Vocabulary

rank — ранг to correct - корректировать, to preside — председатель- исправлять

ствовать to link - соединять

quota — квота reasonable effort - разумное to entitle - давать право усилие

кому-нибудь tranche - транш, порция remainder — остаток

General understanding:

1. What countries was IMF composed of он December 1991?

2. Who are the governors of IMF's Board of Governors?

3. Who presides over Executive Board?

4. How is the managing director elected?

5. What importance has «quota* for the members of IMF?

6. What operations could be carried out through IMF?

7. How have the total subscriptions changed over time?

1, Explain the role (meaning) and functions of the following;. Write 2 sentences with each one;

1. member countries

2. Board of Governors

3. Executive board

4. managing director

5. quota

2i. Which of the following is true:

A. IMF is composed of 22 Governors.

B. Executive board makes all decisions on the Republics of former USSR.

C. The quota determines the amount о financial resources the member has to make available to the IMF.

D. IMF member countries, may utilize the Fund's resources.

e) Borrowing countries have to pay the loans back within 3—5 years.

Questions for discussion:

1. Do you find the structure of IMF reasonable?

2. Do you know how the credits obtained from the IMF are utilized? Is IMF in control of funds utilization?

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World bank

The World Bank is the world's foremost intergovern­mental organization concerned with the external financing of the economic growth of developing countries. The official title of the institution is the International Bank for Reconstruction and Development (IBRD).

Before recommending a Bank loan, the staff of the Bank must be reasonably satisfied that the productivity of the borrowing country will be increased and that the prospects for repayment are good. A country must be judged creditworthy. Engineering investigations are frequently carried out to determine the probable relation of a proposed project to benefits and costs. Increasingly, however, the Bank has shifted somewhat away from project lending (e.g., for a darn or a highway or a port); it has become concerned with education and other human services, the environment, and, through structural adjustment loans, the modification of governmental policies that are thought to have impeded long-run growth. The Bank has also paid increasing attention to the evaluation of previous lending. Recently, moreover, it has acceded to the requests of the American, secretary of the treasury to help to ease the huge, outstanding, largely commercial-bank debt.

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