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The role and significance of the IMF and World Bank. International Bank for Reconstruction and Development (IBRD) and the International Monetary Fund: creation, structure, activities

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Russia and credit policyIMF and IBRD

Introduction 3
5

1.1 Prerequisitesevictions of international financial institutions 5
1 .2 National currency system of Russia

2.2 IMF lending policy
2.3 Relations between Russia and the IMF

3. Relations between Russia and the International Bank for Reconstruction and Development

3.1 Composition and objectives of the International Bank for Reconstruction and Development (IBRD)
3.2 Analysis of the dynamics and current state of cooperation between the Russian Federation and the IBRD

Conclusion
Listsources used
Application
Introduction
In conditions of increased interdependence, almost all states are interested in cooperation with international economic, monetary and financial organizations, which constitute one of the most important links in the international financial system and are the main source of necessary financial resources for countries with developing and transition economies.
Some states use these organizations as conductors of their strategic economic policies, others find interest in their participation in them as donors, and still others - recipients - cooperate with them in order to attract preferential loans for investment projects and solve problems of deficit budget financing.
These organizations are united by a common goal - developing cooperation and ensuring the integrity and stabilization of a complex and contradictory world economy. Among them, a special place is occupied by organizations in the UN system: the International Monetary Fund (IMF) and the World Bank Group - International Bank reconstruction and development (IBRD) and its three branches - International Association Development Agency (IDA), the International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), as well as the non-governmental organizations Paris and London Clubs.
International economic and monetary and financial organizations occupy an important place in the system of international economic relations, and also currently have a significant impact on the development of the Russian economy. It is also very important that, as a member of international monetary, financial and credit organizations, Russia joins the rich experience of regulating the currency, credit and financial spheres accumulated by the world community. This is the relevance of the topic under consideration.
The object of the study is the international monetary and financial credit relations of Russia with the International Monetary Fund and the International Bank for Reconstruction and Development, their problems and prospects.
The subject of this work is the modern international monetary and financial system.
The purpose of this work is to study the principles of international monetary and financial credit relations, as well as to identify problems and outline prospects for interaction of the Russian Federation with international monetary and financial organizations.
To achieve this goal, it is necessary to solve the following range of tasks:
? study the prerequisites for the emergence of international monetary and financial credit organizations;
? consider the concept and elements of the global monetary system;
? analyze the relationship between Russia and the International Monetary Fund;
? characterize the role of the International Bank for Reconstruction and Development in the development of Russia.
The structure of this work follows from the definition of the subject and the formulated tasks. It consists of an introduction, three chapters, a conclusion and a list of references.
The methodological and theoretical basis of the study were fundamental concepts and hypotheses, the works of Russian economists and scientists studying problems on the topic under study, presented and substantiated in the domestic and world economic literature. In the course of work on the topic, an analysis of statistical data and scientific publications was used; it was carried out using the method of comparative analysis.
currency credit fund bank reconstruction

1. The concept and essence of international monetary and financial credit relations

1.1 Prerequisites for the emergence of international financial institutions

By the beginning of the 21st century, under the influence of the globalization process, dramatic changes occurred in the state and nature of development of the entire world economy. The globalization of the world economy is an objective development trend, to which, apparently, there is no other real alternative, at least in the near future. It creates conditions for more efficient redistribution and use of production, technological, financial and intellectual resources on a global scale, opens up opportunities for accelerating economic growth, and helps less developed countries to a certain extent catch up with economic leaders.

However, globalization, like any other socio-economic process, cannot occur only along an ascending line, without crises and shocks. Practice shows that many complex problems generated by it can only be solved at the interstate or supranational level. Today important role International economic organizations play a role in regulating global processes, representing one of the links in the increasingly complex multi-tiered mechanism for managing world economic relations.

The process of creating international organizations began in the second half of the last century. After the end of World War II, there was a clear awareness of the need to discuss pressing political and economic problems within the entire world community. The basis of international cooperation was to be a new world order based on liberalism, cooperation, openness and dialogue, free from any confrontation. The creation of international organizations was the result of the search for effective measures to resolve complex, emergency or crisis situations in the life of states. When the efforts of national diplomacy turned out to be insufficient to cope with the problems of modern international relations, governments sought to find adequate methods of interaction in the form of multilateral consultations, cooperation and joint steps in this direction.

The rapid growth of international organizations was also based on purely economic reasons. XX century was characterized by an explosive growth of international economic relations in all forms: trade, export of capital, production cooperation, scientific and technical interaction, labor migration. Shifts in the spheres of production, communications, trade, foreign investment and finance have led to an unprecedented degree of involvement of countries in world economic relations and turned the world economy into an integral global organism, welded together not just by the international division of labor, but also by gigantic in scale, sometimes worldwide production processes. -sales structures, global financial system and information network.

At the same time, the increasing openness of economies has created new macroeconomic dangers, since national economies, becoming increasingly integrated into the world economy, become easily vulnerable to any surprises coming from outside. In the current conditions, national states are faced with a fundamentally new situation - the loss of the ability to effectively use such traditional levers of macroeconomic regulation as import restrictions and export subsidies, changes in the national currency exchange rate and central bank refinancing rates.

The decline in the capacity of national states in the economic sphere and the growing process of strengthening the economic interconnection and interdependence of states have objectively set humanity the task of finding fundamentally new mechanisms for regulating the global economy.

In the context of globalization, interstate borders in relation to economic relations have acquired a new meaning, which required the creation and new system regulation based on the principles of liberalization and elimination of trade barriers, ensuring free movement of capital, etc. This could only be achieved through coordination of legal regimes in the areas of trade and investment.

An urgent need has become the development of a joint monetary and financial policy, the achievement of stability in this area that can ensure the convertibility of national currencies and facilitate mutual settlements.

The huge difference in the socio-economic living conditions of people in different countries raised the question of assistance and assistance from developed countries to developing countries and among them the least developed and poor. This required the development of a unified strategy for socio-economic development.

Under current conditions special role the search for new regulatory mechanisms was entrusted to international economic organizations. Currently there are more than 4 thousand international organizations. Leading among them is the United Nations (UN) with its extensive system of economic bodies, the International Monetary Fund (IMF), and the International Bank for Reconstruction and Development (IBRD).

Undoubtedly, the directions of multilateral regulation carried out by international organizations largely depend on the specific interests of the states participating in it, the policies of their governments and the activities of government bodies. At the same time, without affecting the national sovereignty of its participants, multilateral regulation influences government decisions on issues of trade, currency, financial relations. The scope of state policy in this area includes not only regulation, but also promotion of the development of world economic relations, providing support to participants in the foreign economic sphere of activity at the intergovernmental level and within the framework of international organizations.

A key aspect in the development of a joint economic strategy and multilateral regulation of world economic relations was the determination of rules and norms that create incentives for individual states to act in collective interests.

International economic organizations are an institution of multilateral interstate relations that have goals, competence and its own permanent bodies agreed upon by its participants, as well as other specific political and organizational norms, including a charter, procedure, membership, decision-making procedures, etc. They may also include meetings, conferences, congresses that operate for a limited period of time and do not have a charter or working bodies.

International monetary and credit organizations are international economic organizations created on the basis of interstate agreements with the aim of regulating currency and financial relations between countries, promoting the economic development of countries, and credit assistance. Such organizations include the Bank for International Settlements, the International Monetary Fund, the International Development Association (IDA), the International Finance Corporation (IFC), and regional international development banks.

The emergence of international financial institutions is due to the following reasons:

b Strengthening the internationalization of economic life, the formation of TNCs and TNBs that go beyond national borders.

ь Development of interstate regulation of world economic relations, including monetary, credit and financial relations.

b The need to jointly solve problems, instability of the world economy, including the world monetary system, world markets for currencies, loans, securities, gold.

The creation of these interstate institutions is largely dictated by the need to solve formally different but interrelated problems. On the one hand, the process of globalization of world economic relations highlights the problems and contradictions that persist at the national level between the regulatory functions of state administrative bodies and the needs of the unhindered development of national productive forces. In this regard, interstate institutions, as well as the agreed legal norms that underlie them, prevent attempts to disrupt the competitive environment at the national level.

Undoubtedly, the key elements of the multilateral mechanism for regulating the world economy are the IMF and the World Bank.

International financial organizations (IFOs) are created by pooling financial resources by participating countries to solve certain problems in the development of the world economy.

These tasks could be:

? operations on the international currency and stock markets with the aim of stabilizing and regulating the world economy, maintaining and stimulating international trade;

? interstate loans - loans for the implementation of government projects and financing the budget deficit;

? investment activities/lending in the field of international projects (projects affecting the interests of several countries participating in the project both directly and through resident commercial organizations)

Investment activities/lending in the field of “domestic” projects (projects that directly affect the interests of one country or resident commercial organization), the implementation of which can have a beneficial impact on international business (for example, infrastructure projects, projects in the field of information technology, development of transport and communication networks, etc.)

? charitable activities (financing international aid programs) and funding basic scientific research.

To carry out their functions, international financial organizations use the entire range of modern technologies for financial and investment analysis and risk management, from basic research potential investment project (for which, most often, specialized teams or institutes of internationally qualified experts, international audit firms and investment banks are involved) to transactions on global stock markets (derivative securities markets).

International organizations are created jointly by states. The process of creating an international organization takes place in three stages: the adoption of a constituent document, the creation of the material structure of the organization, and the convening of the main bodies.

International financial organizations received significant development in the second half of the 20th century. For example, over time, the IMF and the World Bank became one of the world's largest creditors in many countries, forming the World Bank group consisting of three more international financial organizations. Together, they significantly squeezed out commercial creditors, while at the same time “instilling” in the authorities of the respective states a taste for cheap borrowing, the task of servicing and repaying which will probably have to be thought about not by the debtors, but by subsequent generations.

Radical changes in the world economy at the turn of the 80-90s led to the need to adapt international monetary and financial institutions to new operating conditions. The role of monetary institutions in deepening integration processes in Western Europe is significant. Russia's participation in international monetary, financial and credit institutions opens up greater opportunities for it to attract financial resources necessary for reforming the economy.

1.2 National currency system of Russia

The concept of the world monetary system is based on the concept of world monetary relations.

International monetary relations are a set of public relations, emerging during the functioning of the currency in the world economy and serving the mutual exchange of results of the activities of national economies. Certain elements of currency relations appeared in the ancient world in Ancient Greece and Ancient Rome in the form of bills of exchange and money change. The next milestone in their development was the medieval “bill fairs” in Lyon, Antwerp and other trading centers of Western Europe, where settlements were made on bills of exchange (drafts). In the era of feudalism and the emergence of the capitalist mode of production, a system of international payments through banks began to develop.

The development of international monetary relations is due to the growth of productive forces, the creation of a world market, the deepening of the international division of labor, the formation of a world economic system, and the internationalization of economic relations.

International monetary relations mediate international economic relations, which relate both to the sphere of material production, i.e. to primary industrial relations, and to the sphere of distribution, exchange, consumption. There is a direct and inverse relationship between currency relations and reproduction. Their objective basis is the process of social reproduction, which gives rise to the international exchange of goods, capital, and services. The state of currency relations depends on the development of the economy - the national world, political situation, the balance of power between countries and two trends inherent in international relations - partnership and contradictions. Since politics and economics, diplomacy and commerce, industrial production and trade are intertwined in foreign economic relations, including foreign exchange, foreign exchange relations occupy a special place in the national and world economy. The inclusion of the world market in the process of capital circulation means the transformation of part of the monetary capital from national money into foreign currency and vice versa. This occurs during international settlement, currency, credit and financial transactions.

Although currency relations are secondary in relation to reproduction, they have relative independence and have the opposite effect on it. In the conditions of internationalization of economic life, the dependence of reproduction on external factors increases - the dynamics of world production, the foreign level of science and technology, the development of international trade, and the influx of foreign capital. The instability of international monetary relations and currency crises have a negative impact on the reproduction process.

International monetary relations gradually acquired certain forms of organization based on the internationalization of economic relations.

The currency system is a form of organization and regulation of currency relations, enshrined in national legislation or interstate agreements. There are different national, world, international (regional) currency systems.

Historically, national currency systems arose first, enshrined in national legislation, taking into account the norms of international law. The national currency system is integral part monetary system country, although it is relatively independent and transcends national boundaries. Its features are determined by the degree of development and state of the country’s economy and foreign economic relations.

The national currency system is inextricably linked with the world monetary system - a form of organization of international monetary relations, enshrined in interstate agreements. The world monetary system took shape by the mid-19th century. The nature of the functioning and stability of the world monetary system depend on the degree of compliance of its principles with the structure of the world economy, the balance of power and the interests of leading countries. When these conditions change, a periodic crisis of the world monetary system arises, which ends with its collapse and the creation of a new monetary system.

1.3 Elements of the world monetary system

The world monetary system pursues global economic goals and has a special mechanism of functioning and regulation; it is closely connected with national monetary systems. This connection is carried out in interstate currency regulation and coordination of foreign exchange policies of leading countries. But the mutual connection of national and world monetary systems does not mean identity, since their tasks, conditions of operation and regulation, influence on the economies of individual countries and the world economy are different.

The table below shows the elements of the national and world systems, by which their connections and differences can be determined.

One of the main elements of the monetary system is “currency”, which ensures the connection and interaction of the national and world economies. The basis of the national monetary system is the national currency - the legal monetary unit of a given state. Money used in international economic relations becomes currency. In international payments, foreign currency is usually used - the monetary unit of other countries. Foreign currency is an object of purchase and sale on the foreign exchange market, is used in international payments, is stored in bank accounts, but is not legal tender in the territory of a given state (except during periods of strong inflation).

Table 1. Elements of the national and world systems.

National currency system	World monetary system
National currency	Reserve currencies, international units of account
Degree of national currency convertibility	Degree of mutual convertibility of currencies
National currency parity, exchange rate regime	Unified regime of currency parities
Presence or absence of currency restrictions, currency control	Regulation of exchange rate regimes
National regulation of the country's international currency liquidity	Interstate regulation of currency restrictions
Regulation of the use of international credit funds of circulation	Interstate regulation of international currency liquidity
Regulation of international payments of the country	Unification of rules for the use of international credit funds of circulation
Regime of the national currency market and gold market	Unification of the main forms of international payments
National authorities governing and regulating the country's currency relations	Regime of world currency markets and gold markets
	International organizations implementing interstate currency regulation

The world monetary system is based on the functional forms of world money. World money is money that serves international relations (economic, political, cultural). The world monetary system is based on one or more national currencies of leading countries (in traditional or eurocurrency form), or an international monetary unit (SDR, ECU).

A special category of convertible national currency is a reserve (key) currency, which performs the functions of an international means of payment and reserve, serves as the basis for determining currency parity and exchange rates for other countries, and is widely used for foreign exchange intervention in order to regulate the exchange rates of countries participating in the world monetary system. .

The objective prerequisites for acquiring the status of a reserve currency are: the country’s dominant position in world production, exports of goods and capital, and in gold and foreign exchange reserves; a developed network of credit and banking institutions, including abroad; an organized and capacious market for loan capital; liberalization of foreign exchange transactions, free convertibility of the currency, which ensures the demand for it in other countries. A subjective factor in promoting the national currency to the role of reserve is an active foreign policy, including foreign exchange and credit. In the institutional aspect, a necessary condition for recognizing a national currency as a reserve currency is its introduction into international circulation through banks and international monetary and financial organizations.

The international monetary unit of account is used as a conventional scale for measuring international demands and obligations, establishing currency parity and exchange rates, and as an international means of payment and reserve.

The next element of the monetary system is the degree of currency convertibility, i.e. exchanging the currency of a given country for foreign currency. There are: a) freely convertible currencies, exchangeable without restrictions for any foreign currencies (“freely usable currency”). In fact, the currencies of countries where there are no currency restrictions on current balance of payments transactions are considered freely convertible - mainly industrialized countries and individual developing countries where global financial centers have developed or which have accepted an obligation to the International Monetary Fund not to introduce currency restrictions; b) partially convertible currencies of countries where exchange restrictions remain; c) non-convertible (closed) currencies of countries where a ban on currency exchange has been introduced for residents and non-residents.

An element of the currency system is currency parity - the relationship between two currencies, established by law.

An important element of the monetary system is the exchange rate - the price of the monetary unit of one country, expressed in the monetary units of other countries or in international currency units (SDR, ECU). There are fixed exchange rates that fluctuate depending on market demand and supply of currency, as well as their varieties.

The exchange rate is necessary for the mutual exchange of currencies when trading goods, services, and when moving capital and loans; comparison of prices on world and national markets, as well as cost indicators of different countries, expressed in national or foreign currencies; periodic revaluation of foreign currency accounts of companies and banks.

An element of the currency system is the presence or absence of currency restrictions. Restrictions on transactions with currency values are also the object of interstate regulation through the International Monetary Fund.

Regulation of the rules for the use of the next element - international credit funds of circulation - is carried out in accordance with unified international standards. Regulation of international payments is carried out at the level of national and world monetary systems in accordance with the Uniform Rules and Customs for Documentary Letters of Credit and Collection.

Regulation of international currency liquidity as an element of the currency system comes down to the provision of international payments with the necessary means of payment. International monetary liquidity (IML) is the ability of a country (or group of countries) to ensure timely repayment of its international obligations means of payment acceptable to the lender. From the point of view of the world economy, international currency liquidity means a combination of sources of financing and lending for global payment turnover and depends on the provision of the world monetary system with international reserve assets.

The IMF includes four main components: the country's official gold and foreign exchange reserves, accounts in SDRs and ECUs, and a reserve position in the IMF (the right of a member country to automatically receive an unconditional loan in foreign currency within 25% of its quota).

The regime of the foreign exchange market and the gold market is subject to national and international regulation. Finally, an important element of the monetary system is institutional. We are talking about regulating activities national authorities management and regulation of the country's currency relations (central bank, ministry of economy and finance, in some countries - internal control bodies). National currency legislation regulates transactions in national and foreign currency (right of ownership, import and export, purchase and sale). Interstate currency regulation is carried out by the IMF (1944), and in the European Monetary System by the European Monetary Institute (1994).

The world economy makes certain demands on the world monetary system, which must: ensure international exchange of a sufficient number of trusted means of payment and settlement; maintain relative stability and elasticity in the adjustment of the currency mechanism to changing conditions of the world economy; serve the interests of all participating countries. The fulfillment of these requirements is hampered by the contradictions of reproduction, changes in the structure of the world economy and in the balance of forces on the world stage.

2. Russia and the credit policy of the International Monetary Fund

2.1 Composition, tasks and functions of the IMF

International financial institutions pursue the following goals:

- to unite the efforts of the world community in order to stabilize international finance and the world economy:

- carry out interstate currency and credit and financial regulation:

- jointly develop and coordinate the strategy and tactics of global monetary and monetary policy.

IMF (International Monetary Fund. IMF) is an intergovernmental organization designed to regulate monetary relations between member states and provide them financial assistance in case of currency difficulties caused by a balance of payments deficit, by providing short- and medium-term loans in foreign currency. The Fund, a specialized agency of the UN, practically serves as the institutional basis of the world monetary system. The IMF was established at the UN International Monetary and Financial Conference (July 1-22, 1944) in Bretton Woods (USA, New Hampshire). The conference adopted the Articles of Agreement on the IMF, which serves as its Charter and entered into force on December 27, 1945; The Foundation began its practical activities on March 1, 1947.

Member countries' access to IMF credit resources is limited by certain conditions. According to the original Charter, they were as follows: firstly, the amount of currency received by a member country in the twelve months preceding its new application to the Fund, including the amount requested, should not exceed 25% of the country's quota; secondly, the total amount of a given country’s currency in the IMF’s assets could not exceed 200% of its quota (including 75% of the quota contributed to the Fund by subscription). The revised Charter in 1978 removed the first limitation.

After a set period of time, the member country is obliged to carry out the reverse operation - to buy back the national currency from the Fund, returning to it the funds in SDRs or foreign currencies. As a rule, this operation, which means reimbursement of a previously received loan, is carried out within a period of 3-4 to 5 years from the date of purchase of the currency.

The first portion of foreign currency purchased by a member country in the IMF in the amount of up to 25% of the quota (formerly the golden share before the Jamaica Agreement) since 1978 is called the reserve share. It is defined as the excess of the value of the quota of a member country over the amount of the reserve of the national currency of that country at the disposal of the Fund. Moreover, if the Fund uses part of the contributed national currency of a member country to provide funds to other countries, then the reserve share of such a country increases accordingly. The amount of loans provided by a member country to the Fund under additional lending agreements constitutes its “lending position.” The reserve share and the credit position together constitute the member country's Reserve Position in the Fund. Within the reserve position, member countries can receive funds from the IMF automatically, upon request. The use of this position does not require the country to pay interest or commissions and does not impose an obligation on it to return the foreign exchange received.

The role of the IMF in regulating international monetary relations. The IMF monitors and controls compliance by member countries with its Charter, which sets out the basic structural principles of the world monetary system.

First, the IMF has the power to create unconditional liquidity through the issuance of SDRs. The latter are intended to replenish official foreign exchange reserves, repay the passive balance of the balance of payments, and settle accounts between countries and the Fund. A country, having an account in the SDR, can purchase convertible currency from other participants in the SDR system. The regulatory role of the IMF is that it provides countries with a guaranteed opportunity to acquire the necessary currency in exchange for SDRs by designating countries that provide it.

Secondly, the IMF acts as a conductor of the policy adopted by the West, at the initiative of the United States, to demonetize gold and weaken its role in the global monetary system. The agreement establishing the IMF gave gold an important place in its liquid resources. Under Article III, each country upon joining the Fund was required to pay a contribution in gold equal to 25% of its quota or 10% of its official gold-dollar reserves, whichever is less.

Thirdly, the IMF carries out interstate regulation of the exchange rate regime. In accordance with the Charter, which defined the principles of the Bretton Woods monetary system, the IMF monitored the compliance of member countries with the official gold and currency parities adopted by them and approved by the Fund, and also authorized their changes.

Fourthly, an important area of the IMF's regulatory activities is the elimination of currency restrictions. The articles of the IMF Agreement regulate the functioning of the mechanism of foreign exchange markets and the regime of foreign exchange transactions. Article VIII contains the obligation of member countries not to introduce, without the consent of the Fund, restrictions on payments and transfers for current balance of payments transactions, not to use discriminatory exchange rate regimes and not to resort to multiple exchange rates. Currency restrictions are allowed only in two cases:

1. on the basis of Article XIV of the Charter, they may be retained or established by new members of the IMF during a transition period, the duration of which is not determined;

2. an official statement by the Fund about the scarcity of a particular currency gives the right to any member country, after consultation with the Fund, to introduce temporary restrictions on transactions in that currency.

Fifthly, the IMF participates in the regulation of international monetary relations by providing loans to countries, and most importantly, as a result of its function as a coordinator of international lending. Private commercial banks view the IMF as a guarantor of maximizing profits and a tool to facilitate the expansion of their lending activities in borrowing countries.

During its existence, the IMF has become a truly universal organization, has achieved wide recognition as the main supranational body regulating international monetary relations, an authoritative center for international lending, a coordinator of interstate credit flows and a guarantor of the solvency of borrowing countries. At the same time, it begins to play an important role in the implementation of the decisions of the “seven” leading Western states, becoming a key link in the emerging system of regulation of the world economy, international coordination, and coordination of national macroeconomic policies. The Fund has established itself as an actively functioning global monetary institution and has accumulated extensive and useful experience.

2.2 IMF lending policy

The Fund's Charter uses two concepts to identify its lending activities:

1) transaction - provision of foreign currency to countries from its resources.

2) operation (operation) - provision of intermediary financial and technical services using borrowed funds. The IMF carries out lending operations only with official bodies - treasuries, central banks, stabilization funds. There are different types of loans to cover the balance of payments deficit and to support the structural adjustment of the economic policies of member countries.

A country in need of foreign currency purchases or otherwise draws foreign currency or SDRs in exchange for an equivalent amount of its domestic currency, which is deposited into an IMF account at the country's central bank. When developing the IMF mechanism, it was assumed that member countries would have an equal demand for currencies, and therefore their national currencies entering the Fund would move from one country to another. Thus, these transactions should not have been credit transactions in the strict sense of the word. In practice, the Fund receives loan requests primarily from countries with non-convertible currencies. As a result, the IMF, as a rule, provides foreign currency loans to member states as if “secured” by the corresponding amounts of non-convertible national currencies. Since there is no demand for them, they remain in the Fund until they are redeemed by the issuing countries of these currencies.

The IMF charges borrowing countries a one-time fee of 0.5% of the transaction amount and a charge, or interest rate, for the loans it provides, which is based on market rates.

After a set period of time, the member country is obliged to carry out the reverse operation - to buy back the national currency from the Fund, returning to it the funds in SDRs or foreign currencies. In addition, the borrowing country is obliged to repurchase its excess currency for the Fund ahead of schedule as its balance of payments improves and foreign exchange reserves increase. If the national currency of a debtor country held by the IMF is purchased by another member state, its debt to the Fund is thereby repaid.

The first portion of foreign currency purchased by a member country in the IMF in the amount of up to 25% of the quota (formerly the golden share before the Jamaica Agreement) since 1978 is called the reserve share. It is defined as the excess of the quota of a member country over the amount of the national currency reserve of a given country at the disposal of the Fund.

Funds in foreign currency that can be purchased by a member country in excess of the reserve share (100% of the quota) are divided into four credit shares (tranches) of 25% of the quota. The maximum amount of credit that a country can purchase from the IMF as a result of full use of reserve and credit shares is 125% of its quota. The obligations of the borrowing country, providing for its implementation of relevant financial and economic activities, are recorded in a “letter of intent” sent to the IMF. If the Fund determines that a country is using credit “contrary to the purposes of the Fund” or does not comply with its instructions, it may limit or completely stop lending to the country. The use of the first credit share can be carried out either in the form of a direct purchase of foreign currency, in which the country receives the entire amount requested immediately after the Fund approves its request, or by concluding a standby agreement with the IMF.

Figure 1. Voting structure in the IMF:

Standby agreements, or Stand-by Arrangements, provide a member country with the guarantee that it will be able to receive foreign currency from the IMF in exchange for national currency as agreed at any time, provided the country complies with the agreed conditions . This practice of providing loans is similar to opening a line of credit.

The main purpose of stand-by loans is currently lending to macroeconomic stabilization programs of IMF member countries. The currency provided by the Fund in the form of a reserve loan under the upper credit shares is issued in certain portions (tranches) at specified intervals during the term of the agreement.

The basis for a country's request to the IMF for a loan under the Extended Credit Facility may be a serious balance of payments imbalance caused by structural disturbances in production, trade, or the price mechanism. Extended credit agreements are typically limited to a term of three years; if necessary and at the request of member countries - up to four years. Since November 1992, the following limits have been in effect for member countries’ access to IMF resources under standby and extended credit agreements (together or separately): provision of loans throughout the year up to 68% of the member country’s quota: cumulative, including the country’s debt on previously received loans , the limit value is 300% of the quota (in net terms, i.e. minus the amount of the country’s upcoming repurchase of its national currency during the term of the loan agreement).

Special funds. In order to expand its lending capabilities, the IMF practices the creation of special funds (English facility - device, mechanism, fund). They differ in the purposes, conditions and cost of the loan.

1. The Compensatory and Contingency Lending Fund is intended for lending to IMF member countries whose balance of payments deficit is due to external factors beyond their control. These include: natural disasters, unexpected drops in world prices, industrial decline and the introduction of protectionist restrictions in importing countries, the emergence of substitute goods, etc. This fund includes three components:

1) since 1963, lending (currently up to 30% of the quota) to countries, especially exporters of raw materials, whose foreign exchange earnings are declining as a result of falling world prices for raw materials;

2) since 1981, lending (up to 15% of the quota) to grain importing countries experiencing difficulties due to rising world grain prices: from December 1990 to June 1992, lending to importing countries of oil, petroleum products and natural gas:

3) since 1988, compensatory financing of unforeseen losses to help countries affected by unpredictable external factors (up to 30% of the quota).

In addition, the country has the opportunity to apply to the IMF with a request to allocate funds for a special loan share (up to 20% of the quota), which can be used optionally in addition to any of the listed three types of lending. If balance of payments difficulties are caused only by a decrease in export earnings or an increase in grain import costs, the limit of compensatory loans is limited to 65% of the country's quota. When countries use Fund loans to compensate for losses associated with both a drop in export revenue and an increase in grain import costs, as well as in the case of the simultaneous use of two of the three components of the compensatory lending mechanism, a combined limit of 80% of the quota is established. The total limit for access to loans from the Compensatory and Contingency Lending Fund, taking into account all its components, is 95% of the country's quota.

2. In June 1969, the Buffer Stock Loan Fund was created to provide assistance to countries participating in the creation of such stockpiles of commodities in accordance with international agreements if this worsens their balance of payments. Limit - 30% of quota.

3. Since 1989, the Fund has been operating for financial support of operations to reduce and service external debt. This is explained by the active role of the IMF in resolving the debt crisis of developing countries in the 80s. When providing reserve or extended loans to debtor countries, a portion of the amount of these loans (up to 25%) may be reserved for the purpose of reducing the principal debt. In addition, in order to partially compensate interest payments or provide additional security for the principal debt when exchanging debt at parity for bonds with a lower interest rate, the IMF may allocate additional funds in addition to reserve or extended loans. The loan limit has been 30% of the country's quota since November 1992. In fact, the amount of additional credit is determined by the Fund as a result of consideration of each specific case, taking into account the “degree of radicalism” of the program of macroeconomic stabilization and structural adjustment of the corresponding country.

4. In April 1993, the IMF established the Structural Adjustment Facility. This fund is focused on countries transitioning to a market economy through radical economic and political reforms. The reason for its use may be, firstly, a sharp drop in export earnings due to the transition to multilateral, market-based trade, secondly, a significant and sustained increase in the cost of imports due to world prices, especially for energy, etc. thirdly, a combination of both of these phenomena. The provision of loans in this case is conditioned by the borrowing country’s fulfillment of a set of “softer” macroeconomic obligations than those associated with the receipt of standard full-scale reserve loans. Member countries can receive funds under “bridging” or “transitional” lending up to 50% of their quota. Loans are provided in two equal installments of 50% each with an interval of six months. In practice, this fund was formed mainly for countries of the former USSR that are experiencing enormous difficulties in the transition to a market economy and are not yet able to comply with the usual stringent requirements of the IMF.

Receipts by IMF member countries from special funds are in addition to their loan shares. A country's use of special fund resources may increase the stock of its national currency held by the IMF beyond the cumulative limits established for receiving loan shares.

In addition to the currently functioning four special funds, the IMF periodically creates temporary credit funds in order to solve acute problems of international monetary relations. To form them, borrowed funds are attracted from various external official sources.

The formation of additional special funds within the IMF by borrowing resources from other member countries is one of the manifestations of the process of adapting the system of interstate lending and currency regulation to the changing conditions of the world economy. The IMF acts as an intermediary in the redistribution of loan capital from more prosperous creditor countries to countries in need of loans. At the same time, exerting a forceful influence on the economic policies of borrowing countries. he acts as a guarantor of the return of these funds.

2.3 Relations between Russia and the IMF

The history of the relationship between Russia and the IMF goes back more than 18 years. Then, in 1992, bankers - members of the IMF decided to accept new Russia. The decision was formally approved on January 3, 1992 by President Yeltsin. It should be noted that Russia had already interacted with the fund before. In the forties, a Soviet delegation was present at the founding meeting of the IMF. The Union was offered a large quota, slightly less than the UK and three times higher than the French one. “Having returned to Moscow, the secular delegation suggested that the government consider membership in the IMF,” says the current head of the IMF’s Russian department, Naven Mates. “However, the government abandoned this idea.” Another fundamental issue raised by Soviet financial diplomacy at the time was the limitation of reporting provisions: the USSR did not seek to talk about its affairs. In 1992, this issue was no longer raised, although until then such data as, for example, the volume and dynamics of gold and foreign currency reserves were considered strictly secret. We can say that to a certain extent the IMF patronized the capitalism of Yeltsin's Russia. Mr. Mathes also recalled this: “Russia, at the time of its admission to the IMF, was in a state of crisis, but had enormous potential. In the 18 years since it was accepted into the fund, this potential has become possible to realize, and today Russia plays an important role in many international initiatives. This was greatly facilitated by the intensive relationships within the nine programmes. Russia has been the target of the largest financial transactions in the history of the IMF."

In total, over the entire period of cooperation, it was proposed to allocate 25 billion SDR, and in the end 15 billion SDR were allocated (an abbreviation for Special Drawing Rights, which translates as “Special Drawing Rights”, an accounting unit of the IMF, 1 SDR is equal to 1.5 dollars) . The “borrower-creditor” relationship then determined the relationship between Russia and the IMF, i.e. the borrower monitored the spending of funds, gave recommendations and instructions on how to conduct financial policy so that the spending of borrowed funds was most effective, and made decisions to give or not to give subsequent loans.

Figure 2.

Now Russia has no debts to the IMF, they have been repaid. Now Russia participates in the IMF as a creditor, participates in financial practice, in discussing policy principles, developing decisions, and documents. The Ministry of Finance continues to study the reports, reports and recommendations of the IMF, however, now they are nothing more than calculations of experts. Former leader The Moscow representative office of the IMF, Martin Gilman, however, is inclined to believe that credit relations were not the main and not decisive: “These relations can be called the relationship between a teacher and a student. It was a relationship of mutual learning, between partners who were wary of each other in some ways, trusted in others, and not in others. We taught Russian personnel to think macroeconomically. It’s gratifying that many of them now occupy key positions.” The results, in his opinion, are perfectly illustrated, for example, by the population’s attitude towards the national currency. Fifteen years ago in Russia no one wanted to have rubles. Everyone wanted to have foreign currency. And now the ruble has strengthened and has a real chance of becoming an international reserve currency.

The IMF recommends that Russia not be too hasty in tax liberalization. More than once, fund specialists have spoken out in favor of strengthening the ruble. All this could not but lead to the emergence of opponents for the IMF, opponents among Russian experts and businessmen. Their point of view is voiced by Andrey Cherepanov, ex-chairman of the Moscow International Monetary Association, head of the National Development Project: “If we remember the history of the IMF recommendations that were implemented by Russia, then, unfortunately, nothing positive will be found in this experience. We can recall the history of GKO (1998). The same story is with the Stabilization Fund, when the IMF does not recommend spending money for domestic needs, but sending it to the West and placing it in government bonds developed countries, that is, to contribute to the development of our competitors and help them reduce their budget costs. Moreover, the proceeds go to maintaining their debt pyramids.” Common sense suggests that if the IMF were guided not only by the interests of the developed countries of Europe and the United States, but wanted to give Russia beneficial recommendations, then it would advise not to spend priceless mineral resources at such a pace, but to consider the topic of prospects, and, if we do spend it, then do not create systems in which excess profits are burned, thus turning production into a waste. It is not unusual for the IMF to recommend “unfavorable trends and doctrines” to recipient countries, since its mission is to prevent the emergence of new competitive economies. Many people associate the 1998 default with the IMF. However, Mr. Mathes testifies: “In 1997, the IMF did not recommend or insist on a fixed exchange rate. Now such ideas can only be dealt with in hindsight.”

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Introduction

International monetary, credit and financial relations are an integral part and one of the most complex areas of the market economy. They focus on the problems of the national and world economy, the development of which historically runs parallel and is closely intertwined. With the internationalization of economic relations, international flows of goods, services, and especially capital and loans increase. Big influence International monetary, credit and financial relations are influenced by leading industrialized countries, which act as rival partners. Recent decades have been marked by the intensification of developing countries in this area.

Under the influence of new factors, the functioning of international monetary, credit and financial relations has become more complex and is characterized by frequent changes. Therefore, the study of world experience is of great interest for the emerging market economy in Russia. The gradual integration of Russia into the world community, entry into the International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD) group require knowledge of the generally accepted civilized code of conduct in the world markets of currencies, loans, securities, and gold.

The object of this study is international credit organizations.

The subject of the study is the peculiarities of interaction between the IMF and the World Bank, as the most important credit institutions, with Russia

The purpose of this work is to study the structure of the International Monetary Fund (IMF) and the group of the International Bank for Reconstruction and Development (IBRD).

To achieve this goal, we define the research objectives:

 Consider the mechanisms of action, conditions and system for providing loans from the IMF and the World Bank.

 Study the features of international monetary, credit and financial relations in Russia.

 Features of lending and the influx of foreign investment into Russia, problems of participation in international financial institutions.

 Reveal the essence, evolutionary formation, functions and role in the economy of credit institutions

 Justify the places and roles of credit institutions in the activities of Russia.

 Identify areas for improving interaction between the IMF and the World Bank and Russia.

 Consider methods for forming and maintaining interaction between the IMF and the World Bank and Russia.

When writing the work, the following general scientific research methods were used: abstraction, induction, deduction, analysis and synthesis, analogy, comparison, observation, dialectics.

The course work consists of an introduction, two chapters, a conclusion, a list of references and applications.

The first chapter of the course work summarizes theoretical approaches to the activities of credit institutions. The activities and development of international credit organizations IMF, IBRD and others are analyzed.

In the second chapter of the course work, the special role of the IMF and IBRD in Russia’s activities is substantiated and methods of forming and maintaining interaction with them are analyzed.

Chapter I. International credit organizations

1.1. Goals, principles and classification. World Bank Group

The increased internationalization of economic life has led to a sharp increase in the number of problems related to the world economy and international economic relations that cannot be resolved on a bilateral basis, but require the participation of a significant number of states or even all states of the world, which is especially important when solving global problems facing humanity. But it's not just about the quantitative side. The increasing complexity of the issues to be resolved in everyday economic life necessitates their prompt resolution with the help of an institutional, permanent mechanism. International economic organizations are designed to be such a mechanism.

All international economic organizations are usually divided into two categories: intergovernmental, whose participants are directly states, and non-governmental, which includes associations of producers, companies and firms, scientific societies and other organizations.

Various classifications of these organizations are possible. In modern conditions, it is advisable to distinguish the following types:

1. Interstate universal organizations, the purpose and subject of activity of which are of interest to all states of the world.

2. Interstate organizations of a regional and interregional nature, which are created by states to resolve various issues, including economic and financial

3. International economic organizations operating in certain segments of the world market. In this case, they most often act in the form of commodity organizations, uniting a wide or narrow range of countries.

4. International economic organizations, represented by semi-formal associations like the G7 (USA, Japan, Canada, Germany, France, Great Britain and Italy). The economic “weather” on the entire planet largely depends on the state of the economy of these leaders of the world economy.

5. Various trade, economic, monetary, financial and credit, industry or specialized economic, scientific and technical organizations.

International and regional monetary, credit and financial organizations are institutions created on the basis of interstate agreements for the purpose of regulating international economic, including monetary, credit and financial relations. These organizations include: the Bank for International Settlements, the International Monetary Fund, the International Bank for Reconstruction and Development, and regional development banks.

International monetary, financial and credit organizations are playing an increasingly prominent role in the global economy. Firstly, their activities make it possible to introduce the necessary regulatory principles and a certain stability into the functioning of currency and settlement relations. Secondly, they are intended to serve as a forum for establishing currency and settlement relations between countries, and this function is invariably strengthened. Thirdly, the importance of international monetary, financial and credit organizations is increasing in the field of studying, analyzing and summarizing information on development trends and making recommendations on the most important problems of the world economy.

The World Bank Group is made up of five closely related institutions whose common goal is to provide financial assistance from developed countries to developing countries. This group includes:

1. The International Bank for Reconstruction and Development (IBRD) is the main component of the World Bank group. Founded in 1945 Focuses its efforts on providing loans to relatively wealthy developing countries. This bank is often called the World Bank.

2. International Development Association (IDA). Formed in 1960 Provides especially preferential loans to the poorest developing countries who are unable to borrow from the World Bank. IDA issues up to $5 billion in loans per year.

The International Development Association basically follows the same policy as the IBRD regarding the selection of projects for financing. IDA requirements are more lenient compared to the IBRD requirements and apply not so much to the level of a country’s debt, but to the targeted and efficient use of the funds provided. In addition, a criterion is formally established for the level of GNP per capita at which a country can receive IDA funds: no more than $1,305. (IBRD, on the contrary, has more). However, in practice, IDA loans are available at significantly lower income levels. The borrower can be the government or an organization that has a government guarantee. Most loans and credits are of a “project nature”, i.e. allocated for specific projects.

When distributing funds, IDA gives special priority to fighting poverty, protecting the environment, and supporting macroeconomic and sectoral policies nation states.

The terms of the loans depend on the duration of the financed project, but generally the repayment period for IDA is 35-40 years.

3. International Finance Corporation (IFC). Founded in 1956

It promotes the development of private economic initiatives in developing countries by providing loans on preferential terms together with interested private investors. Unlike the IBRD and IDA, member countries must repay their signed share in full, reflecting the commercial nature of the IFC.

Article 1 of the IFC Charter states that the main goal of the organization is to combine the efforts of international and private capital, and the experience of managers to promote private investment in less developed member countries. The need for such a financial institution arose because the IBRD, by its status, provides loans only to governments or requires government guarantees and does not have the right to participate in the authorized capital of private firms. In contrast, IFC participates in the equity capital of private enterprises and also facilitates the sale of shares and debentures of such enterprises, and also facilitates the sale of shares and debentures of such enterprises by providing guarantees. At the same time, the participation in the financing of private enterprises, along with the IFC, also includes state capital, both in the form of loans and in the form of shares, is not excluded.

Until the mid-1980s. IFC received funds mainly from statutory payments of member countries, IBRD loans and current profits. Since 1985 Refinancing policies in international capital markets are becoming increasingly important. The IFC's source of refinancing is also the sale of participation shares in the equity capital of private enterprises in developing countries, especially since such participation is limited in time. Since 1995, IFC began selling claims on loans to a specially created offshore trust organization, which securitizes (transforms any assets into securities) loans by distributing specially issued certificates to institutional investors and banks.

IFC's financial assistance may take the form of long-term loans, equity, guarantees, or a combination of these. Although IFC does not require government guarantees, it carefully reviews the creditworthiness of the beneficiaries of its funds. In addition, financing risk is reduced through IFC participation, usually in syndicated loans, covering no more than 25% of total costs. Loans provided by the IFC are intended primarily to finance the development of financial services and capital market institutions. Loans to the processing industry, automotive industry, chemical industry and the tourism sector.

The financial conditions of IFC loans are more “tough” than those of the IBRD and IDA. The majority of IFC's loans are for terms ranging from 7 to 12 years at fixed or variable rates in a wide variety of currencies.

IFC's participation in the equity capital of private firms is carried out by providing funds in the national currency of the relevant country. Participation shares are sold after the implementation of the investment project. In addition, to increase the interest of private investors, the IFC guarantees the amount of contributions to the authorized capital. IFC invests funds provided by investors in authorized capital, accepting the risk of loss. Dividends and returns on capital are divided between investors and IFC in accordance with the agreement concluded between them. After the end of the agreement, the investor chooses between the options of rewriting the participation share in his name, or abandoning it, and at least the initial capital contribution is returned to him.

4. International Investment Guarantee Agency (MIGA). Created in 1988

The Multilateral Investment Guarantee Agency plays a significant role at the intergovernmental level to stimulate the flow of investment among member countries, especially to developing countries, and is a member of the World Bank Group.

The main function of this Agency is to provide guarantees against non-commercial risks in relation to investments made in one of the member countries. Guarantees are provided by the Agency either independently or jointly with other organizations. Along with the first guarantees of foreign investments, MIGI provides reinsurance of non-commercial risks. The Agency is particularly committed to providing guarantees for investments for which similar coverage on reasonable terms is not available from private insurers or reinsurers.

Non-commercial risks for which MAGI provides guarantees include: restrictions on the transfer of currency: expropriation and similar measures, as a result of which the owner of the guarantee is deprived of ownership of, control over his investment or significant income from such investment; breach of contracts; war or civil unrest.

In addition to deliberate actions in the country receiving investments that lead to losses for foreign investors, MIGA guarantees also apply to cases of inaction by national governments in cases where their intervention was necessary. At the same time, various types of reservations are provided that allow negative consequences in the activities of foreign investors to be interpreted as a consequence of the general economic situation. For example, a foreign investor must prove that its losses arose as a result of the discriminatory policies of the host government, rather than general economic regulation measures.

Guarantees are provided only in case of risks arising in developing countries - members of MIGA. The object of the guarantees is foreign direct investment, including those made through the purchase of shares of companies in the host country. In the form of an assignment, the investor assigns to the agency the rights or claims associated with the guaranteed investment. The agency should also contribute to the removal of barriers to the movement of capital, including the signing of unilateral and multilateral agreements to stimulate foreign direct investment, and the settlement of disputes between investors and host countries.

5. International Center for the Settlement of Investment Disputes (ICSID). Founded in 1966 Promotes the flow of international investment by providing services for arbitration and dispute resolution between governments and foreign investors, conducts consulting, scientific research, and has information on investment legislation in various countries.

It is also possible to classify these organizations from a different point of view.

The two main organizations are the International Bank for Reconstruction and Development and its subsidiary the International Development Association. In addition to the above organizations, the World Bank Group also includes IFC, MIGA, and ICSID as associate members

The main goals of the World Bank Group organizations are:

A) assistance in the reconstruction and development of the national economy of the participating countries;

B) encouraging private and foreign investment through the provision of guarantees and participation in loans and investments of private creditors and other investors;

C) stimulating balanced growth of international trade and maintaining a balanced balance of payments of participating countries.

Coordinated mechanisms for implementing tasks are being developed, which is also ensured by organizational integration, in particular the presence of a common president, Board of Governors and Executive Directorate. The principles for determining quotas, the number of votes, and representation in governing bodies are similar for the World Bank Group and the International Monetary Fund. Their governing boards hold a joint meeting once a year.

However, there are peculiarities in the financing mechanism of WBG organizations, criteria for selecting candidate countries for assistance, and lending conditions. Each organization is legally independent. IFC and MIGA have their own staffs and their own executive vice presidents. Like the IMF, the WBG is structured on a regional-sectoral principle: some vice-presidents head regional departments, the rest are responsible for specific areas of management. At the same time, the regional structure of the WBG is more extensive than that of the IMF. In addition, the WBG organizations have a more representative composition of specialists: in addition to economists and financial experts (as in the IMF), they also employ engineers, agronomists, lawyers, experts in telecommunications and other various industries. Their task is to thoroughly examine the projects for which funds are proposed to be allocated.

Since 1992, Russia has been a member of the IMF and the World Bank.

The Bank for International Settlements (BIS) is the first interstate bank, which was organized in 1930. in Basel as an international bank of central banks. Its organizers were the issuing banks of England, France, Italy, Germany, Belgium, Japan and a group of American banks led by the Morgan banking house.

One of the objectives of the BIS was to facilitate settlements of German reparations payments and war debts, as well as to promote cooperation and settlements between central banks. The BIS still retains its main function as coordinator of central banks of leading developed countries. It brings together the central banks of 30 countries, mainly European. Since 1979, the BIS has been making payments between countries participating in the European Monetary System, acting as the depositary of the European Coal and Steel Community (ECSC), and carrying out transactions on behalf of the OECD and its participating countries.

The BIS carries out deposit and loan, foreign exchange, stock transactions, purchase and sale and storage of gold, and acts as an agent of central banks. As a Western European international bank, the BIS carries out interstate regulation of monetary and credit relations. It is also necessary to say something about the regional monetary organizations of the European Union.

The European Investment Bank (EIB) was created in 1958 with the aim of providing loans for a period of 20 to 25 years for the development of backward areas, the implementation of interstate projects, and the modernization of the sectoral production structure.

The European Monetary Cooperation Fund (EMCF) was created in 1973 within the framework of the European Monetary System, and since 1994 - the European Monetary Institute (EMI). It provides loans to cover the balance of payments deficit of EMU member countries, subject to their implementation of economic stabilization programs. Within the framework of the EMU, the EMI is entrusted with the functions of credit and settlement services for member countries.

The European Bank for Reconstruction and Development (EBRD) was established under an agreement signed in Paris on 29 May 1990 to assist reforms in Central and Eastern Europe as countries in the region transition to market-oriented economies. The bank's founders are 40 countries: all European countries except Albania, as well as the USA, Canada, Mexico, Venezuela, Morocco, Egypt, Israel, Japan, South Korea, Australia, New Zealand and two international organizations - the European Union and the European Investment Bank. The former USSR also took part in the formation of the bank; the Russian Federation is now a member of the bank.

The EBRD began its activities in April 1991, its capital in the amount of 70 billion francs is distributed as follows: 50% belongs to the Commission of the European Communities and 12% to EU countries; 11.3% - to other European countries; 24% - to non-European countries, including: USA - 10% of capital, Japan - 8.52%, countries of Eastern and Central Europe - 13.7%, the former USSR, and now the Russian Federation - 6%.

The EBRD's goal is to play a stimulating and accelerating role in attracting capital to the infrastructure sectors of Central and Eastern Europe. By providing loans, the bank helps Western industrialists take the necessary risks in conquering markets in the East, and this will contribute to the speedy transition of Eastern European countries to economic stability and the introduction of convertibility of their currencies.

1.2. International Monetary Fund (IMF)

The International Monetary Fund is an international organization whose participants are obliged, in accordance with the articles of the Agreement adopted in 1944, to comply with the rules for conducting international transactions and closely cooperate on issues of international currency policy and interstate payment turnover, as well as provide mutual financial assistance to overcome the balance of payments deficit .

The International Monetary Fund is, along with the General Agreement on Tariffs and Trade (GATT) and the World Bank, one of the world's leading organizations created after World War II to strengthen international economic cooperation.

The agreement to create the IMF was adopted in July 1944. At the international monetary and financial conference of 45 states in Bretton Woods (USA) and came into force on December 27, 1945. Since then, the IMF has played a leading role among all IFCOs in developing principles for the functioning of the global financial system and monitoring their implementation. The tasks facing him remained basically the same, but the forms and methods of their implementation changed along with the evolution of the world financial system. In addition, the list of Foundation members has expanded significantly, covering almost all countries of the world.

At the first stage, the main tasks of the IMF were:

 elimination of exchange controls, which were practiced by many countries before the Second World War;

 ensuring currency convertibility;

 stabilization of exchange rates in accordance with the basic principle of the Bretton Woods system;

The first two problems in relation to the main world currencies have been largely solved. In particular, convertibility for spot transactions is practically guaranteed. In EU countries, since 1990, freedom of capital flow has been proclaimed. Most developed countries have eliminated or relaxed exchange controls, so the IMF should now promote free trade. However, many developing countries and countries with economies in transition, which include Russia, continue to practice currency controls. The Foundation consults with such members at least once a year.

To date, it has not been possible to find a mechanism to ensure relative stability of exchange rates. In the modern world monetary system, the idea of fixed currency parities has been abandoned, but the problem of preventing sharp jumps in the exchange rates of individual currencies remains relevant, since they lead to disorganization of economic relations and significant losses for TNCs.

The number of IMF member countries is constantly growing (182 in 2002). In the 1990s. The CIS countries, as well as Switzerland, which previously adhered to the principle of “constructive non-membership,” joined the IMF.

The governing body of the IMF is the Council of Governors (Managers), in which each of the participating countries has its own representative - mainly the minister responsible for monetary policy in his country, or the president of the issuing bank. The Council of Governors is authorized to resolve critical issues, in particular the admission of new members, the establishment and change of participation quotas, and the provision of additional SDRs to countries. Since 1972 Special committees of the Council of Governors were tasked with monitoring the functioning of the monetary system and its further development.

Until 1974, this work was carried out by the Committee of Twenty, named after the number of members, whose main task was a fundamental reform of the international monetary system in connection with the destruction of the Bretton Woods system. Since 1974, current control over the functioning of the world monetary system and its adaptation to changing conditions has been carried out by a new World Committee, which consists of 24 people. Its meetings are held 2 times a year. Formally, the Committee does not have decision-making rights, being an advisory body. But in fact he plays a leading role in the IMF. This committee, if there is a majority vote of the Council of Governors (85%), can be transformed into a new body with powers - the Council at the ministerial level.

There are also two groups: the first includes 8 representatives each from the continents of Africa, Asia and Latin America, who meet before the meetings of the World Committee, the second includes representatives of developed countries. The latter coordinates assistance to Central and Eastern European countries.

The current economic management of the IMF is carried out by the Executive Directorate, consisting of 24 executive directors. Of these, 5 are determined by IMF members with the highest quotas, the rest are chosen every two years by the governors of other participating countries, as a rule, by regional groups. The Executive Directorate is elected for a five-year term by the Managing Director, who is also the supreme supervisor of the IMF's international headquarters.

Each country's share of both the Board of Governors and the Executive Directorate directly depends on the country's financial participation in the IMF. Each member has 250 primary votes and 1 additional vote for every 100,000 country quota units. The last quota is calculated on the basis of such indicators as GNP, the value of gold and foreign exchange reserves, the volume of exports and imports, etc. The main share of votes belongs to the United States (about 20%), as well as the EU countries in total (about 30%). However, in the executive directorate there is a veto rule, which often neutralizes primacy in votes.

Each country is assigned a quota that determines members' payment obligations, borrowing rights, and voting rights. Initially, one fourth of countries' payment obligations were fulfilled in gold, the remainder in the country's currency. In the second edition of the IMF Charter, payments in SDRs took the place of gold. However, the Fund may permit this portion of payments to be made in foreign or the country's own currency. Within the limits of financial payments for its obligations, the country automatically receives the right to borrow in the so-called reserve tranches. It is clear that the reserve tranches do not actually represent lending by the IMF. If the economic role of participating countries increases, their quota increases, which increases their ability to borrow in reserve tranches, as well as the financial potential of the IMF.

Consistent with the cooperative framework, the IMF seeks to provide assistance to finance balance of payments deficits primarily through payments from its members. However, in addition to the latter, the Fund also uses other opportunities to replenish its credit resources:

 mandatory sale by IMF members of their currencies within established limits for the provided SDRs;

 borrowing from IMF members with their consent;

 operations on international financial markets;

 interest payments on previously granted loans and repayment of principal amounts;

 credit lines that are opened by individual countries or groups of countries

Until 1993, there was a credit line that was opened in accordance with an agreement between 10 countries (USA, Germany, Japan, France, etc.) and was initially used only for lending to these countries, and then also to other IMF members. In the 1970s, following two sharp increases in oil prices, the Fund borrowed from oil-producing countries that had positive balances of payments and significant foreign exchange reserves.

Opportunities for raising funds on international financial markets are still practically not used by the fund. A number of its most active members fear that operations in them will make the IMF highly dependent on the development trends of these markets, which are not always favorable.

The Fund's loan portfolio is quite wide and is constantly changing: some types of credit assistance to participating countries cease to exist, while others, on the contrary, are introduced into practice. The last reform of the IMF's lending policy occurred in 2000, following a period of financial crises that affected many developing countries, and also due to the fact that the incidence of defaults and delays in loan repayments increased. As a result of the reform, the number of the Fund's loan programs was reduced, their size was reduced, the expected loan repayment period was reduced, and control over the use of funds was strengthened. The number of regular credit lines from this period became five, and, in addition, a credit line is maintained, under which funds are provided on more lenient terms than usual.

Most types of Fund loans have a number of common features. Firstly, most often its value is linked to the size of the country’s quota in the IMF, although there are exceptions. Secondly, credit is provided in the form of borrowing, in which a country buys foreign currency or SDRs from the IMF with its own. After a specified period, the participating country is obliged to repurchase the national currency in the funds in which the loan was provided. Thirdly, loans are provided subject to the country's acceptance and fulfillment of certain obligations to reform the economy, agreed upon with the Fund (the linked nature of the loans).

The main types of IMF loans are the so-called “Stand-by” loan agreements. Their main purpose is to lend to macroeconomic stabilization programs of participating countries to overcome the balance of payments deficit. Funds purchased by the country under credit lines are provided in tranches. Each subsequent tranche is allocated only if the country fulfills stabilization programs. In the latter, the IMF establishes, in agreement with the participating country, macroeconomic measures, for example, to overcome the budget deficit, reduce inflation, establish or mitigate export and import quotas and duties, etc. If a country does not comply with the terms of the agreement with the IMF, then the next tranche may be delayed or the obligation to overcome it may be canceled.

One of the relatively new types of IMF loans is the provision of funds to replenish the foreign exchange reserves of the country's central bank. These funds serve to prevent sharp exchange rate fluctuations that could lead to large balance of payments deficits.

Comprehensive financing lines are opening for countries exporting raw materials and importing grains. In the first case, temporary losses arising from countries whose foreign exchange earnings are highly dependent on the situation in world export prices are compensated; in the second, additional costs associated with increased grain import prices are compensated. The interest accrued on these loans depends on the source of funds, the purpose of the loan and the borrower. In addition, the IMF charges borrowing countries a fee of 0.5% of the loan amount to cover organizational costs.

For countries that have low per capita income and have large balance of payments problems, the IMF provides loans to fight poverty and promote economic growth. The interest rate on them usually does not exceed 0.5% per annum. Before loans are provided, the borrowing country, the IMF and the World Bank jointly develop a medium-term economic development framework that serves as the basis for a structural adjustment program specified in annual agreements between the parties. Unlike stabilization programs for credit tranches, the “framework” plan for economic development is less rigid; in particular, as a rule, target values for the level of inflation, public debt, etc. are not set.

To ease the financial burden for developing countries when receiving credit tranches and special lines (actually on market conditions), the IMF can provide interest subsidies from a special account, sometimes reaching half the loan rate. Funds in this account come primarily from payments on Trust Fund loans, as well as donations from a number of countries. Since the IMF is generally committed to the principles of equal service to its members, interest subsidies are an exception.

When deciding on the provision of credit tranches and special lines, the impact on the country’s balance of payments of a number of significant quantities is examined, for example, such as import and export prices of the most important goods, interest rates on international financial markets, etc. If they change unfavorably and this is reflected in the payment balance sheet of the country, then, based on the conclusion of the Fund’s experts, a decision can be made to provide a loan. If the trends in changes in the studied quantities are more favorable than expected, then the country is obliged to increase its foreign exchange reserves or reduce funds borrowed from the IMF.

Due to the fact that a number of countries do not comply with their payment obligations, the IMF has opened insurance accounts. Funds for them come mainly from interest on IMF loans, as well as from contributions from debtor and creditor countries. Every year, the IMF's insurance reserves increase by 5%.

The Fund's funds began to be used on a significant scale only in the mid-1970s. Previously, their volume was insufficient to finance the significant balance of payments deficits of many countries. In addition, after the end of World War II, aid provided under the Marshall Plan played a significant role.

Since 1974, when the first oil crisis broke out, borrowing from the IMF has increased sharply, amounting to. more than 19 billion SDR. Their next surge (SDR 4,305 billion) occurred in 1980-1984. and caused by the second oil crisis. Many countries during this period of time switched from international financial markets to the IMF, despite the fact that loans from private financial institutions are free from the countries taking on political and economic obligations. However, the financial costs of international loans were exorbitant for these countries.

The third peak in the activity of the borrowing policy occurred in the period from 1989. By the same time, reverse payments by debtor countries on previously taken loans also increased sharply. It should be noted that the monetary nature of IMF assistance causes a constantly repeating process of circulation of funds, so that periods with increased borrowing activity are followed by periods of a reverse flow of funds from the Fund's debtors.

During the years of the global financial crisis (1997-1998), which particularly hit Russia and the countries of East and Southeast Asia, the volume of borrowing from the IMF again increased sharply. However, as experience has shown, many countries did not fulfill their obligations. This led to criticism of the IMF and a tightening of lending policies.

The International Monetary Fund considers one of its main tasks not so much to provide its own funds as to improve the image of borrowing countries by providing them with loans (the role of a catalyst). This makes these countries more attractive to other lenders.

1.3. International Bank for Reconstruction and Development (IBRD)

A member of the International Bank for Reconstruction and Development can only be a state that is also a member of the IMF and thus assumes the obligations arising from this. Membership in the IBRD is, in turn, a prerequisite for membership in other organizations of the World Bank Group. In accordance with Article 1 of the IBRD Charter, it was created in connection with the great need for financial resources from member countries for revival and economic development. At first, IBRD funds were used to revive European countries within the framework of the American program (“European Recovery Program”), based on the Marshall Plan. Since the 1950s The IBRD turned to economic assistance to developing countries.

When the bank was founded, financial resources were obtained from contributions from its members and are replenished from this source when new members join. However, the authorized capital played a key role in financing the bank's programs only at the first stage. The IBRD currently obtains fixed assets through operations in international financial markets through the issuance of medium- and long-term debt instruments with the highest credit ratings, as well as through private placement of funds from governments, central banks and other creditors at fixed interest rates. IBRD places its securities in more than 100 countries and is the largest borrower in global capital markets, as well as one of the largest non-resident borrowers in national markets.

Unlike the IMF, the IBRD borrows funds not only from governments, but also from private organizations, and in much larger amounts. IN Lately Funds from the repayment of previously granted loans and interest on them are becoming increasingly important. From time to time, the IBRD also sells guaranteed claims on loans provided by the bank to investors who are looking for secure investment opportunities.

Since 1982, the IBRD, in addition to traditional medium- and long-term loans, began to attract funds in the money markets, in particular through the distribution of short-term discount notes and notes with floating interest rates and taking short-term loans from issuing banks within the framework of credit lines opened by them. Even more than short-term loans, the IBRD's refinancing policy since the 1980s. began to define currency swaps, which allowed him to reduce financial costs by using currencies with lower interest rates. At the same time, borrowing countries also benefited by receiving loans on more favorable terms. However, they are exposed to higher exchange rate risk due to the fact that low-interest currencies have an increased value relative to the dollar. In this regard, the IBRD moved in 1989 to a more weighted currency basket of its pool in order to reduce the exchange rate risk of borrowers, despite a slight increase in the average interest rate.

Thanks to careful selection of projects, borrowing countries and control over the use of funds, the IBRD does not experience permanent losses due to the cessation of principal and interest payments. However, there are still delays in the repayment of loans in a number of countries, such as Nicaragua, Peru, Liberia and some others. For problem loans, the IBRD creates special reserve funds. In the interests of creditor countries, the IBRD does not, in principle, participate in actions to restructure the debts of countries experiencing serious problems with the balance of payments.

They have essentially the same policies regarding the selection of projects for financing, providing loans and credits only to projects that are economically and technically sound and have a high priority for the economic development of the debtor countries.

There are significant differences in the conditions for selecting recipient countries, as well as the loans themselves. The IBRD provides funds, as a rule, not in the national currency of the debtor country, but in mottos (internationally pegged means of payment). In accordance with the IBRD Charter, the solvency of debtor countries must be sufficiently high, therefore, first of all, the size and structure of its international debts are checked. If a developing country is not prosperous in this regard, then it cannot be an IBRD borrower.

The borrower can be the government or an organization that has a government guarantee. Most IBRD loans and credits are of a “project nature”, i.e. are allocated for specific revival and development projects, except in specially specified cases.

World Bank specialists classify their loans as follows.

Special investment loans. They are provided to finance a specific facility for the purpose of constructing new production facilities, expanding production at existing production facilities, or improving their maintenance. In fact, it is loans of this kind that are classified as project loans, and they still dominate the total volume of loans (about 50%).

Sectoral operations. Under this name, various loans are combined that are provided to finance projects within target sectors of the economy, such as transport, energy, agriculture, etc. The determination of financed objects within the target sectors is carried out by the governments of the borrowing countries according to criteria established by the World Bank. Loans are made either directly to the government or to organizations that are designated by the government and effectively act as intermediaries between it and the final borrower, e.g. national societies development finance or agricultural funds. Sectoral operations also include sectoral structural adjustment loans designed to solve general problems within the boundaries of target sectors that may arise, for example, when economic policy changes. Often the proceeds from these loans are used to finance import operations.

Structural reorganization loans (budget-replacing rehabilitation loans). They have been introduced since 1980 as assistance to countries experiencing problems with the balance of payments, and provide for a wide range of activities of the national government. The criteria for the allocation of such loans are the most lenient and consist of the country presenting a structural reform program agreed with the World Bank and having prospects for success. This kind of loans is akin to similar financing by the IMF of measures to overcome the balance of payments deficit, therefore these organizations agree on the scale, terms, and conditions of lending.

The IBRD also provides loans to overcome the consequences of disasters, such as earthquakes or droughts, but their importance is still small (about 1% of all allocated funds).

The terms of loans depend on the duration of the financed project, but generally the repayment period for the IBRD is 12-15 years.

Funds provided by the World Bank in foreign currency must, in principle, be repaid in the same means of payment. If the costs of programs and projects implemented by national governments arise in the national currency, then they must be reimbursed from their own funds, so that the governments themselves bear the currency risks. If, in this case, in a given country, due to the underdevelopment of the national currency market, there is not a sufficient amount international funds payment, then the government must purchase them on international financial markets.

Since the IBRD itself provides loans from borrowed funds, interest rates depend on general trends in their movement in international capital and money markets.

For a long time, the IBRD used calculation formulas to determine interest rates. However, they did not take into account a number of new phenomena of the late 1970s - early 1980s, large fluctuations in rates on international markets; transition to the use of floating interest rates in international lending; increasing the period of time between loan promises and the actual start of providing loans, etc. In connection with this, the IBRD moved from 1982. To the use of floating interest rates, reviewed every six months. The initial interest rate is based on the bank's own acquisition costs. A margin of 0.5% is then added to the weighted average cost of capital. In fact, the interest rate, taking into account the bank's margin, is about 6-7% per annum. While most IBRD loans have rates comparable to market rates, IMF loan tranches, on the contrary, are cheaper than market rates. The IBRD, like the IMF, charges a commitment fee, % per annum, on the unspent loan amount.

Before providing loans, the IBRD analyzes the overall economic condition of the borrowing country, primarily the balance of payments, development plans and investment policies. Next, the economic, technical and institutional aspects of the project are analyzed in terms of its feasibility and cost-effectiveness. Once the project analysis is completed, the IBRD loan agreement sets out specific conditions that must be met by the parties. In addition, the agreement includes general provisions of the World Bank, which, however, can be adjusted. During the project implementation period, the World Bank sends commissions to check the progress of its implementation. Approximately one year after the final disbursement of funds for any project, the World Bank prepares a report summarizing the current results.

Chapter II. Lending to the IMF and World Bank in Russia

2.1. Russia and the IMF. Collaboration Analysis

Russia's integration into the world economy suggests its participation in interstate financial institutions. In the conditions of increased interdependence of the world, the country could not, without damaging its interests, remain aloof from participating in international monetary, credit and financial organizations.

In 1985 a course was set for the gradual accession of the SSSO to the IMF and the World Bank. However, the obstacle was the reluctance of the West to agree to full-scale membership of the USSR in these organizations. After the collapse of the USSR, the states that were part of it took the path of individual entry into the Bretton Woods institutions. Russia submitted an application to join the IMF and the World Bank on January 7, 1992.

On April 27, 1992, the IMF Board of Governors voted to admit Russia and thirteen other former Soviet republics. After the signing of the Articles of Agreement (charter) of the IMF on June 1, 1992, the constituent documents of the IBRD on June 16, 1992. and the IFC on April 12, 1993, by Russian representatives, Russia officially became a member of these organizations.

In terms of quota size (SDR 5.9 billion, or $8.3 billion), Russia ranks ninth after Canada. Such a quota does not give Russia the right to a permanent seat on the Executive Council. However, with 43,381 votes, she single-handedly elects her own executive director.

Russia's responsibilities as a member of the IMF. Firstly, the elimination of currency restrictions, maintaining the convertibility of national currencies for current international transactions, and non-participation in discriminatory currency agreements.

Secondly, do not resort to multiple exchange rates. Since July 1992, there has been a single official ruble exchange rate.

Thirdly, the country’s information openness, provision of statistical data to the Fund about its economy, balance of payments, gold and foreign exchange reserves, admission of IMF representatives to its territory to study the state of the economy and the nature of macroeconomic policy. Allows you to resort to the services of highly qualified experts of the Foundation and use their experience.

Membership in the IMF allows Russia to use loans in freely convertible currency to financially support economic reforms and cover the balance of payments deficit.

On April 1, 1992, the first international assistance program for Russia was announced ($24 billion) with the support of the IMF. It was intended to establish a stabilization fund for the Russian ruble ($6 billion) to maintain its exchange rate and convertibility through interventions in the Russian foreign exchange market. The IMF was supposed to provide Russia with a reserve loan ($3 billion) to cover the balance of payments deficit.

August 5, 1992 The IMF provided Russia with the first credit share as part of a stand-by loan, when using which the Fund requires the borrowing country to fulfill a relatively soft conditions. The credit line was opened in the amount of SDR 719 million ($1.04 billion) at 7.5% per annum with a maturity of five months. These funds were used to replenish foreign exchange reserves and intervene in the foreign exchange market. Subsequent tranches of the Russian reserve loan in 1992. I didn't receive it. The most important parameters controlled by the IMF—the budget deficit and inflation in Russia—did not meet its standard requirements. Thus, the most valuable component of the bailout package - untied foreign exchange funds that the authorities could have used to carry out economic reforms and macroeconomic adjustments - remained unrealized.

The second package of assistance to Russia ($43.4 billion) was adopted at the G7 meeting (Tokyo, April 1993). Provided for a loan for “priority stabilization measures” in the amount of $4.1 billion, including $3 billion under the IMF’s facility for financing systemic transformations in countries with economies in transition, conditional on meeting more moderate requirements than for a standard loan. The procedure for granting a loan was simplified. The first half of this loan ($1.5 billion) was provided to Russia in July 1993. However, the second half of this loan was not received in 1993, since the IMF was not satisfied with the results of the financial stabilization carried out in Russia. The Foundation provided it only on April 25, 1994.

It was planned to implement a “full stabilization program” using the IMF reserve loan ($4.1 billion) and the ruble stabilization fund (6 billion), totaling $10.1 billion. Both positions were contained in the 1992 aid package, but were not implemented. The reserve loan was partially intended to be used for the redemption of debt obligations of the former USSR in relation to foreign private commercial banks on the secondary market. However, since Russia was again unable to fulfill the strict conditions of IMF loans, their provision was again delayed.

After the currency shocks in the fall of 1994, which culminated in the famous “Black Tuesday” (October 11), the Russian leadership set a course for tightening financial and monetary policies, suppressing inflation as the main macroeconomic goal. Such a change of milestones was supported by the IMF. The result was the provision to Russia on April 11, 19995. the first standard full-scale stand-by loan in the amount of the country’s quota in the IMF, i.e. $6.8 billion, for 12 months. The authorities used this loan, on the one hand, to replenish gold and foreign exchange reserves and repay external debt, and on the other, to finance the state budget deficit.

The IMF generally expressed satisfaction with the results of the Russian financial stabilization program in 1995. But at the same time, critical remarks were made regarding structural reforms (privatization, modernization of the banking sector, land reform). Nevertheless, on March 26, 1996, the Fund provided Russia with a new loan - this time through the extended financing mechanism. This loan ($10.1 billion) was to be used within three years. The loan amount corresponded to 160% of the Russian quota; however, it was assumed that the provision of funds would be uneven: in the first year - 65% of the quota, in the second - 55%, in the third - 40%. During the first year of the credit line, currency was received in the form of monthly tranches, and in the next two years, quarterly tranches.

Russia's receipt of a large-scale IMF loan allowed it to reach an agreement in 1996 with creditor states within the framework of the Paris and London Clubs on a long-term (25 years) restructuring of the external debt of the former USSR, the responsibility for servicing and repaying which it assumed.

The IMF was not satisfied with Russia's implementation of the 1997-1998 stabilization program. In this regard, the transfer of the next tranches began to be postponed. The Foundation was particularly dissatisfied with the state of the state budget.

In 1997, the economic situation in Russia deteriorated sharply due to the fall in prices on world markets for energy resources, primarily oil and gas, as well as for raw materials. The balance of payments (current transactions) turned in the first half of 1998 from active, as it had been in previous years, to passive with a state budget deficit of over $6 billion. The global financial crisis dealt a heavy blow to the Russian economy. It led to foreigners dumping Russian securities and converting the proceeds in rubles into foreign currency. This, on the one hand, contributed to a fall in demand for GKOs and OFZs and, accordingly, to an increase in their profitability, and on the other hand, to a depreciation of the ruble. Governments developed an anti-crisis program and asked the IMF and other official creditors to provide urgent, large-scale financial assistance. The West promised to provide assistance, the volume of which during 1998-1999. in total was expected to reach $22.6 billion.

The bulk of the financial support package for Russia comes from IMF loans ($11.2 billion in 1998 and 0.4 billion in 1999, a total of 11.6 billion). This amount was divided into the following three parts: an addition ($3.4 billion) to the loan provided since 1996 under the Extended Financing Facility; a loan ($5.3 billion) using the additional reserve financing mechanism created in December 1997 (on more stringent terms than usual); a loan under the Compensatory and Emergency Financing Facility ($2.9 billion), which was supposed to compensate for the decline in export earnings associated with the fall in oil prices. Together with the unused part of the loan from 1996-1998. the total amount of credit support from the Russia Fund would have amounted to $12.5 billion in 1998, and in 1998-1999. – $15.1 billion. In addition, the Russian government intended to agree with the IMF on a new credit line for extended financing in 1999-2001. ($2.6 billion per year), i.e. in the end, about $8 billion. Funds to finance additional assistance to Russia in 1998 within the framework of the extended financing mechanisms and additional reserve financing (about $8.3 billion) were to come from the General Agreements on Borrowings, i.e. from 11 leading Western countries.

In connection with the decisions of the Russian authorities on August 17, 1998 (declaring a default on the domestic government debt, establishing a 90-day moratorium on payments on external obligations of commercial banks and devaluing the ruble), the credit package to help Russia was frozen, and the existing agreements became invalid. The fate of Russia's future relations with the IMF and the World Bank has become the subject of difficult negotiations.

In general, for 1992-1998. The IMF approved five agreements to provide loans to Russia in the amount of $30-32 billion. In fact, by the end of 1998, $20-21 billion were used. In addition, Russia has completely used up its reserve position in the IMF in the amount of SDR 926 million (ninth quota revision), or $1.3 billion (21.47% of the quota). Russia's debt to the IMF at the end of 1998 amounted to SDR 13.7 billion, or $19.3 billion, i.e. 318.4% of its quota in the Fund (in accordance with the ninth revision of quotas). At the end of 1998, Russia was the largest borrower of the IMF: it accounted for 20.56% of the total amount used by member countries of the Fund's resources.

IMF loans are conditional on the fulfillment of a number of political and economic conditions, which are contained in macroeconomic stabilization and structural reform programs developed jointly with the Fund. In many cases, countries are forced to pay a high social price for Fund loans. Since IMF loans to Russia are in some cases an integral part of international assistance packages, the Fund, in formulating its demands, practically acts as a conductor of the policies of the West, primarily the G7 countries.

Having agreed on the terms of the loan with the borrowing country, the IMF, as it were, certifies its creditworthiness and solvency. This opens up access to interstate credit and private loans and investments, and also creates more favorable conditions for negotiations with creditors regarding the re-registration and refinancing of external debt.

The basis for providing Russia with the first tranche of the loan ($1 billion) was an agreement between the Russian government and the IMF reached on July 5, 1992. This agreement provided for the reduction of the budget deficit to 5% of GDP, the credit issue of the Central Bank of the Russian Federation in the second half of 1992 to 700 billion rubles, reducing the inflation rate to less than 10% per month by the end of 1992. Consequently, this agreement was based on the traditional IMF monetarist model of macroeconomic stabilization. However, in the context of a deep economic recession, it turned out to be unsuitable.

The IMF refused to provide Russia with a reserve loan ($3 billion) in 1993 under the pretext that the policies of the Russian authorities led to the breakdown of the agreement reached. The inflation rate increased to 30% per month in early 1993. GDP volume decreased. The Russian state budget deficit, instead of the planned level of 5% of GDP, turned out to be twice as high, according to some estimates, reaching 20%. The IMF saw the main reason for the rise in inflation in the expansion of loans from the Central Bank of the Russian Federation by 20% monthly.

In an effort to ensure the implementation of the Tokyo foreign aid package, the government and the Central Bank of the Russian Federation adopted a joint statement on economic policy in 1993. The new economic concept of the Russian authorities basically repeated the program of the previous year. It contained typical (although somewhat relaxed) targets for the IMF requirements: a reduction in the monthly inflation rate to 7-9% by the end of the year; reducing the state budget deficit by half - to 10% of GDP; tightening of monetary policy, which implied, in particular, bringing the refinancing rate of the Central Bank of the Russian Federation in line with market trends; continued liberalization of foreign exchange and foreign trade operations, including the refusal to maintain the ruble exchange rate and the extension of the convertibility of the ruble for current transactions to foreigners; expanding the scale of privatization and strengthening the role of the market mechanism for the distribution of financial resources. Based on this stabilization program, the first tranche of the IMF loan was received under the systemic transformation financing mechanism ($1.5 billion). The freezing of the second half of this loan at the end of 1993 was caused by dissatisfaction of the IMF management with the progress of the Russian authorities in fulfilling their promises, as well as the results of the parliamentary elections in December 1993 and changes in the composition of the government.

The new agreement, recorded in April 1994 by a joint Memorandum of the government and the Central Bank of the Russian Federation on economic policy in 1994, provided for: a reduction in monthly inflation rates to 3-5% (the IMF was ready to be satisfied with 7%); limiting the budget deficit relative to GDP to a single digit; implementation of measures to improve the efficiency of the tax system and mobilize revenues to the budget; liberalization of foreign trade and foreign exchange turnover, elimination of non-tariff measures to regulate exports; speeding up the privatization of property. The new agreement with the IMF allowed Russia to receive the second half of the loan to support systemic change, and also paved the way for receiving the promised stand-by loan.

The economic programs, the implementation of which was conditioned by the provision of a stand-by loan in 1995 and a loan under the extended financing mechanism in 1996-1998, are characterized by tightening financial and monetary policies and detailing of macroeconomic indicators. In 1995, it was planned to reduce the federal budget deficit to 6% of GDP compared to 11% in the previous year, i.e. almost doubled, bringing it to 4% in 1996 and 2% in 1998.

As for monetary policy, its key element was the complete cessation of financing the budget deficit from 1995 through direct, preferential loans from the Central Bank of the Russian Federation, curbing the rate of expansion of credit and money supply, and reducing inflation by the end of 1996 to the average monthly level at 1%, and in 1998 – up to 6.9% on an annual basis.

The programs agreed upon by the Russian Government and the IMF provided for the acceleration of structural changes in the economy. These include: accelerating privatization while providing foreign investors with equal opportunities to participate in this process as national entrepreneurs; elimination of administrative controls over prices and profits, with the exception of a few natural monopolies; promoting sectoral and technological restructuring of industry; radicalization of land and agricultural reform, removal of restrictions on the purchase and sale of land; strengthening the banking sector - increasing the level of liquidity of banks, improving the payment system, increasing the efficiency of supervision by the Central Bank of the Russian Federation over commercial banks; taking measures to reduce mutual non-payments between enterprises without credit injections from the government and the Central Bank of the Russian Federation; securitization of enterprise debts through the introduction of new financial instruments, primarily standardized bills; creation of a more effective legal and organizational basis for the functioning of the securities market.

Programs 1995-1996 contained provisions aimed at completing the process of liberalization of foreign economic activity. Russia has committed itself to eliminating foreign trade benefits and the final elimination of quantitative restrictions on exports and imports. The institution of special exporters of strategic goods, including oil and gas, was eliminated, and the associated losses for the budget were compensated by increasing excise taxes. It was intended to reduce customs duties on imports. Under the 1996 agreement, the government pledged to refrain from quantitative restrictions on the import of alcohol and from providing import duty exemptions on media materials. Mandatory pre-customs examination of exported goods was abolished.

Russia's economic policy program in 1998-1999, which was supposed to be implemented with the assistance of additional financial assistance from the IMF and the World Bank, was aimed at countering the growing financial and currency crisis in the country. Particular emphasis was placed on tightening financial discipline, reducing the federal budget deficit from 5.6% of GDP planned in 1998 to 2.8% in 1999. To ensure this, it was planned to rebuild the tax system, improve tax collection, which should lead to an increase budget revenues. In order to ease pressure on the GKO market, the government proposed voluntarily exchanging them for Eurobonds denominated in convertible currencies with longer maturities based on market interest rates. All this was intended to reduce inflation. Structural measures are aimed at solving the problem of non-payments, promoting the development of the private sector, and strengthening the banking system.

The implementation of the anti-crisis program was disrupted by the monetary and financial crisis and government decisions on August 17, 1998. These events became a sensitive blow to the prestige of the IMF.

The crisis situation forces Russia to turn to the IMF for loans. However, as long as these states are dependent on the Fund's loans, its influence continues to be a significant factor in shaping their economic and social policies.

2.2. Russia and IBRD. Collaboration Analysis

Russia's quota in the IBRD approximately corresponds to its quota in the IMF. As of June 30, 1998, Russia owned 44,795 shares of the Bank worth $5.4 billion (2.9% of IBRD capital).

According to M. Carter, IBRD Director for Russia, permanent representative in Moscow, the purpose of the Bank’s loans to Russia is “to help in the fastest possible transition to market financing by expanding the role of the private sector, strengthening public sector institutions through legal, institutional and financial reforms, and also helping to attract private investment into the Russian economy.”

The procedure for working with projects financed in Russia by the World Bank is regulated by Decree of the Government of the Russian Federation No. 395 of April 3, 1996. The volume and priorities of borrowings of the Russian Federation from the World Bank, which is developed by the Ministry of Economy and the Ministry of Finance on the basis of the Federal Investment Program and the medium-term program of economic reforms and development Russian economy.

Projects to support structural transformations are initiated by the Ministry of Economy and the Ministry of Finance, and investment projects are initiated by federal executive authorities and executive authorities of constituent entities of the Russian Federation by submitting an application to the Ministry of Economy. The application contains a project concept, which includes an assessment of the expected effect of the project for the development of the country's economy, the structure of the project, a preliminary financial plan for spending and repaying the loan.

The Russian authorities intended to use IBRD loans in four areas: vital imports; structural transformations; investment projects; strengthening the institutional framework of the financial infrastructure. Several years pass from the moment the loan is issued until the actual lending of the property begins. The Bank conducts thorough pre-investment studies, inspections and audits of proposed projects.

As part of the first international assistance program for Russia, a WB loan in the amount of $1.5 billion was provided. In 1992, Russia signed the first three agreements with the WB to allocate $803 million. The first agreement, dated November 16, 1992, provided for the provision of a rehabilitation loan ( $600 million) to pay for imports of vital goods and cover costs associated with economic restructuring. Of this amount, $250 million were allocated to maintain the foreign exchange market and the ruble exchange rate (these funds were transferred to correspondent accounts of the Central Bank of the Russian Federation in foreign banks and were subject to sale for rubles on the Russian foreign exchange market), 150 million - for agriculture, 100 million – healthcare, 50 million – transport, 50 million dollars – the coal industry. This loan cannot be used to purchase weapons, precious metals, tobacco products and other non-essential goods.

The second WB loan ($70 million) was intended for social protection of citizens during the transition to a market economy (creation of labor exchanges, issuance of unemployment benefits, etc.). The third loan ($90 million) was provided by the World Bank jointly with a number of Western European banks and the EBRD ($43 million) for the purchase of equipment and expert assistance on privatization. The terms of the loans were the same: 7.6% per annum; term 15 years, including a grace period of five years. However, in 1992, foreign currency loans from the World Bank of Russia were not actually provided.

The Tokyo package of financial assistance to Russia in 1993 provided for the opening by the Bank of credit lines in the amount of $5 billion, including $1.1 billion in rehabilitation loans as part of “priority stabilization measures”; 3.4 billion and 0.5 billion dollars - for structural restructuring of the economy. In August 1993, Russia was granted an oil rehabilitation loan to restore the oil industry and support reforms in the energy sector ($610 million at 7.75% per annum). This is the largest loan for such purposes in the history of the World Bank. In fiscal year 1994, the following were provided: the second oil rehabilitation loan ($500 million); for the development of agriculture (320 million); for privatization ($200 million). The IBRD agreed to participate in lending to transport ($300 million) and financial institutions ($200 million). The implementation of these loans was fraught with difficulties, since the World Bank was not entirely satisfied with the investment climate in Russia (disorderly tax regime, subsidy system, control over prices for oil and petroleum products, etc.). therefore, in 1993, Russia was able to actually use loans from the World Bank, as well as the EBRD, in the amount of only $0.5 billion.

In the mid-90s, the World Bank intensified its interaction with Russia. The main focus is on the energy, financial, social and agricultural sectors of the Russian economy, as well as on the Bank's assistance in the transition to a market economy.

The largest loans from the World Bank of Russia in 1995-1998 fiscal years, are the second rehabilitation loan ($600 million, 1995); loan for housing project (400 million 1995); two loans for the restructuring of the coal industry (500 million in 1996 and 800 million in 1998); three loans for economic restructuring (600 million, 1997; $800 million and $1,500 million, 1998); loan for restructuring the social protection system ($800 million, 1997).

From the moment Russia joined the WB in 1992 to August 1998, the Bank provided it with 41 loans in the amount of $11.4 billion; $5.7 billion were actually used, or 61.7% of $9.2 billion ., allocated as of June 30, 1998. Russia, which accounted for 5.31% of the debt of all WB member countries, was the seventh debtor of the bank.

Russia borrowed from the World Bank on currency pool terms (i.e. in several currencies) at a rate of 6.54% per annum to 8.37% (the rate is revised every 6 months). Single-currency loans are provided at the LIBOR rate plus a contractual margin of 0.5% (from July 3331, 1998 - 0.75%).

The World Bank usually links the provision of loans to the borrowing country's fulfillment of the same conditions set by the IMF. However, the Fund focuses on measures designed to ensure macroeconomic and financial stabilization, the Bank - on the details of structural reforms (opening natural monopolies to competition; developing privatization; establishing private ownership of land; improving tax regulation, tax collection; reforming banks).

Almost 40% of loans were loans of a macroeconomic nature and, therefore, replenishing state budget revenues (rehabilitation loans for structural restructuring of the economy). They are similar in purpose to IMF loans. Russia's large borrowings are due to the crisis state of the economy. 20% of WB investment loans were directed to the energy sector (mainly the oil and coal industries) and 20% to social sphere. The World Bank played an important role in the formation of an international fund to promote the privatization and reorganization of state-owned enterprises in Russia, the decision to establish which was made at the G7 meeting in Tokyo in July 1993. 1/3 of the planned amount (1 billion out of 3 billion dollars) should were issued loans from the World Bank, IFC and the EBRD to large privatized enterprises and $500 million in assistance from the World Bank to Russian regions.

In June 1997, the World Bank approved a new strategy for assistance to Russia, which included increased lending to support economic transformation. There have been positive changes in the implementation of IBRD projects in Russia: the share of projects with a satisfactory implementation rating increased from 39 to 65%, the volume of funds spent on investment projects tripled - from $294 million in January 1966 to 1027 million in March 1997.

The World Bank provided Russia with new structural investment loans. Thus, on December 18, 1997, two loans of $800 million each were approved: one for structural restructuring of the economy, restructuring natural monopolies in the electric power industry, gas industry and railway transport; the second - to transform coal mining - liquidation of the Rosugol company, privatization of viable coal mines.

As part of the extraordinary assistance package of $22.6 billion agreed upon by Russia with the IMF, the World Bank and the Japanese government in July 1998, the World Bank on August 7, 1998 approved the provision of a third loan to Russia for the purpose of structural adjustment from the World Bank to Russia. $300 million of this amount were transferred immediately, the remaining funds were planned to be sent in two portions (500 and 700 million) over the next 18 months. It was assumed that by the end of 1998 Russia would receive $1.7 billion from the World Bank and $4.3 billion in 1999.

The measures taken by the Russian government on August 17, 1998, the declaration of default on a number of internal and external circumstances led to the freezing of loans approved by the World Bank. Nevertheless, on February 26, 1999, an agreement was signed to provide Russia with a new investment loan ($400 million) for the construction and repair of highways. However, the implementation of approved budget-replacement loans for structural restructuring of the economy depends on Russia reaching an agreement with the IMF.

2.3. Russia's relations with the IMF and IBRD in 2004-2005.

In modern conditions, Russia continues to cooperate with international credit organizations. There are positive trends. Thus, in relations with the IMF, the Russian Federation is gradually moving from the category of a debtor to the category of a creditor country.

To continue cooperation, Russia must continue to implement reforms in accordance with the terms of the IMF. The government's long-term reform program has been disappointing, although overall well thought out. This was stated in the final statement of the International Monetary Fund mission to Russia in 2005.

With the exception of the banking sector, most of the reforms announced as priorities after the change of government in 2004 are behind schedule, and some are on hold. In this regard, it is of concern that the opposition the government has encountered in implementing reforms related to social benefits may have weakened the resolve to continue the process of implementing other key reforms in the education and health sectors. The challenge of redoubling efforts to implement reforms that will lead to sustained wage increases is pressing as it becomes increasingly difficult to resist growing political and social pressure to use oil revenues to raise wages, the IMF says. Consistent increases in wages and pensions are only possible through policies aimed at accelerating economic growth in the medium term. Weakening structural reforms poses a threat to Russia's growth potential and its macroeconomic stability.

In addition, experts at the IMF mission for Russia believe that the Russian Federation risks missing the opportunity to accelerate economic growth in the long term, and it may have to carry out a painful and prolonged tightening of fiscal policy in the event of a significant decline in oil prices.

According to IMF experts, despite the existing reserve for easing fiscal policy in the event of weakening inflationary pressure, the fact that the increase in budget expenditures is used primarily to finance salaries and pensions in the public sector indicates that additional revenues from oil sales are not accumulated for financing reforms that could contribute to potential GDP growth.

The Russian economy, after a 6-7 year period of stable GDP growth with a relatively low level of investment, is faced with restrictions on the supply side and local labor markets. The slowdown in GDP growth was clearly evident from mid-2004, when the growth of oil production began to noticeably slow down due to the fragmentation of the Yukos Oil Company and restrictions on the supply side in the field of oil production and transportation. Also, the fund’s experts note that “the Yukos oil company case also had an impact harmful influence on the state of the investment climate, since since mid-2004. investment growth began to slow down. The Russian government needs to give priority to those reforms that will improve the investment climate.

This has become especially important now that, whether justified or not, the Yukos case has raised the question of the threat of state intervention in the economy and ill-considered actions on the part of regulatory and law enforcement agencies.

As for GDP growth in 2005, IMF experts estimated it at 5.5%, which is significantly lower than the figure for 2004, when Russia's GDP grew by 7.1%. GDP growth is likely to remain subdued. The main reason for the slowdown in economic growth, according to IMF experts, is that the growth rate of oil production, as well as the growth rate of investment, will not recover to the level observed in recent years. Moreover, consumption growth will remain steady.

According to the fund's experts, in these conditions, achieving even a slight reduction in inflation will require changes in monetary and exchange rate policies. It should be recognized that the forecasts are subject to considerable uncertainty, particularly with regard to the investment climate and the presence of production capacity constraints in the economy.

The Government of the Russian Federation should accelerate the process of reforming the civil service, administrative and judicial systems and take measures to ensure fair and impartial application of laws and regulations. Carrying out the reform of OJSC Gazprom and other natural monopolies, and especially the immediate resolution of problems impeding Russia's accession to the WTO, will also help strengthen investor confidence. It was noted that global economic growth indicators are “healthy”, despite continued instability in oil markets.

The total volume of payments from the Russian Federation to the IMF in 2004. amounted to about $1.7 billion (SDR 1.2 billion). As of January 1, 2004 Russia's debt to the fund was about $5.1 billion. In January 2005. Russia made the first payment in the amount of 48 million 369 thousand 578.01 euros (41.7 million SDR) to repay the debt to the IMF, then according to the schedule to pay about 1.39 billion dollars (912.883 million SDR), including the principal debt - $1.3 billion (SDR 850.78 million) and its servicing - $94.5 million (SDR 62.10 million). According to the original payment schedule, Russia will repay its debt to the IMF in 2008. However, earlier the Russian Ministry of Finance spoke about the possibility of early repayment of debt to the fund.

The reduction in debt on external debt obligations amounted to a total of 168.46 billion rubles ($6,019.5 million), of which: - repayment of the principal amount of debt on debt obligations of the Russian Federation, expressed in securities indicated in foreign currency amounted to 23.03 billion rubles (831.4 million dollars); — repayment of the principal amount of debt to international financial organizations - 104.02 billion rubles ($3,705.0 million), including: for IMF loans -98.09 billion rubles ($3,490.7 million), for loans IBRD -5.52 billion rubles ($199.6 million); — repayment of the principal amount of debt on loans received by Russia from foreign governments amounted to 41.41 billion rubles ($1,483.1 million).

On July 28, 2005, the Government of the Russian Federation approved a draft agreement to attract a loan from the International Bank for Reconstruction and Development (IBRD) in the amount of $80 million for the modernization and technical re-equipment of the Roshydromet organization. This decision was preceded by almost 3 years of negotiations with the World Bank, as well as the work of various domestic and foreign experts and commissions. The resolution provided for the technical re-equipment and reconstruction of Roshydromet using loans from the International Bank for Reconstruction and Development (under the guarantee of the Government of the Russian Federation).

During the events held in November 2004. In Moscow, negotiations between the delegation of the Russian Federation and the IBRD determined the conditions for the provision of a loan (credit). In accordance with Decree of the Government of the Russian Federation No. 593 of November 4, 2004, the implementation of a large-scale federal project “Informatization of the education system” begins using a loan from the International Bank for Reconstruction and Development. Project components: advanced training, creation and testing of new generation digital educational resources. The project is systemic and is aimed at helping to ensure the accessibility, quality and effectiveness of educational services in the system of general and primary vocational education.

The necessary infrastructure for the implementation of the project was created in 2001-2004 as part of the implementation of the federal target program “Development of a unified educational information environment in 2001-2005.” Project “Supply of computer equipment and media library for libraries of basic and secondary schools of the Russian Federation.” Project “Computerization of rural schools - 2004”. Project “Connecting schools to the Internet.

Conclusion

The International Monetary Fund (IMF) and the International Bank for Reconstruction and Development (IBRD) group are important and significant economic organizations.

Interaction within the framework of the IMF and the World Bank leads to an increase in economic ties between different countries. Provides guarantees for optimal financing, credit and foreign exchange policies of participating countries, and stimulates the balanced growth of international trade.

In a number of cases, the IMF acts as a conductor of the policies of the G7 countries.

Since IMF loans are conditional on the fulfillment of a number of political and economic conditions, participating countries in many cases transform their domestic policies. The crisis situation forces people to apply for loans to the IMF and Russia. For the Russian Federation, the use of IMF loans is quite risky, because As long as the state is dependent on the Fund’s loans, its impact continues to be a significant factor in the formation of economic and social policy.

It turns out that the loans provided to Russia are not aimed at improving welfare, but at introducing the conditions necessary for the West. Russia is not considered an equal participant in the Fund because its quota is smaller than the quota of world leaders. In addition, loans are provided to the Russian Federation not on preferential terms, because it refuses to recognize itself as a third world country (for which benefits are provided), and for Russia it is more difficult to fulfill loan obligations due to internal economic stagnation, even with a good foreign economic situation.

Recently, positive trends have been noted in Russia:

— the inflation rate has been stabilized and kept at an acceptable level.

- positive balance of payments

— GDP growth

— bringing product standards closer to world standards

The activities and development of credit institutions cannot be considered locally.

Operating credit organizations must formally meet the requirements for any system: contain all the necessary elements in the required proportions; carry out interaction between elements.

Identification of shortcomings that reduce the effectiveness of interaction between the IMF and the World Bank and Russia, and assessment of the state of interaction for compliance with the requirements for it contribute to the development of scientifically based directions for improving interaction.

International monetary, credit and financial relations are an integral part and one of the most complex areas of the market economy. Credit organizations take an active part in the development of global integration, performing the functions of lending to countries, but also accumulating funds from these countries, focusing economic relationships and interests.

The improvement and development of interaction between the IBRD and the IMF with Russia in selected areas is aimed at ensuring that interaction meets modern requirements, strengthening its sustainability and creating the basis for economic recovery.

The mechanisms of action, conditions and system for providing loans from the IMF and the World Bank are considered. The features of international monetary, credit and financial relations in Russia, the features of lending and the influx of foreign investment into Russia, and the problems of participation in international financial institutions have been studied.

The essence, evolutionary formation, functions and role of credit institutions in the economy are revealed. The place and role of credit institutions in Russia's activities is substantiated.

Directions for improving the interaction of the IMF and the World Bank with Russia have been identified. Methods for forming and maintaining interaction between the IMF and the World Bank and Russia are considered.

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The International Bank for Reconstruction and Development (IBRD, English: International Bank for Reconstruction and Development) is the main lending institution of the World Bank. The International Bank for Reconstruction and Development (IBRD) is a specialized agency of the UN, an interstate investment institution established simultaneously with the IMF in accordance with the decisions of the International Monetary and Financial Conference at Bretton Woods in 1944.

IBRD goals:

Providing assistance in the reconstruction and development of the economies of member countries;

Promotion of private foreign investment;

Promoting balanced growth of international trade and maintaining balance of payments;

Collection and publication of statistical information,

Initially, the IBRD was called upon, with the help of accumulated budgetary funds of capitalist states and attracted capital from investors, to stimulate private investment in Western European countries, whose economies suffered significantly during the Second World War. Since the mid-50s, when the economies of Western European countries stabilized, the activities of the IBRD increasingly began to focus on the countries of Asia, Africa and Latin America. Unlike the IMF, the International Bank for Reconstruction and Development provides loans for economic development. IBRD is the largest lender to development projects in middle-income developing countries and creditworthy poor countries. Countries applying to join the IBRD must first be admitted to the IMF.

Unlike the IMF, the IBRD does not use standard lending conditions. The terms, volumes and rates of IBRD loans are determined by the characteristics of the project being financed. Like the IMF, the IBRD usually imposes certain conditions on its loans. All bank loans must be guaranteed by member governments. Loans are issued at an interest rate that changes every 6 months. Loans are provided, as a rule, for 15-20 years with deferred payments on the principal amount of the loan from three to five years.

The IMF is an organization representing 186 countries. The goals of his work are:

1. Promote the development of international cooperation in the monetary and financial field within the framework of a permanent institution that provides a mechanism for consultation and joint work on international monetary and financial problems.

2. To promote the process of expansion and balanced growth of international trade and thereby achieve and maintain high levels of employment and real incomes, as well as the development of productive resources from all Member States, considering these actions as the primary objectives of economic policy.

3. Ensure the stability of currencies, maintain orderly monetary relations among member states and avoid using currency devaluations to gain competitive advantage

4. Assist in the establishment of a multilateral current account settlement system among member countries, as well as in the removal of exchange restrictions that impede the growth of world trade.

5. By temporarily making the general resources of the Fund available to member countries, subject to adequate safeguards, to provide them with a state of confidence, thereby enabling them to correct imbalances in their balance of payments without resorting to measures that could be detrimental to welfare at the national or international level.

The fund is governed by 186 member states, representing almost every country in the world. The IMF is the central institution of the international monetary and financial system - a system of international payments and exchange rates of national currencies, which allows countries to conduct economic transactions among themselves.

It seeks to prevent crises in this system by encouraging states to adopt sound economic policies; at the same time, as the name suggests, it also provides a fund that can be used by member states in need of temporary financing to resolve balance of payments problems.

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