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¨ READ AND DISCUSS

 

1.      a) Supply the articles where necessary.

b) Write down 3-5 questions about the text.

c) Describe the purposes for which the IMF was set  up.

 

International Monetary Fund

 

The International Monetary Fund, an association of governments, was set up on 27th December, 1945, as a result of the Bretton Woods Agreements which were designed to translate the bitter lessons of global depression into ... stable and cooperative international monetary system. The organizational structure of the IMF is set out in its Articles of Agreement, which entered into ... force in December 1945. The goals of... IMF are to promote international monetary co­operation through a permanent institution; to facilitate the expansion and balanced growth of international trade; to promote exchange stability; to assist in the establishment of a multilateral system of payments in respect of current transactions between members; and to provide members with an opportunity to correct maladjustments in their balance of payments without resorting to measures destructive to national and international prosperity. Over many years the IMF has been directly involved in supporting ... efforts of developing countries to pursue broad structural reforms and achieve sustainable growth. As of August 1, 1994, 179 countries were members of the IMF. Each member government has been set ... quota to be paid into the Fund, payable partly in ... gold and partly in the member's own currency; the quota determines the member's voting power and ... amount of foreign exchange that it may draw from the Fund. A member may purchase foreign exchange, paying its own currency, but ... member must "repurchase" its own currency within three or, at the outside, five years to maintain the balance in the Fund pool. Currencies drawn from the Fund may be used to relieve ... member's balance-of-payments difficulties; the funds may not be used for military purposes or for programmes of economic development. The aim is to assure ... maintenance of fixed exchange rates in the face of short-term fluctuations. Many countries have been helped in this way. Each member undertakes to establish and maintain an agreed par value for its currency, and to consult the Fund on any change in ... initial parity.

In addition, the Fund consults with members on their international financial situation and on specific problems as they arise. On request, the Fund furnishes expert missions to advise and assist … governments in working out monetary problems on the spot. In any event, members are kept informed of ... latest developments. Policies are laid down by a Board of Governors, representing all members, which normally meets annually. Many of its powers are delegated to a Board of Executive Directors. In recent years, the resources of the Fund have been supplemented by resources of … Group of Ten.

 

 

Words you may need:

to be designed – бути призначеним для чогось

to enter into force – вступати в дію

balanced – збалансований

multilateral system – багатостороння система

in respect of – у відношенні

to correct maladjustments – виправляти диспропорції

resort (to) – удаватися до

structural reforms – структурні реформи

voting power – голоси у керівних органах

purchase – купувати

to maintain the balance – підтримувати баланс

pool – пул

relieve – полегшувати  

fluctuation – коливання

par value – валютний паритет, номінал

parity – паритет

furnish – надавати

on the spot – на місці

lay down – встановлювати, формулювати

Board of Governors – Рада Керівників

powers – повноваження

delegate – делегування

Board of Executive Directors – Рада виконавчих директорів

 

2.a) Supply the prepositions where necessary.

        b) Write down 3-5 questions about the text.

        c) Describe the purposes for which the organization was set up.

 

Your Partner EBRD

 

The EBRD (European Bank for Reconstruction and Development) is a multinational institution set ... with the specific aim of assisting the countries of Central and Eastern Europe to develop into market-oriented economies. Its 59 shareholders include countries from both this region and the rest ... the world, plus the European Community and the European Investment Bank.

The strongest comparative advantage of the Bank relative to other international financial institutions lies in its ability to operate both in the public and private sectors and to have ... its disposal the broadest range and flexibility of financing instruments. The Bank is uniquely equipped in both staff and range of instruments to support the different stages of transition.

Specifically, the EBRD seeks to promote the development of the private sector within these economies ... its investment operations and through the mobilization of foreign and domestic capital. In relation to private commercial banks, the EBRD's main advantages lie in its willingness and ability to bear risk. This allows the Bank to act at the frontier of commercial possibilities. It also shares the project risk ... acting with other private sector entities, such as commercial banks and investment funds, as well as multilateral lenders and national export credit agencies.

While its structure is unlike that of a commercial bank, the EBRD has a similar approach ... dealing with projects and it prices its products ... a commercial basis. With its AAA credit rating, the Bank is able to raise funds ... the finest rates from the international capital markets.

For a project to be considered it has to be commercially viable. The Bank does not issue guarantees ... export credits or provide retail banking services.

Foreign joint ventures are one of the EBRD's main vehicles for financing; joint ventures offer partners an effective way to gain access … foreign   and   domestic   markets,   encourage   foreign   private

investments in the region, reduce risk, and facilitate the transfer ... technology and management skills.

 

Words you may need:

shareholder – акціонер  

relative to – відносно

flexibility – гнучкість

specifically – конкретно

in relation to – що стосується

willingness – готовність

to bear risk – нести ризик

multilateral lenders – багатосторонні кредитори

AAA credit rating – показник кредитоздатності ААА

viable – життєздатний

 

 

3. a) Fill each gap with a suitable word from the box.

    b) Sum up the text in 5-7 sentences and present your summary in class.

    c) Describe the World Bank’s activities. Say how they differ from those of the IMF.

 

       board                                            set up                                        establishment

       focused                                          per                                            financed

       policy                                             encourage                                provides

       growth                                           member                                   operations

       carries out                                     dear                                          countries

       imbalances                                    pur

 

 

World Bank – International Bank for Reconstruction and Development (IBRD)

 

The “World Bank” refers to the International Bnak for Reconstruction and Development (IBRD) and its affiliate, the International Development Association (IDA). The Bank was __________ together with the INF by the Bretton Woods Conference of 1945 as an international bank for two ________: to help finance the rebuilding of war-devastated areas and to ad in the advancement of less-developed _________.

Operations started in 1946. the Bank is ________ partly by contributions paid by _________ countries, partly by bond issues. The national contributions constitute the bank's capital and relate to the individual countries' share of world trade. The bond issues finance the lending ________ of the bank.

In financing the economic _________ of member countries the International Bank complements the IMF, which finances temporary balance of payments __________. Loans are made to governments or government-guaranteed entities. Besides lending funds, the Bank __________ technical advice to governments or other borrowers on a wide range of development problems. It __________ general economic surveys for governments wishing to study resources and to plan long-range _________ of development.

At first devoted to the rconstruction needs of industrial countries the World Bank by the 1950s had _________ its attention on the developing world. In 1956 the IBRD formed the International Finance Corporation (IFC) the purpose of which was to ______ growth in the private sector of developing countries and to mobilize domestic and foreign capital for this purpose. In 1960 the IBRD __________ the International Development Association in order to assist the poorer developing countries (those with an annual _________ capita GNP of less than $731 in 1980 prices). Loans to these countries __________ no interest and are repayable over 50 years with an initial grace period of 10 years.

The Bank's strategy has been to ensure that its aid reaches the broad masses of the people; this is to be done by investments encouraging productivity and integrating the broad masses of people as active partners into the development process.

The powers of the Bank are vested in a ___________ of Governors.

 

Words you may need:

affiliate – філія

war-devastated areas – території, розорені вйною

bond issue – випуск облігацій

complement – доповнювати   

survey – обстеження

International Finance Corporation – Міжнародна фінансова корпорація

repayable – що підлягає поаення (слаті)

grace period – пільговий період

integrate – інтегрувати,  включати, утягувати

vest – наділяти владою

 

 

 

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