countries of this organization, and the size of the quota is determined by the level of economic development of a particular state. The same parameter affects the maximum volume Money, which can be issued by the fund as a loan to a specific country. The size of the quota (the amount of money contributed to the fund) directly determines the number of votes that a participating country receives when voting.

Features of providing financial assistance

Acting as a guarantor of the stability of the global financial system, the IMF provides assistance to those countries whose economies, for one reason or another, are unstable. Along with consultations and meetings, the IMF provides financial assistance in the form of loans, which are issued for a period of 3 to 5 years at a certain interest rate. The entire loan amount is divided into certain parts - tranches, which allows the IMF to better monitor the borrower’s fulfillment of its loan obligations.

Before issuing a loan, representatives of the Fund must verify the reality of the threat of a crisis in the country, for which economic indicators are analyzed: unemployment and inflation levels, prices, tax revenues, and so on. Based on the results of the statistical data, a report is compiled, which is discussed at the meeting of the IMF Executive Board. The decision to issue a loan is made on the basis of an open vote of representatives of the Fund’s member countries.

The task of the International Monetary Fund is to maintain the stability of the global financial and economic system. Along with this, the IMF is also tasked with collecting and processing statistical data relating to international payments, foreign exchange reserves, inflation, public finances, monetary circulation and foreign exchange resources. The fundamental objectives of the International Monetary Fund are:

• Expansion and balanced growth of international trade, which improves the economic performance of each of the fund’s member states.
• Development of international cooperation in the field of monetary and financial relations through consultations and meetings in order to resolve international monetary and financial problems.
• Maintaining the stability of the world's leading currencies, preventing devaluation and other negative aspects in different countries.
• Creation of a multilateral system of international settlements for trade transactions in order to eliminate restrictions and obstacles in the development of the world economy.
• Correcting imbalances in the balance of payments of emerging economies by providing them with loans from the Fund's general resources.

Currently, the IMF includes over 180 countries, including Russian Federation, which became a member of the foundation in 1992. In 2005, Russia repaid its debt to the International Monetary Fund ahead of schedule, thanks to which it acquired the status of a creditor, while simultaneously increasing its contribution quota and strengthening its influence in the organization.

Objectives of the IMF

• Promoting cooperation in the foreign exchange sector
• Expansion and growth of trade in the world
• Fight against unemployment
• Improving the economic performance of IMF member countries
• Assistance in currency convertibility
• Advisory assistance on financial issues
• Providing loans to IMF member countries
• Help in creating a multilateral settlement system between states

The Fund's financial resources come primarily from money paid by its members ("quotas"). Quotas are determined based on the relative size of the member states' economies. The quota indicates the amount of capital subscriptions, the ability to use the fund's resources, and the amount of special drawing rights (SDRs). ), received by the member country during their next distribution. The largest quotas in the IMF are the United States (SDR 42,122.4 million), Japan (SDR 15,628.5 million) and Germany (SDR 14,565.5 million), and Tuvalu has the smallest (SDR 1.8). million SDR)

The IMF fulfills its tasks by distributing short-term loans to countries experiencing financial difficulties. Countries that take funds from the Fund, in turn, agree to implement policy reforms to address the causes of such difficulties. The size of IMF loans is limited in proportion to quotas. The Fund also provides assistance on preferential terms to member countries with low level income. The International Monetary Fund provides most of its loans in US dollars.

IMF requirements for Ukraine

In 2010, the difficult economic situation of Ukraine forced its authorities to resort to assistance from the IMF. In turn, the International Monetary Fund put forward its demands to the Ukrainian government, only if fulfilled would the Fund issue a loan to the country

• Promote retirement age- for two years for men, for three - for women.
• Eliminate the institution of special pension benefits that are allocated to scientists, civil servants, and managers of state-owned enterprises. Limit pensions for working pensioners. Set the retirement age for army officers to 60 years.
• Increase the price of gas for municipal enterprises by 50%, twice as much for private consumers. Increase the cost of electricity by 40%.
• Cancel benefits and increase taxes on transport by 50%. Do not increase the cost of living, balance the social situation through targeted subsidies.
• Privatize all mines and remove all subsidies. Cancel benefits for housing and communal services, transport and other enterprises.
• Limit the practice of simplified taxation. Abolish the practice of VAT exemptions in rural areas. Oblige pharmacies and pharmacists to pay VAT.
• Cancel the moratorium on the sale of agricultural land.
• Reduce the composition of ministries to 14.
• Limit excessive remuneration of government officials.
• Unemployment benefits should only accrue after a minimum period of six months of work. Pay sick leave at 70% of wages, but not below the subsistence level. Pay sick leave starting only from the third day of illness

(Thus, the Fund determined the path for Ukraine to overcome the imbalance in the financial sector, when state expenses significantly exceeded its income. Whether this list is true or not is unknown, there is a war going on on the Internet as well as “on the ground”, but since 5 years have passed since that moment, and Ukraine has not yet received a large IMF loan, perhaps it is true)

The governing body of the IMF is the Board of Governors, in which all member countries are represented. According to Wikipedia, members of the International currency board there are 184 states. The Board of Governors meets once a year. Day-to-day work is managed by an Executive Board of 24 members. IMF Center - Washington.

Decisions in the IMF are made not by a majority of votes, but by the largest “donors”, that is, Western countries have an absolute advantage in determining the Fund’s policy, since they are its main payers.