Where Does the imf Get Its Money?

The IMF's resources come mainly from the quota (or capital) subscriptions that countries pay when they join the IMF. Countries pay 25 percent of their quota subscriptions in Special Drawing Rights (i.e. in international reserve assets) or in major currencies, such as U.S. dollars or Japanese yen, and 75 percent in their own currency. Quotas determine not only a country's subscription payments, but also its voting power, the amount of financing that it can receive from the IMF.

Quotas are intended broadly to reflect members' relative size in the world economy: the larger a country's economy in terms of output, and the larger and more variable its trade, the higher its quota tends to be. The United States of America, the world's largest economy, contributes most to the IMF, 17.6 percent of total quotas; Seychelles, the world's smallest, contributes 0.004 percent.

Members with balance of payments difficulties may borrow or draw (i.e. purchase foreign currencies from the Fund with their own currencies) up to 125% of their quota. The first 25% (“the reserve tranche”) may be drawn on demand, the remaining 100% is divided into four “credit tranches” of 25% each, and drawings here are “conditional” on members agreeing with the Fund a programme of measures (for example, deflation, devaluation) for removing their payments deficit. Members are required to repay their drawings over a three to five year period.

Vocabulary

Agency	Учреждение
Conceive	Задумывать
Framework	Основа
Avoid	Избегать, не допускать
Disastrous	Губительный
Contribute	Вносить вклад; быть причиной
Prevent	Предотвращать
Encourage	Поощрять
Adopt	Принимать
Sound	Обоснованный
Tap	Зд.: Использовать
Statutory	Уставный
Promote	Содействовать
Competitive	Конкурентный
Orderly	Упорядоченный
Monitor	Проводить наблюдение
Experience	Опыт
Adjustment policy	Политика стабилизации
Underlying	Основной
Area of expertise	Сфера компетенции
Decision	Решение
Accountable	Подотчетный
Executive Board	Исполнительный Совет
Managing Director	Директор-распорядитель
Recruit	Нанимать на работу
Powers	Полномочия
Authority	Руководящий орган
World Bank	Всемирный банк
International Monetary and Financial Committee	Международный валютно-финансовый комитет
Development Committee	Комитет по развитию
Appoint	Назначать
Matter of concern	Вопрос, представляющий интерес
In a full-day session	В течение полного рабочего дня
Weighted voting system	Система взвешенного распределения голосов
Unanimously	Единогласно
Quota subscription	Взносы в рамках квоты (взносы в капитал)
Special Drawing Right (SDR)	Специальное право заимствования
International reserve assets	Международный резервный актив
Be intended	Быть призванным
Reflect	Отражать
Output	Объем выпуска продукции
Draw (drew, drawn)	Получать (деньги)
On demand	По требованию