2. Sum up the text in 5-7 sentences and present your summary in class.

3. Describe the World Bank's activities. Say how they differ from those of the imf.

board	encourage	member	financed
bear	set up	growth	provides
per	focused	carries out	operations
imbalances	policy	purposes	countries
established

World Bank - International Bank for Reconstruction and Development (ibrd)

The "World Bank" refers to the International Bank for Reconstruction and Development (IBRD) and its affiliate, the International Development Association (IDA). The Bank was­ ­­­­­­­­­­­­­­__________ together with the IMF by the Bretton Woods Conference of 1945 as an international bank for two __________: to help finance the rebuilding of war-devastated areas and to aid in the advancement of less-developed __________.

Operations started in 1946. The Bank is __________ partly by contributions paid by __________ countries, partly by bond issues. The national contributions constitute the bank's capital and relate to the individual countries' share of world trade. The bond issues finance the lending __________ of the bank.

In financing the economic __________ of member countries the International Bank complements the IMF, which finances temporary balance of payments __________. Loans are made to governments or government-guaranteed entities. Besides lending funds, the Bank __________ technical advice to governments or other borrowers on a wide range of development problems. It __________ general economic surveys for governments wishing to study resources and to plan long-range __________ of development.

At first devoted to the reconstruction needs of industrial countries the World Bank by the 1950s had __________ its attention on the developing world. In 1956 the IBRD formed the International Finance Corporation (IFC) the purpose of which was to __________ growth in the private sector of developing countries and to mobilize domestic and foreign capital for this purpose. In 1960 the IBRD__________ the International Development Association in order to assist the poorer developing countries (those with an annual __________ capita GNP of less than $731 in 1980 prices). Loans to these countries __________ no interest and are repayable over 50 years with an initial grace period of 10 years.

The Bank's strategy has been to ensure that its aid reaches the broad masses of the people; this is to be done by investments encouraging productivity and integrating the broad masses of people as active partners into the development process.

The powers of the Bank are vested in a __________ of Governors.

Words you may need:

Англійський варіант	Російський варіант	Український варіант
affiliate	филиал	філія
war-devastated areas	разоренные войной территории	зруйновані війною території
bond issue	выпуск облигаций	випуск облігацій
complement	дополнять	доповнювати
survey	обследование	обстеження
repayable	подлежащий погашению	відноситься до сплати
grace period	льготный период	пільговий період
integrate	интегрировать; включать,	включати, інтегрувати
vest	облекать, наделять властью	наділяти владою