IMF (transcript - The International Monetary Fund) was created in 1944, at a conference in Bretton Woods in the United States.Its objectives originally were declared as follows: to promote international cooperation in the field of finance, trade expansion and growth, ensuring currency stability, assist in the calculations between the member countries and providing them with tools to remedy the imbalance in the balance of payments.However, in practice the activities of the Fund is reduced to money-grubbing for a minority (of countries and transnational corporations), which, among other organizations, controls, and the IMF.Did the credit IMF, and the IMF (transcript International Monetary Fund), to States in need?As the Fund's work affects the world economy?
IMF decoding concepts, functions and tasks
IMF stands for International Monetary Fund, IMF (decoding acronyms) in the Russian version is as follows: International Monetary Fund.This inter-governmental organization aims to promote monetary cooperation on the basis of consultation of its members and providing them with loans.
objective of the Fund is to secure hard currency parity.To this end, Member States have established them in gold and US dollars, the contract does not change them more than ten percent, without the consent of the Fund and not to deviate from this balance in operations for more than one percent.
History and Development Fund
In 1944, at a conference in Bretton Woods in the United States by representatives of forty-four countries have decided to create a single database of economic cooperation in order to avoid devaluation, the consequences of which in the thirties was the Great Depression, as well as for recoverythe financial system after the war between the states.The following year, on the basis of the outcome of the conference was created by the IMF.
Soviet Union also took an active part in the conference and signed the Act establishing the organization, but then never ratified it, and did not participate in the activities.But in the nineties, after the collapse of the Soviet Union, Russia and other countries - former Soviet republics joined the IMF.
In 1999, the IMF has included 182 countries.
controls, structure and member states
headquarters of United Nations specialized agencies - the IMF - is in Washington.The governing body of the International Monetary Fund is the Board of Governors.It includes the actual governor and alternate from each member country of the Fund.
Executive Board consists of 24 directors representing individual countries or groups of participating countries.This administrative director is always a European, while his first deputy - American.
authorized capital formed by contributions from states.Currently, the IMF includes 188 countries.Based on the size of the quotas paid between the two countries shared their voices.
IMF data indicate that the highest number of votes owned by the US (17.8%), Japan (6.13%), Germany (5.99%), the UK and France (by 4.95%), Saudi Arabia(3.22%), Italy (4.18%) and Russia (2.74%).Thus, the United States as having the highest number of votes, is the only country, which has a veto on the most important issues discussed at the IMF.A number of European countries (and not only them) a vote in the same way as the United States.
role of the Fund in the world economy
IMF constantly monitors the financial and monetary policies of the Member States and the state of the economy worldwide.To this end, every year, consultations with government agencies with respect to exchange rates.On the other hand, Member States must consult with the Fund on macroeconomic issues.
country needs the IMF provides loans to countries offering borrowings, which they can use for various purposes.
In the first twenty years of its existence, the Fund gave loans in major developed countries, but later this activity was shifted to developing countries.Interestingly, around the same time the beginning of the formation of its neo-colonial system in the world.
Terms countries to obtain credit from the IMF
Member States to organizations to get a loan from the IMF, they must meet a series of political and economic conditions.
This trend emerged in the eighties of the twentieth century, and eventually just continue to tighten.
IMF-Bank requires to carry out the program, which, in fact, are not to leave the country out of the crisis, and to a reduction of investment, economic growth and an end to the deterioration of the social situation of citizens in general.
is noteworthy that in 2007 was the strongest organization of the IMF crisis.Deciphering the global economic recession 2008, according to financial analysts, perhaps, it was its consequence.No one wanted to take the organization loans, and those countries that received them earlier, sought to pay off the debt ahead of schedule.
But there was a global crisis, everything fell into place, and even more.As a result of the IMF increased its resources tripled to affect the global economy even more.
