Your Partner ebrd

The EBRD (European Bank for Reconstruction and Development) is a multinational institution set ... with the specific aim of assisting the countries of Central and Eastern Europe to develop into market-oriented economies. Its 59 shareholders include countries from both this region and the rest ... the world, plus the European Community and the European Investment Bank.

The strongest comparative advantage of the Bank relative to other international financial institutions lies in its ability to operate both in the public and private sectors and to have ... its disposal the broadest range and flexibility of financing instruments. The Bank is uniquely equipped in both staff and range of instruments to support the different stages of transition.

Specifically, the EBRD seeks to promote the development of the private sector within these economies ... its investment operations and through the mobilization of foreign and domestic capital. In relation to private commercial banks, the EBRD's main advantages lie in its willingness and ability to bear risk. This allows the Bank to act at the frontier of commercial possibilities. It also shares the project risk ... acting with other private sector entities, such as commercial banks and investment funds, as well as multilateral lenders and national export credit agencies.

While its structure is unlike that of a commercial bank, the EBRD has a similar approach ... dealing with projects and it prices its products ... a commercial basis. With its AAA credit rating, the Bank is able to raise funds ... the finest rates from the international capital markets.

For a project to be considered it has to be commercially viable. The Bank does not issue guarantees ... export credits or provide retail banking services.

Foreign joint ventures are one of the EBRD's main vehicles for financing; joint ventures offer partners an effective way to gain access ... foreign and domestic markets, encourage foreign private investments in the region, reduce risk, and facilitate the transfer ... technology and management skills.

Words you may need:

shareholder n акционер

relative to относительно

flexibility n гибкость

specifically adv (зд.) конкретно

in relation to что касается

willingness n готовность

to bear risk нести риск

multilateral lenders многосторонние кредиторы

AAA credit rating показатель кредитоспособности ААА

viable adj жизнеспособный

Ex. 10. a) Open the brackets putting the verbs into the correct forms,

b) Describe the IMF's activities during the anniversary year.

Fiftieth Anniversary of the Bretton Woods Conference

The fiftieth anniversary of the Bretton Woods Conference that led to the foundation of the International Monetary Fund (IMF) (to mark) by a considerable increase in all areas of the IMF's operations. The anniversary (to stimulate) an assessment of changes in the international monetary system and reflections on the ways in which the IMF should respond to them.

In this connection 1995, the anniversary year, (to be) the year of intense activity for the IMF. First of all, the IMF adequately (to respond) to the financial crisis in Mexico. The year also (to see) а further evolution in the IMF's role of assisting countries in the transition from command to market economies. The IMF (to approve) substantial financial arrangements for Russia and Ukraine, extended its financial support to a large number of developing countries, increased access to its resources for all members, and carried out surveillance over members' economic policies.

In 1995 the call on the IMF to provide financial support (to lead) to exceptionally heavy demands on the IMF resources. Total drawings from the IMF's General Resources Account during 1994/95 (to amount) to SDR 10.6 billion. Of this total, SDR 7.6 billion was provided under stand-by arrangements; SDR 1.6 billion – under extended arrangements; SDR 0.3 billion – under the compensatory and contingency financing facility (CCFF); and SDR 1.1 billion-under the systemic transformation facility (STF). In addition, SDR 0.6 billion in concessional assistance (to disburse) under the structural adjustment facility (SAF) and enhanced structural adjustment facility (ESAF). Among the IMF's most important responsibilities (to be) its mandate to oversee the effective functioning of the international monetary system and to exercise firm surveillance over members' economic policies.

The IMF (to fulfil) these oversight and surveillance roles in a variety of ways. The IMF has regular annual consultations with member countries. The IMF (to assess) a member's macroeconomic and structural policies and (to encourage) all members to adopt policies that are in their long-term interests and contribute to their expansion and balanced growth of the world economy.

During the anniversary year this work (to give) an added impetus by the "Madrid Declaration" adopted by the IMF in 1994.

Access to technical assistance and training (to become) an increasingly valuable benefit of the IMF membership. The global revolution in favour of market-oriented economies and the widening implementation of structural adjustment policies (to increase) member countries' requests for IMF assistance.

It should be mentioned, however, that in spite of the activities serious policy challenges (to remain), like how to sustain economic growth, to reduce unemployment, to prevent a resurgence of inflation in the industrial countries, to maintain and extend growth through strong programs of adjustment and structural reform in developing countries, to integrate the economies in transition into the world economy and to set them firmly on the path of sustainable growth.

Words you may need:

anniversary n годовщина

reflection n размышление

further evolution эволюция, дальнейшее развитие

surveillance n надзор

General Resources Account счет общих ресурсов

SDR (Special Drawing Rights) специальные права заимствования

stand-by arrangement соглашение о резервных кредитах

compensatory and contingency financing facility система компенсационного финансирования и финансирования непредвиденных расходов

systemic transformation facility механизм финансирования системных преобразований

concessional assistance помощь, предоставляемая на льготных условиях

disburse v оплачивать, платить

structural adjustment facility механизм финансирования структурной перестройки

enhanced structural adjustment facility механизм расширенного финансирования структурной перестройки

mandate n мандат

oversee v наблюдать

oversight n присмотр, надзор

impetus n стимул, толчок

in spite of prep несмотря на

resurgence n возрождение, восстановление

sustainable growth устойчивый рост

Ex. 11. a) Fill each gap with a suitable word from the box.

b) Sum up the text in 5-7 sentences and present your summary in class.

c) Describe the World Bank's activities. Say how they differ from those of the IMF.

board	encourage	member	financed
bear	setup	growth	provides
per	focused	carries out	operations
imbalances	policy	purposes	countries
established