Vocabulary

To boost поддерживать, подталкивать

Social security социальная защищенность

To work in tandem with работать в связке с …

Exercise 11. Translate the dialogue, using the vocabulary, given after it.

IMF official: In line with the IMF’s desire for greater economic stability in the world, and for stronger, more sustained growth we made a decision to support Russia with an Extended Fund Facility (EFF) credit amounting to about $10 billion.

Interviewer: Life has proved that Russia’s strategy for adjustment and reform is strong, and Russian authorities are committed to the program. But isn’t the program risky?

Off.: All adjustment programs supported by the IMF entail risk, since only countries experiencing balance -of-payments difficulties borrow from the IMF.

Int.: It is obvious the IMF can never eliminate all risks. But have you built any substantial safeguards into the Russian program?

Off.: Certainly. They include the track record established by the authorities in the previous years, broader quarterly reviews, and continuation of monthly monitoring. I feel I must emphasize here that the Russian program is the only IMF-supported program subject to monthly monitoring.

Int.: That’s very reasonable, but some observers question the wisdom of negotiating a program that could be derailed by political developments in Russia and changes in the Government.

Off.: In this connection I would like to stress that the IMF does not support individuals. It supports economic programs. As long as the duly constituted authorities continue to fulfill the requirements of the program agreed with the IMF, the IMF will continue to support that program.

Int.: Is Russia receiving exceptionally favorable treatment from the IMF? The size of the loan is large, isn’t it?

Off.: Yes, the loan is large in absolute terms, but as a percentage of Russia’s quota, the magnitude of the EFF arrangements is fully in line with the IMF’s established lending limits.

Int.: Is the program too demanding? Is there a danger that continued macroeconomic adjustment and sweeping structural changes can irreparably undermine domestic support for the reform?

Off.: It’s a very important question. The danger exists, and we must guard against it. This could be done by creating an adequate social safety net with enough budgetary resources to support it.

Int.: And beyond this, I think, the government should be encouraged to do all that it can to ensure that the benefits of the reform emerge – and become evident to the Russian people – as soon as possible.

Off.: Right. This should be uppermost on their minds.

Vocabulary

Life has proved that жизнь доказала, что

In line with в соответствии с

To amount (to) составлять (сумму), достигать, равняться

Strategy for adjustment стратегия перестройки

To be committed to быть приверженным чему-либо

Adjustment program программа перестройки

To entail risk повлечь риск

To experience испытывать

Track record (зд.) достижения, успехи

Monitoring мониторинг, контроль

To question (зд.) подвергать сомнению

Wisdom (зд.) разумность

To derail (зд.) срывать выполнение (программы)

Dul должным образом

Exceptionally исключительно

Favorable treatment (зд.) благоприятные условия

In absolute terms в абсолютном выражении

As a percentage (of) в процентном выражении (от)

Quota квота

Magnitude величина

EFF arrangement соглашение о предоставлении расширенного финансирования

Lending limit кредитный лимит, лимит кредитования одного заемщика

Degree степень

To imply подразумевать

Irreparably непоправимо

To undermine подрывать основы

To guard (against) защищать, стоять на страже

Social safety net система социальной защиты

Evident очевидный, явный

Exercise 12. Answer the following questions.

1. What facility has been granted to Russia?

2. What is characteristic of all adjustment programmes supported by the IMF?

3. What safeguards have been built into the Russian programme to eliminate its risks?

4. Does the IMF take into account political developments in the countries it supports?

5. Has the EFF been granted to Russia on exceptionally favorable terms?

Exercise 13. Find the Russian equivalents for the following:

1. in line with the desire

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2. more sustained growth

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3. life has proved that…

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4. balance-of-payment difficulties

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5. to eliminate risks

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6. substantial safeguards

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7. broader quarterly reviews

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8. to fulfill the requirements of the program

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9. exceptionally favorable treatment

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10. to guard against something

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Exercise 14. Find the synonyms for the words in italics.

1. desire for greater economic stability

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2. more sustained growth

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3. to experience balance-of-payment difficulties

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4. to eliminate all risks

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5. substantial safeguards into the Russian program

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6. continuation of monthly monitoring

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7. that’s very reasonable

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8. it supports economic program

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9. exceptionally favorable treatment

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10. sweeping structural changes

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11. this should be uppermost on their minds

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Exercise 15. Translate the sentences into English.

1. В соответствии со стремлением МВФ достичь экономической стабильности в мире мы приняли решение поддержать Россию кредитом системы расширенного финансирования в размере 10 млрд. долларов.

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2. Жизнь доказала, что Российская стратегия перестройки и реформирования является сильной и Российское руководство привержено реформам.

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3. Все программы перестройки, поддерживаемые МВФ влекут за собой риск, поскольку кредиты от МВФ получают только страны, испытывающие трудности с платежным балансом.

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4. Совершенно очевидно, что МВФ никогда не сможет исключить риски.

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5. Предусмотрели ли вы гарантии в программе для России?

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6. Я должен здесь подчеркнуть, что Российская программа – единственная из программ МВФ, которая подвергается ежемесячному контролю.

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7. Получает ли Россия чрезвычайно выгодные условия от МВФ?

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8. Заем велик в абсолютном выражении, но в процентном отношении от Российской квоты величина соглашения о предоставлении расширенного финансирования полностью соответствует установленному МВФ кредитному лимиту.

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9. Это можно сделать только при наличии системы социальной защиты, а также при наличии бюджетных ресурсов, достаточных для ее поддержания.

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Exercise 16. Read the article below quickly to pick out the main economic indicators. Supply the articles where necessary. Describe the purposes for which the IMF was set up. Then study the vocabulary given after it.