Lecture notes, cheat sheets
History of Economics. International Monetary Fund and International Bank for Reconstruction and Development (most important) Directory / Lecture notes, cheat sheets Table of contents (expand) 83. International Monetary Fund and International Bank for Reconstruction and Development International Monetary Fund (IMF) was created at the international monetary and financial conference in Bretton Woods (USA) in 1944. The governing bodies of the IMF are in Washington, and its European branch in Paris. The tasks of the IMF are to promote the development of international trade and monetary cooperation by establishing norms for regulating exchange rates and monitoring their observance, providing member states with funds in foreign currency to equalize balances of payments. Currently, the IMF includes more than 170 countries, the fund's capital is more than 150 billion dollars. Russia was admitted to the IMF in 1992 with the sixth largest participation share. International Bank for Reconstruction and Development (IBRD) was established in July 1944 at the international monetary and financial conference in Bretton Woods and began its activity in 1945. It is included in the UN system as a specialized agency. Headquarters - Washington (USA). President - James Wolfensohn (USA), in September 1999 was re-elected for a second five-year term. The objectives of the work of the IBRD are: to assist in the reconstruction and development of the economies of member countries by encouraging investment for production purposes; encouragement of private and foreign investment through the provision of guarantees or participation in loans and investments of private lenders; promotion of prospective balanced growth in international trade and the maintenance of a balance of payments balance through investment in the development of productive resources. There are 181 states among the IBRD participants. Countries applying to join the IBRD must be members of the International Monetary Fund (IMF). The authorized capital of the Bank is about 191 billion US dollars. Subscribed capital amounted to 188 billion US dollars. It is divided into 220 shares, provided by subscription only. The share of Russia in the capital of the IBRD is 44795 shares (about 5 billion US dollars - paid shares worth about 403 million US dollars) or 333% of the total number of votes in decision-making. IBRD loans are eligible for member countries with a GNP per capita of $760 or more per year. At present, the IBRD is focusing on developing countries, on the states of Central and Eastern Europe. The main directions of its activity are medium and long-term lending of investment projects, including their preparation, technical and financial and economic justification. Among IBRD loans, there are stabilization(usually budget replacement) and investment. Stabilization loans are intended to cover temporary balance of payments deficits and government budget deficits that arise when borrowing countries pursue macroeconomic stabilization policies and structural reforms. Investment - provided for the implementation of projects for the rational and efficient use of natural, financial and labor resources of borrowing countries. IBRD lending cooperation with borrowers is built on the basis of a country aid strategy regularly approved by the Board of Directors, prepared on the basis of an analysis of the economic and social situation of the country, its needs for borrowed resources, arising from development priorities determined by the government and agreed with the Bank. The IBRD was actively involved in the problems of environmental protection, participated in the financing of national environmental action plans. An important element of the Bank's strategy is investment in labor resources, healthcare and education. Authors: Zilbertova T.N., Takhtomysova D.A. << Back: International Monetary System. gold standard >> Forward: Russia in the second half of the 1990s We recommend interesting articles Section Lecture notes, cheat sheets: ▪ National economy. Lecture notes ▪ Teria of the organization. Crib ▪ Surgical diseases. Lecture notes See other articles Section Lecture notes, cheat sheets. Read and write useful comments on this article. Latest news of science and technology, new electronics: The existence of an entropy rule for quantum entanglement has been proven
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