IMF: transcript. Goals, objectives and role of the organization in the world. International Monetary Fund Helping an accountant clerk

International currency board, IMF International Monetary Fund, IMF) - specialized institution UN, headquartered in Washington, USA.

At the United Nations Bretton Woods Conference on Monetary and Financial Affairs on July 22, 1944, the framework for the agreement was developed ( IMF Charter). The most significant contributions to the development of the IMF concept were made by John Maynard Keynes, who headed the British delegation, and Harry Dexter White, a senior official at the US Treasury Department. The final version of the agreement was signed by the first 29 states on December 27, 1945 - the official date of the creation of the IMF. The IMF began operations on March 1, 1947, as part of the Bretton Woods system. In the same year, France took out its first loan. Currently, the IMF unites 188 countries, and its structures employ 2,500 people from 133 countries.

The IMF provides short- and medium-term loans when there is a government balance of payments deficit. The provision of loans is usually accompanied by a set of conditions and recommendations.

IMF policies and recommendations regarding developing countries have been repeatedly criticized, the essence of which is that the implementation of recommendations and conditions are ultimately not aimed at increasing independence, stability and development of the national economy of the state, but only at tying it to international financial flows. Among the managing directors of the IMF were: a Spaniard, a Dutchman, a German, 2 Swedes, 6 French.

In accordance with Article 1 of the agreement, the IMF sets itself the following goals:

• Promote the development of international cooperation in the monetary and financial field within the framework of a permanent institution providing a mechanism for consultation and collaboration over international monetary and financial problems.
• To promote the expansion and balanced growth of international trade and thereby contribute to the achievement and maintenance high level and employment real income, as well as the development of the productive resources of all member states, considering these actions as the primary objectives of economic policy.
• Maintain currency stability and an orderly exchange rate regime among member states, and avoid devaluation of currencies in order to gain competitive advantage.
• Assist in the establishment of a multilateral current account settlement system among member countries, as well as in the removal of foreign exchange restrictions that impede the growth of world trade.
• Due to temporary provision shared resources funds to member countries, with adequate safeguards, to provide them with confidence, thereby ensuring that imbalances in their balance of payments can be corrected without resorting to measures that could be detrimental to welfare at the national or international level.
• In accordance with the above, reduce the duration of imbalances in the external balances of payments of member states, as well as reduce the scale of these imbalances.

Structure of governing bodies

The highest governing body of the IMF is Board of Governors(English) Board of Governors), in which each member country is represented by a governor and his deputy. These are usually finance ministers or central bankers. The Council is responsible for resolving key issues of the Fund’s activities: amending the Articles of Agreement, admitting and expelling member countries, determining and revising their shares in the capital, and electing executive directors. Governors usually meet in session once a year, but may hold meetings and vote by mail at any time. The authorized capital is about 217 billion SDR. SDR (Special Drawing Rights, SDR, SDRs) or Special Drawing Rights (SDR), is an artificial reserve and means of payment issued by the IMF. As of January 2008, 1 SDR was equal to approximately 1.5 US dollars. It is formed by contributions from member states, each of which usually pays approximately 25% of its quota in SDRs or in the currencies of other members, and the remaining 75% in its own national currency. Based on the size of quotas, votes are distributed among member countries in governing bodies IMF.

• The Executive Board, which sets policy and is responsible for most decisions, consists of 24 executive directors. Directors are appointed by the eight countries with the largest quotas in the Fund - the United States, Japan, Germany, France, the United Kingdom, China, Russia and Saudi Arabia. The remaining 176 countries are organized into 16 groups, each of which selects executive director. An example of such a group of countries is the unification of the countries of the former Central Asian republics of the USSR under the leadership of Switzerland, which was called Helvetistan. Often groups are formed by countries with similar interests and usually from the same region, such as French-speaking countries in Africa.

The most big amount votes in the IMF (as of June 16, 2006]) are held by: USA - 17.08% (16.407% - 2011); Germany - 5.99%; Japan - 6.13% (6.46% - 2011); Great Britain - 4.95%; France - 4.95%; Saudi Arabia - 3.22%; China - 2.94% (6.394% - 2011); Russia - 2.74%. The share of 15 EU member countries is 30.3%, 29 member countries of the Organization economic cooperation and Development have a combined 60.35% of votes in the IMF. The share of other countries, making up over 84% of the number of members of the Fund, accounts for only 39.65

The IMF operates on the principle of a “weighted” number of votes: the ability of member countries to influence the Fund’s activities through voting is determined by their share in its capital. Each state has 250 “basic” votes, regardless of the size of its contribution to the capital, and an additional one vote for every 100 thousand SDR of the amount of this contribution. If a country bought (sold) SDRs received during the initial issue of SDRs, the number of its votes increases (decreases) by 1 for every 400 thousand purchased (sold) SDRs. This correction is carried out by no more than? from the number of votes received for the country's contribution to the capital of the Fund. This arrangement ensures a decisive majority of votes for the leading states.

Decisions in the Board of Governors are usually made by a simple majority (at least half) of votes, and important issues of an operational or strategic nature - by a “special majority” (70 or 85% of the votes of the member countries, respectively). Despite some reduction specific gravity US and EU votes, they can still veto key decisions Fund, the adoption of which requires a maximum majority (85%). This means that the United States, together with leading Western countries, has the opportunity to exercise control over the decision-making process in the IMF and direct its activities based on their interests. With coordinated action, developing countries are also able to prevent decisions that do not suit them. However, achieving consistency a large number heterogeneous countries is difficult. At the Fund's April 2004 meeting, the intention was expressed to "enhance the ability of developing countries and countries with economies in transition to participate more effectively in the decision-making machinery of the IMF."

Significant role in organizational structure The IMF plays the International Monetary and Financial Committee (IMFC). From 1974 until September 1999, its predecessor was the Interim Committee on the International Monetary System. It consists of 24 IMF governors, including from Russia, and meets twice a year. This committee is an advisory body of the Board of Governors and has no power to make policy decisions. Nevertheless, it performs important functions: directs the activities of the Executive Council; develops strategic decisions related to the functioning of the global monetary system and the activities of the IMF; submits to the Board of Governors proposals for amendments to the IMF's Articles of Agreement. A similar role is also played by the Development Committee - the Joint Ministerial Committee of the Boards of Governors of the World Bank and the Fund (Joint IMF - World Bank Development Committee).

The Board of Governors delegates many of its powers to the Executive Board, a directorate that is responsible for conducting the affairs of the IMF, which includes a wide range of political, operational and administrative issues, such as providing loans to member countries and overseeing their policies. exchange rate.

The IMF Executive Board elects a Managing Director for a five-year term, who heads the Fund's staff (as of March 2009 - about 2,478 people from 143 countries). Typically it represents one of European countries. Managing Director (since July 5, 2011) is Christine Lagarde (France), her first deputy is John Lipsky (USA).

Basic lending mechanisms

1. Reserve share. First portion foreign currency, which a member country can purchase from the IMF within 25% of the quota, was called “golden” before the Jamaica Agreement, and since 1978 - the reserve share (Reserve Tranche). The reserve share is defined as the excess of the quota of a member country over the amount in the account of the National Currency Fund of that country. If the IMF uses part of a member country's national currency to provide credit to other countries, that country's reserve share increases accordingly. The outstanding amount of loans provided by a member country to the Fund under the loan agreements of the NHS and NHS constitutes its credit position. The reserve share and the lending position together constitute the “reserve position” of an IMF member country.
2. Credit shares. Funds in foreign currency that can be acquired by a member country in excess of the reserve share (if fully used, the IMF's holdings in the country's currency reach 100% of the quota) are divided into four credit shares, or tranches (Credit Tranches), each constituting 25% of the quota . Member countries' access to IMF credit resources within the framework of credit shares is limited: the amount of a country's currency in the IMF's assets cannot exceed 200% of its quota (including 75% of the quota contributed by subscription). Thus, the maximum amount of credit that a country can receive from the Fund as a result of using reserve and credit shares is 125% of its quota. However, the charter gives the IMF the right to suspend this restriction. On this basis, the Fund's resources are in many cases used in amounts exceeding the limit fixed in the charter. Therefore, the concept of “Upper Credit Tranches” began to mean not only 75% of the quota, as in early period activities of the IMF, and amounts exceeding the first credit share.
3. Stand-by loan arrangements Stand-by Arrangements) (since 1952) provide the member country with a guarantee that, up to a certain amount and for the duration of the agreement, subject to compliance with specified conditions, the country can freely receive foreign currency from the IMF in exchange for national currency. This practice of providing loans is the opening of a line of credit. While the use of the first credit share can be carried out in the form of an outright purchase of foreign currency after the Fund approves its request, the allocation of funds for the account of the upper credit shares is usually carried out through arrangements with member countries for reserve credits. From the 50s to the mid-70s, agreements on stand-by loans had a term of up to a year, since 1977 - up to 18 months and even up to 3 years due to the increase in balance of payments deficits.
4. Extended lending mechanism(English) Extended Fund Facility) (since 1974) supplemented the reserve and credit shares. It is intended to provide loans for longer periods and in larger amounts in relation to quotas than within the framework of conventional loan shares. The basis for a country's request to the IMF for a loan under extended lending is a serious imbalance in the balance of payments caused by adverse structural changes in production, trade or prices. Extended loans are usually provided for three years, if necessary - up to four years, in certain portions (tranches) at specified intervals - once every six months, quarterly or (in some cases) monthly. The main purpose of stand-by loans and extended loans is to assist IMF member countries in implementing macroeconomic stabilization programs or structural reforms. The Fund requires the borrowing country to fulfill certain conditions, and the degree of their severity increases as they move from one loan share to another. Certain conditions must be met before receiving a loan. The obligations of the borrowing country, providing for its implementation of relevant financial and economic activities, are recorded in the “Letter of Intent” or Memorandum of Economic and Financial Policies sent to the IMF. The progress in fulfilling obligations by the country receiving the loan is monitored by periodically assessing the special performance criteria provided for in the agreement. These criteria can be either quantitative, relating to certain macroeconomic indicators, or structural, reflecting institutional changes. If the IMF considers that a country is using a loan in conflict with the goals of the Fund and is not fulfilling its obligations, it may limit its lending and refuse to provide the next tranche. Thus, this mechanism allows the IMF to exert economic pressure on borrowing countries.

Unlike the World Bank, the IMF's activities focus on relatively short-term macroeconomic crises. The World Bank provides loans only to poor countries, the IMF can provide loans to any of its member countries that lack foreign exchange to cover short-term financial obligations.

The IMF provides loans with a number of requirements - freedom of movement of capital, privatization (including natural monopolies - railway transport and public utilities), minimizing or even eliminating government spending on social programs - education, healthcare, cheaper housing, public transport and so on.; failure to protect the environment; wage cuts, restrictions on workers' rights; increasing tax pressure on the poor, etc.

The tension in Kyiv is at its limit. All the talk is only about whether the International Monetary Fund will transfer the third tranche to Ukraine, which according to the plan it was supposed to receive on August 4, 2015, or will again put forward new conditions.

Agreement on the allocation of the third tranche of the loan to Kyiv. Photo: website of the President of Ukraine

According to available information, the IMF seems to have promised Kyiv that Ukraine can count on $1 billion this July. Another $1.3 billion should be expected in October and $1.98 billion in December. We are talking about 4.28 billion dollars, which the Nezalezhnaya economy needs like air. By the way, according to the previously approved memorandum, 1.7 billion dollars were supposed to arrive in the summer, and not 1 billion dollars, as the Ministry of Finance now claims. Experts make the assumption that the reduction in funding is connected with the punishment of Ukraine for President Poroshenko’s failure to fulfill some behind-the-scenes conditions.

However, even if the money comes, in reality the country will not see it. These funds will not be used to develop the economy and infrastructure. They will end up in the bins of the National Bank of Ukraine (NBU) in the form of gold and foreign exchange reserves. These are the demands of IMF head Christine Lagarde.

From June 14 to 17, Prime Minister Groysman and Finance Minister Danylyuk, while in America on an official visit, gave out firm promises left and right that not a cent would be lost from the third tranche, “just give it.” There were a total of 30 meetings, as a result of which IMF staff promised to think, but demanded political stability and the willingness of the Cabinet to unquestioningly obey Eya Hoyttin, the head of the mission, and the expert of the Malcolm Rogers Foundation, who is developing reforms in Ukraine.

In fact, the list of IMF claims against Kyiv is off the charts. First of all, the clerks of the International Monetary Fund point to the low level of professionalism of Ukrainian government officials. More precisely, they state the lack of personnel in Groysman’s government capable of making adequate investments in modern technologies state management. Hence the high risk that Ukraine in the medium term will not be able to move to economic model self-financing.

Secondly, Eyu Hoyttin and Malcolm Rogers express their dissatisfaction with the Prime Minister of Independence Groysman regarding the opaque activities of Privatbank, which is the largest in Ukraine. According to official information from the NBU, after the Maidan the outflow of deposits individuals from this credit institution amounted to 64.4 billion UAH, but only 38.5 billion UAH. was covered by bank funds, or approximately 60%. The shortfall was financed by a rescue loan from the National Bank, which amounted to UAH 25.9 billion.

But, according to IMF officials, the state should only control banks, and, if it does provide the necessary cash, only with a 100% guarantee. Meanwhile, Kolomoisky received unprecedented billion-dollar stabilization loans when the NBU was headed by Stepan Kubov, a protege of Benya (Kolomoisky’s nickname - author). “The time for repayment has come, but Kolomoisky agreed on a postponement. And recently, his Revival faction is voting first for Prime Minister Volodymyr Groysman, and now for Prosecutor General Yuriy Lutsenko,” says Rada deputy Sergei Leshchenko. That is, strange things are being observed maneuvers.
Igor Kolomoisky, the main shareholder of Privatbank, did not explain where the money of the citizens went. The press service attributes the bank's current difficulties to the war with Russia. And this despite the fact that insiders claim that Ben managed to pocket billions after the devaluation of the hryvnia.

But this is most likely not the reason for US dissatisfaction. America doesn’t like the fact that the most influential oligarch in Ukraine finances the National Battalions, which are essentially gangster formations. The fact is that the White House fears a new, even bloodier Maidan, and an armed reaction from the Kremlin. In this case, the American project "Ukraine" will have to be closed.

In order to prevent such an uncontrollable development of events, Washington demands decisive action from Kyiv regarding Privatbank. But President Poroshenko does not know how to do this. This is why Nezalezhnaya regulators are confused in their assessments. Thus, the head of the NBU Valeria Gontareva believes that with Kolomoisky’s bank full order. However, Finance Minister Danyluk, on the contrary, says that there are “systemic problems that are in the bank... there are quite a lot of them.”

However, in America they no longer believe the words of Ukrainian leaders, but insist on introducing electronic declaration in order to know everything about the national banking system countries. In fact, this means that the state functions of the National Bank of Ukraine come under the complete control of the duo Eyu Hoyttin/Malcolm Rogers. Despite this humiliating demand for a sovereign country, Groysman, figuratively speaking, “gives his teeth” that in August he will fulfill this order from the IMF clerks.

But even this does not guarantee the third tranche. Washington has already formed the main parameters of the new budget for 2017, which should be submitted to the Verkhovna Rada for consideration by September 15.

It's interesting that American experts not happy with the current one legal framework. The IMF demands that Ukrainian legislators urgently introduce business deregulation (Bill No. 4516), remove restrictions on the privatization of strategically important objects (Bill No. 4536), introduce a system of automated seizure of funds in civil and economic proceedings (Bill No. 3768), and simplify bankruptcy procedures (Bill No. 3132). The International Monetary Fund has never made such monstrous demands on any country in the world in its entire 69-year history. Ukrainians, in essence, have lost their judicial right to protect their own property and personal money if they are seized by computer programs written in Washington. And business deregulation will definitely plunge the country into gangster chaos, critics of the IMF program are sure.

If we call a spade a spade, then the power in Ukraine has changed. No matter what political passions boil within the walls of the Verkhovna Rada, and no matter what members of the government and President Poroshenko personally say, the country is actually governed by Eyu Hoyttin and Malcolm Rogers. Whether the Bandera nationalists like it or not, their fate is controlled by distant IMF clerks, for whom reforms in Ukraine are most likely associated with Forge of Empires (the famous computer strategy game) rather than with the responsible policies of a patriotic government.

In order to understand the essence of the IMF's activities and the fate of those countries that are hooked on its loans, you do not need to be a certified economist. It is enough to read about this organization, including on its website. Not a single state that took out IMF loans began to live better. This monster has devastated dozens of countries, including Argentina, Chile, Ecuador, and Greece. Only by refusing loans, some of them began to revive their economies. the main objective This international moneylender ensures the transfer of resources from enslaved countries to the United States, since the IMF is controlled by the private financial structure of the Federal Reserve System, which is the main beneficiary.

Ours, the former chief pastry chef, and now the newly-minted president, still waited for a loan from the IMF in the amount of 17.5 billion dollars. The creature of indeterminate gender heading the IMF made Ukrainians happy with the provision of the first tranche in the amount of $5 billion.

They promise another 5 billion by the end of the year. Now a certain part of the population has entered a stage of euphoria, when everything is seen in rosy tones and the future seems cloudless and bright. “They gave us pennies.” I can’t blame the townsfolk, after the races on the Maidan they were completely brainwashed. There are practically no people left who could explain the harmfulness of this loan and the threat to sovereign sovereignty in Ukraine. Our little girl is busy figuring out how to pinch off a piece of this pie, and then there’s a flood. But even here they are not allowed to accelerate. Knowing the thievery of Ukrainian politicians and officials, the United States appointed its ministers to key positions in the Cabinet of Ministers, who will control the expenditure of this virtual loan.

Let's start with the fact that in fact the IMF does not give any money, and anyone who thinks that after receiving this loan dollars will begin to be brought to us by planes and ships is very mistaken. The fact is that the IMF provides its loans in the form of SDR - Special Drawing Rights (SDR) - an artificial reserve and means of payment issued by the International Monetary Fund. It has only a non-cash form in the form of entries in bank accounts; banknotes were not issued.

The SDR rate is published daily and is determined based on the dollar value of a basket of four leading currencies: the US dollar, euro, yen and pound sterling.

Price of 1 SDR in different currencies:

Interest rate The SDR is reviewed weekly.

What does this mean translated from economic to Russian? In fact, Ukraine will not receive a single cent from the IMF; it needs to negotiate with one of the IMF member countries, and most likely with the United States, on the exchange of SDRs for dollars or other freely convertible currency. In fact, SDR can be used exclusively for settlements on government debt - to maintain the balance of payments, that is, to strengthen the exchange rate of the national currency. But the Fund’s loan cannot be fully used due to the lack of free circulation of SDRs. In connection with the development of the global economic crisis, in March 2009, China proposed to create a world reserve currency on the basis of special drawing rights, which could replace the US dollar in this capacity. Milton Friedman, an American economist and Nobel Prize winner in economics, believes that IMF policies have become a destabilizing factor in the markets of developing countries. “It would not be an exaggeration to say,” Friedman emphasizes, “if the IMF had not existed, there would have been no East Asian crisis.” Russia, for example, refused an IMF loan in 2009; Finance Minister Alexei Kudrin stated, “Russia can count on a total of $8.84 billion. However, we will not take this loan.” Vladimir Putin, in turn, proposed not to participate in IMF financing of assistance to countries in need. “We will not use these resources, but we will not act as a donor either.” But Russia itself has allocated about $3 billion from the stabilization fund in the form of loans to Kazakhstan and Belarus. Who received it first financial assistance from the IMF, they are trying to pay off debts ahead of schedule. In fiscal year 2007, nine member countries: Bulgaria, Haiti, Indonesia, Malawi, Serbia, Uruguay, Philippines, Central African Republic, Ecuador, repaid their current obligations to the IMF ahead of schedule total amount SDR 7.1 billion.

So what did our country actually get? We got the opportunity to borrow money from the United States, and most of this money will not even reach Ukraine, but will remain in accounts in American banks. As Prime Minister Yatsenyuk and the American Minister of Finance Yaresko stated, part of the new loan will be used to strengthen Ukraine’s gold and foreign exchange reserves, which in reality means that 60% of the SDR will simply move from one column to another in the form of numbers, and a new debt will be imposed on the country’s residents. The other part will go to pay interest on previous loans.

Ukraine's total external debt amounted to $136 billion. In 2015, $58 billion needs to be repaid. Of this, $11 billion is public debt. And this is not counting Russia’s gas debt of 2.94 billion and 3 billion received by Azarov’s government under Ukrainian foreign loan bonds. The rest of the money will go to refinancing Ukrainian banks and the war. In 2015 alone, the regime plans to spend $4 billion to continue the massacre in Donbass. In addition, of the total loan amount, Ukraine will spend $3.8 billion on American weapons. Kyiv will order over 500 types of military equipment and equipment from the United States. Most orders will be received mainly by American companies, such as Network Technologies Corporation, indicates the German publication German Economic News (Deutsche Wirtschafts Nachrichten, DWN).

The population received an increase in gas prices by 3.3 times, electricity by 40%, an increase in prices for all groups of goods, transport and an increase retirement age. Now many will not live to see their pensions, but for the authorities this is only positive. Every lost pension is extra money in the wallets of the oligarchs, a pension for a pension, and you see, you can buy a new necklace for your mistress. And that in 24 years of independence, 7 million Ukrainians have already died out and 20 thousand people continue to die out every month, so this is very good, there are fewer hungry mouths, and there is still enough labor.

Of those 5 billion dollars received at 3%, 2.8 billion will go to replenish the NBU’s foreign exchange reserves. This means that this money will not even enter the country, but will immediately settle in the accounts of American banks, in the form valuable papers at 2% per annum, but the debt for this will fall on the shoulders of every Ukrainian.

Over the year, the gold and foreign exchange reserves decreased from 20 to 5.6 billion dollars. Anyone who naively believes that our gold and foreign exchange reserves really consist of gold is greatly mistaken. In the structure of Ukraine's gold and foreign exchange reserves, gold has mysteriously evaporated somewhere, although according to generally accepted standards its share should be equal to 15-30% of gold and foreign exchange reserves.

Remember 2008 and the bankruptcy of one of the largest US banks, Lehman Brothers, which at that time managed assets worth $691 billion and more than half of the deposits were investments from sovereign wealth funds of other countries. We are talking about money from Russia, China, as well as funds from the Ukrainian gold and foreign exchange reserves, in the amount of about 10 billion dollars. That is why the US government did not save this bank from bankruptcy. It later turned out that in the States they found those responsible for the bankruptcy of Lehman Brothers - the banks JPMorgan Chase and Citigroup Inc contributed to the collapse of Lehman Brothers Holdings by demanding large amounts of collateral and changing guarantee agreements.

The requirements that the IMF has put forward for obtaining a loan mean cutting back all social programs.

And now about the credit history of Ukraine.

In November 2008, the IMF approved a two-year program for Ukraine totaling $16.4 billion. Then the fund allocated the first tranche of $4.5 billion to Kiev. The second tranche of the IMF loan in the amount of $2.625 billion was received in May 2009 Ukraine received funds from the third tranche of the IMF in the amount of $3.3 billion in August 2009. After this decision, already in 2009, the total external debt of Kyiv increased from 54.3 percent of the gross internal product to an alarming 78.2 percent of GDP. As a matter of fact, the third tranche did not reach Ukraine at all, but was immediately paid for debts. In 2011, Ukraine took out a new loan in the amount of $14.9 billion for 2.5 years.

The IMF reminds that in last year Ukraine received about SDR2.97 billion and paid out SDR2.43 billion, including $2.39 billion to repay the principal debt. At the same time, direct guaranteed debt in 2014 amounted to 67.6% of GDP, and in 2015 – 73.4%
Ukraine needs to pay the IMF more than $1.42 billion in 2015.

The only reason why Ukraine was given a loan was the need to save its capital in our country. All this money was either stolen or immediately returned beyond the border.

If in 2009, for each resident of the country, including newborns, there was about $850 in external debt, then taking into account the new loan, this amount reaches more than $2 thousand. And this despite the fact that there is absolutely no benefit for the ordinary Ukrainian from of this loan No.

From April 1, April Fool's Day, it is planned to increase prices for all utilities, and tariffs will increase quarterly. The government adopted a law according to which, after 90 days of overdue payments, banks, management companies and collectors have the right to auction off housing and throw out those who are unable to pay utilities and gas. Thus, all costs of repaying the IMF loan and interest on it are transferred to the shoulders of ordinary Ukrainians. The rich will become richer and the poor will become poorer. By taking a loan from the IMF, the state undertakes to comply with the rules dictated by the fund, the key of which is to prevent an increase in the money supply in the country. Thus, the state that took out the loan ends up hooked on the IMF’s financial needle, turning into an economic drug addict. Instead of issuing its own money, it is forced to again resort to external borrowing to repay the loan. The debt noose is tightening ever tighter around the neck of Ukraine, dooming all residents to Slave work for a meager payment. The territory is being cleared for future overseas owners.

Since almost 35% industrial enterprises Ukraine is destroyed and stopped, Agriculture unprofitable; at current energy prices, Ukraine has no sources of income. An IMF loan will only delay the inevitable government default for some time. Ultimately, the last person who will remain part of Ukraine after its collapse will have to pay off the loans.

The main essence of lending to Ukraine is the purchase of its lands. The law on the sale of land is planned to come into force in 2016. Those lands that actually already belong to domestic oligarchs, such as B. Gubsky, who bought up almost the entire Kyiv region, P. Poroshenko, who has large land plots in different regions of Ukraine, brother former president P. Yushchenko, who is one of the grain magnates, and others will become legalized. The remains of agricultural land will go into the possession of representatives of transnational corporations to repay loans from the IMF and the EBRD. Peasants who sold their land in the hope of getting rich will become marginalized, filling the slums, as happened in Argentina. All fertile lands will be fenced with barbed wire, rapeseed and other industrial crops will be grown on them, and Ukrainians will starve on the richest black soil in the world and buy agricultural products containing GMOs abroad, as, incidentally, is already happening today. The former breadbasket of Europe and the republic that supplied half the world with sugar today buys potatoes, sugar, oil in Egypt, Belarus and other countries.

In the year after the Maidan and the armed coup, every resident of the country became 3 times poorer. Dollar from 8 UAH. rose to 25. The average pension today is $40. The poverty level, according to UN estimates, is $2.5 per day per person, $1.25 is already the limit of absolute poverty. Today, 80% of our pensioners, or approximately 12 million people, are beyond survival. But there are still millions of unemployed, whose number is increasing every day, refugees who receive 15 dollars a month in benefits, disabled people, whose number is increasing with each month of the war.

Of the entire IMF loan, not a penny will go to social needs, growth of pensions and salaries, or provision of medical care. This is already an open genocide of the population, both Ukrainians and Russians.

The International Monetary Fund (IMF) is a special agency of the United Nations established by 184 countries. The IMF was created on December 27, 1945 after the signing of an agreement by 28 countries developed at the UN Monetary and Financial Conference in Bretton Woods on July 22, 1944. In 1947 the foundation began its activities. The headquarters of the IMF is located in Washington, USA.

The IMF is international organization, which unites 184 states. The Fund was created to ensure international cooperation in the monetary field and maintain the stability of exchange rates; support economic development and employment levels in countries around the world; and providing additional in cash economy of a particular state in the short term. Since the IMF was created, its objectives have not changed, but its functions - which include monitoring the state of the economy, financial and technical assistance to countries - have evolved significantly to meet the changing goals of its member countries as actors in the global economy.

Growth of IMF membership, 1945 - 2003
(number of countries)

The objectives of the International Monetary Fund are:

• Ensure international cooperation in the monetary field through a network of permanent institutions that advise and take part in solving many financial problems.
• To promote the development and balanced growth of international trade, and to contribute to the promotion and maintenance of high levels of employment and real incomes and the development of productive forces in all member countries of the Fund, as the primary objects of economic policy.
• Ensure the stability of exchange rates, maintain correct exchange agreements between participants and avoid various discrimination in this area.
• Help build a multilateral payments system for ongoing transactions between member countries and to remove restrictions on currency exchanges that impede the growth of international trade.
• Provide support to fund member states by providing funds from the fund to solve temporary problems in the economy.
• In accordance with the above, shorten the duration and reduce the degree of imbalance in the international balances of the accounts of its members.

The role of the International Monetary Fund

The IMF helps countries develop their economies and implement certain economic projects through three main functions - lending, technical assistance and surveillance.

Providing loans. The IMF provides financial assistance to low-income countries with balance of payments problems through the Poverty Reduction and Growth Facility (PRGF) program and, for temporary needs resulting from external shocks, the Exogenous Shocks Facility (ESF). The interest rate on PRGF and ESF is concessional (only 0.5 percent), and loans are repaid over a period of 10 years.

Other functions of the IMF:

• promoting international cooperation in monetary policy
• expansion of world trade
• stabilization of monetary exchange rates
• consulting debtor countries
• development of international financial statistics standards
• collection and publication of international financial statistics

Basic lending mechanisms

1. Reserve share. The first portion of foreign currency that a member country can purchase from the IMF within 25% of the quota was called “golden” before the Jamaica Agreement, and since 1978 - the reserve share (Reserve Tranche). The reserve share is defined as the excess of the quota of a member country over the amount in the account of the National Currency Fund of that country. If the IMF uses part of a member country's national currency to provide credit to other countries, that country's reserve share increases accordingly. The outstanding amount of loans provided by a member country to the Fund under the loan agreements of the NHS and NHS constitutes its credit position. The reserve share and the lending position together constitute the “reserve position” of an IMF member country.

2. Credit shares. Funds in foreign currency that can be acquired by a member country in excess of the reserve share (if fully used, the IMF's holdings in the country's currency reach 100% of the quota) are divided into four credit shares, or tranches (Credit Tranches), each constituting 25% of the quota . Member countries' access to IMF credit resources within the framework of credit shares is limited: the amount of a country's currency in the IMF's assets cannot exceed 200% of its quota (including 75% of the quota contributed by subscription). Thus, the maximum amount of credit that a country can receive from the Fund as a result of using reserve and credit shares is 125% of its quota. However, the charter gives the IMF the right to suspend this restriction. On this basis, the Fund's resources are in many cases used in amounts exceeding the limit fixed in the charter. Therefore, the concept of “Upper Credit Tranches” began to mean not only 75% of the quota, as in the early period of the IMF, but amounts exceeding the first credit share.

3. Stand-by Arrangements (since 1952) provide the member country with a guarantee that, within a certain amount and during the term of the agreement, subject to the specified conditions, the country can freely receive foreign currency from the IMF in exchange for national currency. This practice of providing loans is the opening of a line of credit. While the use of the first credit share can be carried out in the form of an outright purchase of foreign currency after the Fund approves its request, the allocation of funds for the account of the upper credit shares is usually carried out through arrangements with member countries for reserve credits. From the 50s to the mid-70s, agreements on stand-by loans had a term of up to a year, since 1977 - up to 18 months and even up to 3 years due to the increase in balance of payments deficits.

4. The Extended Fund Facility (since 1974) supplemented the reserve and credit shares. It is intended to provide loans for longer periods and in larger amounts in relation to quotas than within the framework of conventional loan shares. The basis for a country's request to the IMF for a loan under extended lending is a serious imbalance in the balance of payments caused by adverse structural changes in production, trade or prices. Extended loans are usually provided for three years, if necessary - up to four years, in certain portions (tranches) at specified intervals - once every six months, quarterly or (in some cases) monthly. The main purpose of stand-by loans and extended loans is to assist IMF member countries in implementing macroeconomic stabilization programs or structural reforms. The Fund requires the borrowing country to fulfill certain conditions, and the degree of their severity increases as they move from one loan share to another. Certain conditions must be met before receiving a loan. The obligations of the borrowing country, providing for its implementation of relevant financial and economic activities, are recorded in the “Letter of Intent” or Memorandum of Economic and Financial Policies sent to the IMF. The progress in fulfilling obligations by the country receiving the loan is monitored by periodically assessing the special performance criteria provided for in the agreement. These criteria can be either quantitative, relating to certain macroeconomic indicators, or structural, reflecting institutional changes. If the IMF considers that a country is using a loan in conflict with the goals of the Fund and is not fulfilling its obligations, it may limit its lending and refuse to provide the next tranche. Thus, this mechanism allows the IMF to exert economic pressure on borrowing countries.

Unlike the World Bank, the IMF's activities focus on relatively short-term macroeconomic crises. The World Bank provides loans only to poor countries, the IMF can provide loans to any of its member countries that lack foreign exchange to cover short-term financial obligations.

Structure of governing bodies

The highest governing body of the IMF is the Board of Governors, in which each member country is represented by a governor and his deputy. These are usually finance ministers or central bankers. The Council is responsible for resolving key issues of the Fund’s activities: amending the Articles of Agreement, admitting and expelling member countries, determining and revising their shares in the capital, and electing executive directors. Governors usually meet in session once a year, but may hold meetings and vote by mail at any time.

The authorized capital is about 217 billion SDR (as of January 2008, 1 SDR was equal to approximately 1.5 US dollars). It is formed by contributions from member states, each of which usually pays approximately 25% of its quota in SDRs or in the currencies of other members, and the remaining 75% in its own national currency. Based on the size of quotas, votes are distributed among member countries in the governing bodies of the IMF.

The Executive Board, which sets policy and is responsible for most decisions, consists of 24 executive directors. Directors are appointed by the eight countries with the largest quotas in the Fund - the United States, Japan, Germany, France, the United Kingdom, China, Russia and Saudi Arabia. The remaining 176 countries are organized into 16 groups, each of which elects an executive director. An example of such a group of countries is the unification of the countries of the former Central Asian republics of the USSR under the leadership of Switzerland, which was called Helvetistan. Often groups are formed by countries with similar interests and usually from the same region, such as French-speaking countries in Africa.

The largest number of votes in the IMF (as of June 16, 2006) are: USA - 17.08% (16.407% - 2011); Germany - 5.99%; Japan - 6.13% (6.46% - 2011); Great Britain - 4.95%; France - 4.95%; Saudi Arabia - 3.22%; China - 2.94% (6.394% - 2011); Russia - 2.74%. The share of 15 EU member countries is 30.3%, 29 member countries of the Organization for Economic Cooperation and Development have a combined 60.35% of votes in the IMF. The share of other countries, making up over 84% of the Fund's membership, accounts for only 39.65%.

The IMF operates on the principle of a “weighted” number of votes: the ability of member countries to influence the Fund’s activities through voting is determined by their share in its capital. Each state has 250 “basic” votes, regardless of the size of its contribution to the capital, and an additional one vote for every 100 thousand SDR of the amount of this contribution. If a country bought (sold) SDRs received during the initial issue of SDRs, the number of its votes increases (decreases) by 1 for every 400 thousand purchased (sold) SDRs. This adjustment is made by no more than 1/4 of the number of votes received for the country's contribution to the capital of the Fund. This arrangement ensures a decisive majority of votes for the leading states.

Decisions in the Board of Governors are usually made by a simple majority (at least half) of the votes, and on important issues of an operational or strategic nature - by a “special majority” (70 or 85% of the votes of member countries, respectively). Despite a slight reduction in the share of voting power of the US and EU, they can still veto key decisions of the Fund, the adoption of which requires a maximum majority (85%). This means that the United States, together with leading Western countries, has the opportunity to exercise control over the decision-making process in the IMF and direct its activities based on their interests. With coordinated action, developing countries are also able to prevent decisions that do not suit them. However, achieving consistency across a large number of disparate countries is difficult. At the Fund's April 2004 meeting, the intention was expressed to "enhance the ability of developing countries and countries with economies in transition to participate more effectively in the decision-making machinery of the IMF."

The International Monetary and Financial Committee (IMFC) plays a significant role in the organizational structure of the IMF. From 1974 until September 1999, its predecessor was the Interim Committee on the International Monetary System. It consists of 24 IMF governors, including from Russia, and meets twice a year. This committee is an advisory body of the Board of Governors and has no power to make policy decisions. Nevertheless, it performs important functions: directs the activities of the Executive Council; develops strategic decisions related to the functioning of the global monetary system and the activities of the IMF; submits to the Board of Governors proposals for amendments to the IMF's Articles of Agreement. A similar role is also played by the Development Committee - the Joint Ministerial Committee of the Boards of Governors of the World Bank and the Fund (Joint IMF - World Bank Development Committee).

Board of Governors (1999) The Board of Governors delegates many of its powers to the Executive Board, a directorate that is responsible for the conduct of the affairs of the IMF, which includes a wide range of political, operational and administrative issues, in particular the provision of loans to member countries and overseeing their exchange rate policies.

The IMF Executive Board elects a Managing Director for a five-year term, who heads the Fund's staff (as of March 2009 - about 2,478 people from 143 countries). As a rule, he represents one of the European countries. Managing Director (since July 5, 2011) - Christine Lagarde (France), her first deputy is John Lipsky (USA). The head of the IMF permanent mission in Russia is Odd Per Brekk.

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