(基金份额).ppt

Unit 26. The International Monetary Fund (IMF) I. Background of IMF In 1944, officials from 44 countries came together for a historic meeting at Bretton Woods of US. They wanted to make provisions for economic problems they expected to follow the end of World War II. These efforts resulted in the formation of IMF, which officially established on December 27, 1945. The fund has grown rapidly, and has 183 countries by the end of 2000. China resumed her membership of IMF in April 1980. II. Objectives of the IMF The IMF is established to promote international monetary cooperation and exchange stability, to avoid competitive exchange depreciation and to provide temporary financial assistance to countries to help ease balance of payments deficits. (35$) other currencies US dollars one ounce of gold fixed fixed Since the abandonment of the Bretton woods system in early 1970s, the IMF has agreed to allow each other members to choose its own method of determining an exchange rate for its own currency. The only requirements are the member country ho longer bases the value of its currency on gold and informs other members about how it determines the currency’s value. III. Financial Resources of the Fund A. Quota (基金份额) The size of the quota is set by the IMF. It is based on the economic importance of a country by such indicators as population, international trade volume, and GNP. The member states need to pay their subscriptions to the IMF, also called membership fee, which is the contribution that the member states must make to the IMF’s funds. It’s expressed in SDRs and equal in value to each member’s quota. 75% of the subscription is payable in the member state’s own currency and 25% is payable in gold, foreign exchanges and SDRs. Voting power and eligibility to draw on the fund are linked to the size of the