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Text B International Monetary Fund QUESTIONS Do you know the IMF ? How was the IMF found ? What are the functions of the IMF? TEXT B Preview The International Monetary Fund was conceived in July 1944 originally with 45 members and came into existence in December 1945 when 29 countries signed the agreement, with a goal to stabilize exchange rates and assist the reconstruction of the worlds international payment system. TEXT B Reading Comprehension Read the following sentences and decide whether they are true(T) or false(F). 1. The IMF was important when it was second created because it helped the world stabilize the economic system. The IMF works to improve the economies of its member countries. ( ) 2. The IMF was formally organized on December 17, 1945, when the first 29 countries signed its Articles of Agreement. ( ) F F 3. In 2008, faced with a shortfall in revenue, the International Monetary Funds executive board agreed to sell part of the IMFs gold reserves. ( ) 4. At the 2009 G-20 London summit, it was decided that the IMF would require additional financial resources to meet prospective needs of its member countries during the ongoing global financial crisis. ( ) TEXT B Reading Comprehension T T 5.A members quota in the IMF determines the amount of its subscription, its voting weight, its access to IMF financing, and its allocation of Special Drawing Rights (SDRs).( ) TEXT B Reading Comprehension T TEXT B Notes 1. Mount Washington Hotel: The Mount Washington Hotel opened in 1902 near Mount Washington, in the town of Carroll, New Hampshire. The area is better known as Bretton Woods, and includes the Bretton Woods ski resort nearby. It is located at the northern end of Crawford Notch, 6 miles (10 km) east of the village of Twin Mountain, New Hampshire, along U.S. Route 302. TEXT B Notes 2. Bretton Woods system: The Bretton Woods system of monetary management established the rules for commercial and finan
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