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 to 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.

 

VOCABULARY

 

To be designed                      быть предназначенным для чего-либо

To enter into force                 вступать в силу

Balanced                           сбалансированный

Multilateral system                многосторонняя система

In respect of                          в отношении

To correct maladjustments    исправлять диспропорции

To resort (to)                          прибегать к

Structural reforms                  структурные реформы

Voting power                        голоса в руководящих органах

To purchase                           покупать

To maintain the balance      поддерживать баланс

Pool                                       пул

To relieve                   облегчать

Fluctuation                            колебание

Par value                           валютный паритет, номинал

Parity                                     паритет

To furnish                              (зд.) предоставлять

On the spot                            на месте

To lay down                          устанавливать, формулировать

Board of Governors              Совет управляющих

Powers                                   полномочия

To delegate                            делегировать

Board of Executive Directors Совет исполнительных директоров

 

Exercise 17. Choose the correct explanation without using a glossary.

 

1. “participated in by more than two parties, nations, etc.” is …

a) multinational

b) multilateral

c) multifold

d) manifold

 

2. “to have recourse, to go or turn (to) for use, help, support, etc.” is …

a) to resаrt

b) to resоrt

c) to restore

d) to come

 

3. “to obtain for money or by paying a price; to buy” is …

a) to purchase

b) turn over

c) to furnish

d) to establish

 

4. “to ease, lighten, or reduce (pain, anxiety, etc.) is …

a) to recall

b) to relax

c) to fulfill

d)to relieve

 

5. “moving back and forth or up and down; rising and falling” is …

a) fluency

b) mobilization

c) fluctuation

d) reflection

 

 

6. “special authority assigned to or exercised by a person or group holding office” are …

a) strength

b) powers

c) forces

d) energy

7. “to send or appoint as a representative or deputy” is …

a) to delegate

b) to mention

c) to call

d) to determine

 

8. “to change so as to fit, conform, make suitable, etc.” is …

a) to adjust

b) to define

c) to impose

d) to affect

 

9. “to place or set (a burden, tax, fine, etc. on or upon) as by authority” is …

a) to suppose

b) to lay

c) to impose

d) to declare

 

10. “to keep or keep up; to continue in or with; carry on” is …

a) to hold

b) to fold

c) to succeed

d) to maintain

 

Exercise 18. Reread the article of exercise 16 more carefully and complete the sentences given below using information from the article:

 

1. The International Monetary Fund, an association of governments, was set up on _________________, as a result of ____________________________________

____________________________________________________________________________ .

 

2. The organizational structure of the IMF is set out in

______________________________________________________________________________

____________________________________________________________________________ .

 

3. The goals of … IMF are ________________________________________________

_____________________________________________________________________________ .

4. Over many years the IMF has been directly involved in __________________

______________________________________________________________________________

____________________________________________________________________________ .

 

5. A member may purchase foreign exchange, paying its own currency, but __________________________________________________________________________

_____________________________________________________________________________ .

6. Each member undertakes to establish and maintain an agreed par value for its currency, and to consult the Fund on ___________________________

____________________________________________________________________________ .

 

7. In addition, the Fund consults with members on their international financial situation and on ____________________________________________________

_____________________________________________________________________________ .

 

8. On request, the Fund furnishes expert missions to advise and assist the governments in _____________________________________________________________

____________________________________________________________________________ .

 

9. In any event, members are kept informed of ___________________________

____________________________________________________________________________ .

 

10. Policies are laid down by a Board of Governors, representing all members, which normally meets ___________________________________________ .

Exercise 19. Single out the main facts of the article of exercise 16 and present them in a short review.

 

Exercise 20. Listen and retell the text. Write down 3-5 questions about the text. Say what is the present day situation with Hungarian current account and trade figures.

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