46271895 Medjunarodni Monetarni Fond

8/3/2019 46271895 Medjunarodni Monetarni Fond

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UVOD

Meunarodni monetarni fond (engl. International Monetary Fund IMF)osnovan je na Konferenciji u Bretton Woodsu 1944., a Statut Fonda stupio je nasnagu 27. 12. 1945. Sjedite Fonda je u Washingtonu. U Fond je ulanjeno 184drave.Meunarodni monetarni fond je meunarodna organizacija zaduena zanadzor globalnog finansijskog sistema nadziranjem kamatnih stopa i bilansa

plaanja, kao i za pruanje tehnike i finansijske pomoi.

Fond je osnovan da:

a) upravlja pravilima ponaanja u vezi s politikom valutnih kurseva,konvertibilnosti valuta i plaanja vezanih uz transakcije tekueg bilansa,

b) osigura sredstva zemljama lanicama tako da se mogu pridravati pravilaponaanja dok ispravljaju ili pokuavaju izbjei neravnoteu u platnom bilansu i

c) utemelji instituciju u kojoj se drave mogu savjetovati i suraivati na

meunarodnim monetarnim pitanjima.

Polazite u postavljanju svrhe i zadataka Fonda jest ravnomjeran razvojmeunarodne trgovine i njezina doprinosa privrednom razvoju, doprinosstabilnosti valutnih kurseva sa stratekim ciljem ostvarenja svjetskekonvertibilnosti i smanjenja neuravnoteenosti meunarodnog platnog bilansadrava. Meunarodnom saradnjom i instrumentima pomou Fonda zemljamalanicama sa ogranienim rezervama omoguava se finansiranje kratkoronihdeficita.

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Aktivnosti IMF-a

Tri su glavna podruja aktivnosti: posmatranje, finansijska i tehnika pomo.Nadzor se sastoji od procjene propisa o novanoj razmjeni zemalja lanica sobzirom na uvjerenje kako jaka i doslijedna ekonomska politika vodi stabilnomdeviznom kursu, te pogoduje rastu i razvoju svjetske ekonomije. Financijska

pomo ukljuuje kredite i zajmove lanicama IMF-a s platnim bilansom kojipodupire politiku prilagoavanja i reforme. (Podatak od 31. januara 2001.pokazuje kako IMF devedeset i jednoj zemlji daje oko 65,3 milijarde dolarakredita). to se tie tehnike pomoi, IMF prua strunu i tehniku pomosvojim lanicama pri kreiranju i sprovoenju finansijske i monetarne politike,osnivanju institucija, dogovorima s IMF-om, te statistike

podatke.

Odluke u okviru IMF-a

Odluke se u Fondu donose u vie organa. Odbor guvernera sastoji se odguvernera i njegovih zamjenika koje imenuje svaka drava lanica. U pravilu suto guverneri nacionalnih banaka ili ministri finansija. Odbor guvernera ima svu

vlast, osim one koje je prenio na Izvrni odbor.Posebne nadlenosti Odbora guvernera su primanje novih lanova, odreivanjevisine kvota, dodjeljivanje posebnih prava vuenja. Odbor se sastaje jednomgodinje na godinjoj skuptini Fonda, koja se odrava zajedno s Odboromguvernera IBRD. Izvrni odbor sastavljen je od izvrnih direktora, njihovihzamjenika i glavnog direktora Fonda koji je isto i predsjednik Izvrnogodbora. Izvrni odbor sastoji se od 20 lanova. Pet lanova imenuju drave snajveim kvotama, a ostalih 15 biraju drave lanice; svaki izabrani lanraspolae glasovima drave koja ga je izabrala. Izvrni odbor bira glavnog

direktora Fonda. Uobiajeno je da se za tu funkciju bira osoba koja dolazi izevropske drave, a njegov zamjenik je Amerikanac. Fond je organizovan kaodioniarsko drutvo.

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Izvori sredstava Fonda

Glavni izvor sredstava Fonda su lanarine koje su po iznosu jednake kvotivezanoj za nju. lanarine se plaaju preteno u domaoj valuti s moguimkombinacijama plaanja u posebnim pravima vuenja ili drugim valutama. Zasvoje djelatnosti Fond prikuplja sredstva i zajmove. Poseban nain pruanjafinancijske pomoi dravama lanicama ostvaruje se prodajom valuta drugedrave lanice ili posebnih prava vuenja.

Posebna prava vuenja (engl. special drawing rights SDR) uvedena su upraksu Fonda dopunama Statuta. Poslovi u vezi SDR vode se na raunuposebnog vuenja.Svaka drava koja je prihvatila izjavu da preuzima obveze uesnika rauna SDRima pravo uestvovati u raunu posebnog vuenja. Praktino se ta prava vuenjaostvaruju tako da Fond prodaje dravama valute ili SDR u zamjenu za njihovunacionalnu valutu. To se naziva kupovina ili vuenje iz Fonda. Pravno-tehnikise ne radi o kupovini niti pozajmici, ali ekonomski uinak je isti.

Sredstva Fonda dostupna su samo na krae odreeno vrijeme. Drave koje su

vukle (kupovale) sredstva od Fonda moraju postepeno kupovati svojunacionalnu valutu pomou drugih valuta ili SDR. To se naziva "otkup"nacionalne valute, a ekonomski uinak je isti kao otplata. Do 1970. sredstvaFonda koja su bila namijenjena uravnoteenju platnog bilansa ustupana su zavrijeme krae od godine dana. Ti sporazumi poznati su pod nazivom stand-bysporazumi.Nakon 1970. praksa Fonda je bila finansiranje programa

prilagoavanja stand-by sporazumima u rokovima i do tri godine. Drava kojaeli koristiti opta sredstva MMF-a mora dokazati da joj je potrebna valutadrugih lanica zbog svoga platnobilansnog poloaja. Pored toga ona je duna

sprovoditi politiku utvrenu u sporazumu sa Fondom. Ta politika razrauje sekao poseban program stabilizacije, a Fond ima pravo nadzora sprovoenja

programa.

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Neki od programa Meunarodnog monetarnog fonda

U svojoj bogatoj praksi, uz angaman visokokvalifikovanog kadra, Fond jerazvio vie od 45 razliitih programa davanja pomoi, a naroito praenje iocjenjivanje njihove primjene i sprovoenja politike stabilizacije.

Nabrojat emo samo neke:

a) rezervna trana (engl. reserve trench), viak nacionalne valute koju Fonddri u svojim optim sredstvima (General Resources Account), vuenja("kupovanje valuta" iz rezerve trane) slube za uravnoteenje platnog bilansa, aFond nema pravo ispitivati jesu li ta sredstva potrebna dravi ili nisu. Zaupotrebu tih sredstava ne plaaju se naknade (kamate), a provizija kojunaplauje Fond za te transakcije manja je od uobiajene provizije koja senaplauje za kupovinu specijalnih prava vuenja ili valute druge drave lanice.Drava korisnica tih sredstava takoer nije duna nakon odreenog vremena tasredstva otkupiti;

b) kreditna trana i stand-by sporazumi, su redovan nain davanja zajmova

Fonda. Zajam je dostupan u etiri trane, a svaka iznosi 25% od vrijednostinacionalne kvote drave. Kreditna trana se moe dobiti direktno ili preko stand-

by sporazuma koji odobrava Fond. Sporazum osigurava dravi lanicipovlaenje sredstava u odreenom iznosu u odreenim rokovima i pod uslovomda potuje mjerila i uslove sporazuma sklopljenog izmeu drave lanice iFonda;

c) produena sredstva Fonda (Extended Fund Facilities), imaju dalji rokkoritenja i mogu se vui i do 140% nacionalne kvote. Njihova upotreba mogua

je ako su tekoe drave vezane uz platni bilans, proizile iz strukturnih faktorakoji su izvan domaaja drave. Radi ponovnog uspostavljanja rasta nastoji se tim

programima poveati uvoz;

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d) sredstva za finansiranje kompenzacija (Compensatory Facility), kao posebannain zaduivanja uveden je 1963.godine kako bi se osigurala dodatna sredstvadravama lanicama namijenjena prije svega proizvoaima primarnih

proizvoda. Uslov odobravanja tih sredstava je da su proizvoai ostvarili deficitu platnom bilansu kao rezultat naglog i smanjenog prihoda od izvoza, a da jesmanjenje izvoza i njime uzrokovan deficit bio izvan mogunosti uticaja drave.Radi kompenzacije smanjenih prihoda od izvoza mogue je vui najvie do100% kvote;

e) sredstva za finansiranje tamponskog udjela (Buffer Stock Financing Facility),uvedena su 1969.godine kao novi oblik olakica u otplati zajmova. Koriste sekao dopuna sporazumima o zajmovima kojima se predviaju olakice radiublaavanja uinaka velikih promjena izvoznih cijena, odnosno naglih promjena

prihoda od izvoza. Drave lanice mogu ta sredstva kupiti u visini od 50%nacionalne kvote;

f) dodatna sredstva finansiranja (Supplementary Financing Facility), odobravajuse samo u vezi sa kreditnim tranama stand-by sporazuma i sporazuma o

produenim sredstvima Fonda. Uslovi pod kojima se daju dodatna sredstvajednaki su uslovima iz glavnih sporazuma. Za koritenje tih sredstava potrebnoje da su ispunjena dva uslova: rokovi predvieni za uravnoteenje bilansamoraju biti dui od godinu dana, a visina sredstava koja su potrebna moraju

prelaziti ona odobrena u kreditnim tranama ili produenim sredstvima Fonda.

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Istorija Medjunarodnog monetarnog fonda

MMF je osnovan na svjetskoj konferenciji o monetarnim i finansijskimproblemima odranoj u Bretton Woodsu 1944. godine. Osnovu za njegovofunkcionisanje inili su planovi sainjeni u Velikoj Britaniji i SAD-u. RazvojFonda moemo pratiti kroz dva perioda:

Prvi period

U prvom periodu ciljevi MMF-a bili su sljedei:

-Omoguiti ekspanziju uravnoteenog rasta meunarodne trgovine i timedoprinijeti poveanju i odravanju visokog nivoa zaposlenosti i visokog nivoarealnog dohotka;-Uvrstiti stabilnost deviznih kurseva;-Uspostaviti multilateralni sistem plaanja tekuih transakcija;-Na osnovu mogunosti korienja sredstava Fonda za korekcije platnobilansnihneravnotea, uspostaviti povjerenje meu zemljama lanicama u pogledu

dugorone meunarodne monetarne stabilnosti.

Poetna ili pristupna obaveza svake lanice Fonda sastojala se uglavnom izustanovljavanja pariteta svoje valute i iz uplate odgovarajueg iznosafinansijskih sredstava. Paritet se odreivao u odnosu na zlato ili u odnosu nadolar, pa se stoga ovaj sistem naziva Sistem zlatnodeviznog standarda.Eventualna promjena pariteta mogla se dogoditi samo ako se zemlja nae u tzv.fundamentalnoj neravnotei i uz suglasnost Fonda. Odreivanje iznosafinancijskih sredstava za uplatu kvote zemlje lanice vrilo se proporcionalno

parametrima koji reflektiraju snagu nacionalne ekonomije. Kvota se uplaivala

25% u zlatu i 75% u domaoj valuti.

Uskoro se javlja problem likvidnosti Fonda koji je nastao iz jednostavnograzloga tj. zbog prihvaanja zlatno deviznog standarda kao osnovne polugemeunarodnih monetarnih relacija.

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Naime, ameriki dolar, zbog najsnanije pozicije i najvreg poloaja usvjetskoj trgovini, postupno preuzima vodeu ulogu u brettonwoodskommonetarnom sistemu, te postaje glavnom rezervnom valutom zemalja lanica.60-ih godina 20. vijeka, uprkos svom posebnom poloaju dolar je sve vieslabio. Opadanjem vrijednosti dolara, naruava se i mehanizammeunarodnih monetarnih odnosa, te problem likvidnosti dolazi do punogizraaja.Zbog toga 28. jula 1969. godine ustanovljena je ema kreiranja novih rezervnihsredstava Specijalna prava vuenja (SPV). Ta nova sredstva zapravo se kreirajusamo knjigovodstveno meu zemljama lanicama.

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Drugi period

Kretanje vrijednosti dolara

Grafik kretanja vrijednosti dolara.Drugi period zapoinje i traje do danas kada

IMF poetkom 70-ih godina 20. vijeka zapada u najveu krizu dotada. Odlivkratkoronog dolarskog kapitala u inostranstvo, dalje odravanje visoke stopeinflacije u SAD-u izazvalo je brojne pekulacije na tetu amerikog dolara.Predsjednik SAD-a je 15. augusta 1971. godine objavio ukidanjekonvertibilnosti dolara u zlato i uvoenje dodatnog poreza na sav uvoz u SAD.Tim inom je prestao funkcionisati meunarodni monetarni sistem na

principima ustanovljenim u Bretton-Woodsu. Krajem 1971. godine postignut jesporazum, gdje su SAD poveale cijenu zlata za 8,57%, SR Njemaka i Japan susmanjile cijenu marke za 5% i jena za 8,5% u odnosu na zlato, dok su VelikaBrianija i Francuska zadrale cijene zlata istim. Nakon toga dolazilo je do jonekoliko korekcija cijena, sve dosastanka na Jamajci 1976. godine, gdje se IMF preobrazio u sistem valutnih

podruja, kao to su sistem evropskog valutnog fluktuiranja, zatim dolarskopodruje, podruje francuskog franka, podruje britanske funte ipodruje SPV-a.

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Predlog reformi Medjunarodnog monetarnog fonda

Evropski Parlament predlae reforme Medjunarodnog monetarnog fonda.Dravelanice EU trebaju bolje koordinirati svoje pozicije unutar Meunarodnogmonetarnog fonda (MMF), a Fond bi trebao znaajnije doprinijeti Milenijskimrazvojnim ciljevima, glavni su zakljuci Odbora za ekonomska pitanjaEvropskog parlamenta usvojeni 31. januara 2006. godine.

Tema izvjetaja Odbora je strateka ocjena Meunarodnog monetarnog fonda.

Prijedlog da EU ima samo jedno mjesto u Meunarodnom monetarnom fondu,koje bi zajedniki drala Komisija i Ecofin, a djelovali bi pod nadzoromEvropskog parlamenta odbijen je, a predlae se da Eurozona, ili ako je mogue,Evropska zajednica, glasa kao jedinstveni blok. Ako Evropska zajednica postanelanom Meunarodnog monetarnog fonda, drat e 31, 92 % glasakih prava,ostavljajui iza sebe Sjedinjene Amerike Drave, koje su jo uvijek glavnidioniar Fonda sa 17, 11 %.

Parlament smatra da Meunarodni monetarni fond treba revidirati podjelu kvota

i glasakih prava da bi bolje odrazio trenutno stanje svjetske ekonomije tepomogao novim privredama i zemljama u razvoju. Odbor takoer predlae boljukoordinaciju izmeu MMF-a i Svjetske banke da bi se promovisala razvojna

pitanja i postizanje Milenijskih ciljeva.Vezano uz liberalizaciju financijskihusluga u zaduenim zemljama, lanovi Odbora za ekonomska pitanja smatrajuda ona treba biti postupna i stabilna, te usklaena s institucionalnimsposobnostima svake od zemalja. Slino, liberalizacija u dravama s niskimdohotkom mora se odvijati u okvirima Svjetske trgovinske organizacije.Konano, Odbor smatra da zaduene drave ne moraju potpuno otvoriti trite,

nego da u odreenom vremenskom razdoblju mogu zatititi pojedineindustrije.Konano, Evropski parlament je podrao namjeru za razvojemobrazovnog i zdravstvenog sistema zemalja u razvoju, te predloio da MMFrazvija politike za prevenciju nove dunike krize te pozdravio irenje inicijativa

prema jako zaduenim dravama.

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Zakljuak

Na osnovu izvejtaja od 26 jula 2007. godine Meunarodni monetarni fondprognozira da e svjetska privreda rasti brim tempom nego to se to isprvapredvialo. Revidirana projekcija stope rasta je 5.5 posto.

Prognoze za bri rast pogotovo se odnose na Rusiju, Indiju i Kinu, koja e tvrdi IMF imati privredni rast od 11.2 posto. Novi izvjetaj poneto je snizilostopu rasta u Sjedinjenim Dravama stopa rasta amerike ekonomije iznosit e2 posto.

Kao i u prolosti IMF i dalje predstavlja meudravnu i monetarnu finansijskuinstituciju ali danas s gotovo univerzalnim lanstvom. Njegove se aktivnosti i

politika sprovodi temeljem Sporazuma (Articles of Agrement) a izvrava seputem organizovanog vostva u formi Odbora guvernera (A Board ofGovernors), zatim izvrnog odbora (An Executive Board) i Upravljakogdirektora (A Managing Director) s timom od oko 2000 zaposlenika.

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SADRAJ

Uvod......................................................................................................................1Istorija Meunarodnog monetarnog fonda............................................................2Aktivnosti IMF-a...................................................................................................5Odluke u okviru IMF-a..........................................................................................5Izvori sredstava Fonda...........................................................................................6

Neki od programa Meunarodnog monetarnog fonda..........................................7

Predlog reformi Meunarodnog monetarnog fonda..............................................9Zakljuak.............................................................................................................10Literatura.............................................................................................................11


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LITERATURA

www.imfsite.orgwww.entereurope.comwww.brettonwoodsproject.org/institution/imf/index.shtmlencarta.msn.com/encyclopedia_761553862/international_monetary_fund.html

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http://www.imfsite.org/http://www.entereurope.com/http://www.imfsite.org/http://www.entereurope.com/


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UNIVERZITET CRNE GOREFAKULTET ZA POMORSTVO KOTORODSJEK : MENADMENT U POMORSTVU

SEMINARSKI RAD

PREDMET:Meunarodni menadment

TEMA:Meunarodni monetarni fond

MENTOR:STUDENTI:

Prof.Dr Veselin Drakovi JOVANAODALOVI I JELENA ODALOVI

INDEX BR. : 15-05 i 14-05


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International Monetary Fund - IMF

The International Monetary Fund (International Monetary Fund - IMF), is basedon the Conference in Bretton Woods 1944., And the Fund Statute entered intoforce on 27. 12. 1945. Fund Headquarters is in Washington. The Fund is isconsisted of 184 countries. The International Monetary Fund (IMF) is aninternational organization in charge of monitoring the global financial systemcontroling interest rates and bilans payments, as well as for providing technicaland financial assistance.

The Fund was established to:a) controls the rules of conduct in connection with the exchange-rate policies,

currency convertibility and payments related to transactions on the currentbalance,b) provide the means member states so that it can abide by the rules of conductwhile fixed or trying to avoid the payments balance and,c) laid the foundation of the institution in which the state can consult and

cooperate on international monetary matters.

The starting point in setting purposes and tasks of the Fund is the steadydevelopment of international trade and its contribution to economicdevelopment, contribute to the stability of exchange-rate with the strategic aimof achieving convertibility of the world and reducing unbalanced international

payment balance sheet states. International cooperation and using theinstruments of the Fund member countries with limited reserves allows for thefinancing of short-term deficit.

Functions

There are three main areas of activity: observation, the financial and technicalassistance. Surveillance consists of assessments money regulations on exchangeof member countries with regard to his conviction as strong and consistenteconomic policy leads stable exchange rate, and favorable growth anddevelopment of world economy. Financial assistance includes credits and loansto members of the IMF as payment bilans which supports the policy adjustmentsand reforms. (Data from 31. January2001. Shows that the IMF and ninety-one

country gives around 65.3 billion dollars of credits).
http://66.102.9.104/translate_c?hl=en&sl=hr&u=http://bs.wikipedia.org/w/index.php%3Ftitle%3DMe%25C4%2591unarodna_organizacija%26action%3Dedit%26redlink%3D1&prev=/search%3Fq%3Dmedjunarodni%2Bmonetarni%2Bfond%26hl%3Den%26safe%3Doff%26sa%3DGhttp://66.102.9.104/translate_c?hl=en&sl=hr&u=http://bs.wikipedia.org/wiki/Kamata&prev=/search%3Fq%3Dmedjunarodni%2Bmonetarni%2Bfond%26hl%3Den%26safe%3Doff%26sa%3DGhttp://66.102.9.104/translate_c?hl=en&sl=hr&u=http://bs.wikipedia.org/wiki/31._januar&prev=/search%3Fq%3Dmedjunarodni%2Bmonetarni%2Bfond%26hl%3Den%26safe%3Doff%26sa%3DGhttp://66.102.9.104/translate_c?hl=en&sl=hr&u=http://bs.wikipedia.org/wiki/2001&prev=/search%3Fq%3Dmedjunarodni%2Bmonetarni%2Bfond%26hl%3Den%26safe%3Doff%26sa%3DGhttp://66.102.9.104/translate_c?hl=en&sl=hr&u=http://bs.wikipedia.org/w/index.php%3Ftitle%3DMe%25C4%2591unarodna_organizacija%26action%3Dedit%26redlink%3D1&prev=/search%3Fq%3Dmedjunarodni%2Bmonetarni%2Bfond%26hl%3Den%26safe%3Doff%26sa%3DGhttp://66.102.9.104/translate_c?hl=en&sl=hr&u=http://bs.wikipedia.org/wiki/Kamata&prev=/search%3Fq%3Dmedjunarodni%2Bmonetarni%2Bfond%26hl%3Den%26safe%3Doff%26sa%3DGhttp://66.102.9.104/translate_c?hl=en&sl=hr&u=http://bs.wikipedia.org/wiki/31._januar&prev=/search%3Fq%3Dmedjunarodni%2Bmonetarni%2Bfond%26hl%3Den%26safe%3Doff%26sa%3DGhttp://66.102.9.104/translate_c?hl=en&sl=hr&u=http://bs.wikipedia.org/wiki/2001&prev=/search%3Fq%3Dmedjunarodni%2Bmonetarni%2Bfond%26hl%3Den%26safe%3Doff%26sa%3DG


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As regards technical assistance, the IMF provides vocational and tehnical helpits members at the creation and implementation of financial and monetary

policies, the establishment of institutions, agreements with the IMF, andstatistical data.

Decisions in the Fund bring in more bodies. Board of Governors consists of thegovernor and his deputies are appointed by each member state. Usually they aregovernors of national banks or finance ministers. Board of Governors has all the

powers, except those which is transmitted to the Executive Board.

Special competence of the Committee of Governors are receiving newmembers, determine the height of quotas, the allocation of special drawingrights. The Committee meets once a year at the annual Assembly of the Fund,which is held in conjunction with the Committee of Governors IBRD. TheExecutive Board is composed of executive directors, their alternates and chiefdirector of the Fund who is also Chairman of the Executive Committee. TheExecutive Committee consists of 20 members. Five members nominated by thestate with the biggest quotas, and the other 15 are elected by member states,each elected member state has the votes. The Executive Committee elected bythe Chief Director of the Fund. Normally you for this position is elected by the

person who comes from European nations, and his deputy is American. TheFund is organized as a joint-stock company.

The main source of funds Fund are membership fees, which are by an amountequal quota relating to her. Membership fees are paid mainly in local currencywith the possible combinations of payment in special drawing rights or othercurrencies. For its activities, the Fund will collect funds and loans. Special wayof providing financial assistance to member states realized by selling thecurrency of other member states or special drawing rights.


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Special drawing rights (special drawing rights - SDR) introduced the practice ofamendments to the Statute of the Fund. Jobs in connection SDR water onaccount of special drawing. Each country is accepted statement that assumes the

obligations of participants account SDR has the right to participate in a specialdrawing account. Virtually this drawing rights fulfilled so that the Fund sellscountries or currencies in the SDR exchange for their national currency. This iscalled buying or pull out of the Fund. Legal and technically it's not about

buying or loaning, but the economic effect is the same.

Fund assets are available only on a short time to time. States that have drawn(buying) assets of the Fund must gradually buy our national currency by usingother currencies, or SDR. This is called a "surrender" of national currencies,

and the economic effect is the same as redemption. Up to 1970. Fund assetsthat were intended for the payment balance are given for the time shorter than ayear. These agreements are known as the stand-by agreements.

After 1970. Practice Fund was financing the adjustment of stand-byagreements in terms of up to three years. States which wants to use generalfunds and the IMF must demonstrate that it is necessary currencies of othermember because of his payement balance position. In addition, she is obliged toimplement the policies determined in agreement with the Fund. This policy isdeveloping as a special program of stabilization, and the Fund has the right tocontrol the implementation of the program.


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In his extensive practice, with the involvement of high qualified staff, the Fundhas developed more than 45 different programs providing assistance, in

particular monitoring and evaluation of their application and implement thepolicy of stabilization.

we will count just some:

a) reserve tranche ,an excess of the national currency which the Fund holds inits general funds (General Resources Account), drawing ( "buying currencyfrom reserves tranches) service for balancing the payment balance, and the Fundhas no right to question whether these funds require state or not. For the use ofthese funds do not pay the fees (interest), a commission charged by the Fund forthese transactions is less than the usual commission which is charged for the

purchase of special drawing rights or currencies other member states. Statebeneficiary of these funds also is not required after a certain time these funds topurchase (refund);

b) credit tranche and stand-by agreements, the ordinary way of giving loansFund. The loan is available in four tranches, each is 25% of the value ofnational quotas state. The credit tranche can be obtained directly or throughstand-by agreement approved by the Fund. The agreement provides MemberState with draw funds in a given amount of specific deadlines and provided thatit respects the criteria and conditions deal agreements between member statesand the Fund;

c) the funds extended Fund, have a longer period of use and can haul up to140% of the national quota. Their use is possible if the difficulties of state-related canvas came from balance from the structural factors which are outsidestate rate. In order to regain growth to be these programs to increase imports;

d) funds to finance compensation (Compensatory Facility), as a special way ofborrowing was introduced in 1963. To provide additional funds to memberstates aimed primarily producers of primary products.


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The condition of approval of these funds is that the producers made paymentsdeficit in the balance as a result of rapid and lower income from exports, andthat the reduction in exports and caused him outside the deficit was able toinfluence the state. In order to compensation reduced earnings from exports it is

possible to haul up to 100% quota;

e) funds to finance buffer shares (Buffer Stock Financing Facility), wereintroduced in 1969. as a new form of relief in paying off loans. Are used as asupplement agreements on loans which envisage deduction for ImpactMitigation large export price changes, or changes strong revenues from exports.Member States can buy these funds in the amount of 50% of national quotas;

f) additional means of financing (Supplementary Financing Facility), will begiven only in connection with credit trench stand-by agreement and theagreement on the means extended Fund. Conditions under which providesadditional funds are equal in terms of major agreements. For the use of these

funds will need to have met two conditions: the predicted deadlines forbalancing the balance sheet must be longer than a year, with a height of fundsthat are needed to exceed those approved in the credit trenchs or extended meansFund.


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History

IMF was established as a worldwide conference on monetary and financialissues held in Bretton Woods1944. year. Basis for its functioning were plansmade in the UKand U.S.. The Development Fund can track through two

periods:

The first period

In the first period goals and the IMF were the following:

Allow an expansion of a balanced growth of international trade and tocontribute to increasing and maintaining high levels of employment andhigh levels of real income;

Reinforce the stability of foreign exchange courses; Establish a system of payment of current transactions; On the basis of opportunities of useing assets Fund for correcting the

imbalance payement balnce, establish trust among member states in terms oflong-term international monetary stability.

Home or access obligations of each member of the Fund consisted mainly fromestablishing parity its currency and the payment of the appropriate amount ofmoney. Parity was determined in relation to gold or in relation to the dollar, sotherefore this system called the System gold currency standards. Possiblechanges parity could happen only if the country was found in the so-called.fundamental unbalance and with the consent of the Fund. Determining the

amount of money for the payment quota countries were done proportionatelyparameters that reflect the strength of the national economy. Payed quota is25% in gold and 75% in local currency.

Soon occurs Fund's liquidity problem that has emerged from the simple reasonthat for accepting gold exchange standard as the basic levers of internationalmonetary relations. Specifically, the U.S. dollar, due to strongest positions andhardest position in world trade, gradually assume a leading role in

brettonwoodskom Monetary System, and became the main currency backupmember countries.
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60-to 20 years. century, in spite of its special position dollar is increasinglylow. Increasing value dollars, and impairs the mechanism of internationalmonetary relations, and the problem of liquidity is coming to full expression.As a result, 28. July1969. The established scheme is creating new reservefunds Special drawing rights (SPV). These new funds are actually creating the

book among member states.

The second period

Chart Trends values dollars

The second period begins and lasts until today, when the IMF in early 70-to 20years. The biggest fall into crisis earlier. Outflow of dollar capital abroad,continue to maintain high rates inflation United States has caused numerousspeculations on the damage U.S. dollars. The President ofthe United States is

15. August1971. The announced abolition of convertibility of dollars in goldand the introduction of additional tax on all imports into the U.S..
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Rank stopped work international monetary system on the principles ofdeterminated the Bretton-Woods. At the end of 1971. the agreement was

reached, where the United States increased the price of gold for 8.57%, theFederal Republic ofGermany and Japan reduce the price of stamps for 5% andjena of 8.5% compared to the gold, while the United Britan and France retainedthe same price of gold . After that he came to several more price correction, allthe way to meeting the Jamajca1976. , where the IMF returned in the system ofvalute areas, such as the European currency system fluctuation, then dollar area,the French franka, the British pounds and area-a SPV.

The European Parliament proposes to reform the International MonetaryFund

EU member states should better coordinate their positions within theInternational Monetary Fund (IMF), and the Fund should significantlycontribute to Millennium development goals, are the main conclusions of theCommittee of Economic Affairs European Parliament passed 31. January2006.year.

Issue statements Committee is strategic assessment of the InternationalMonetary Fund. Proposal that the EU has only one place in the InternationalMonetary Fund, which would be jointly conducted the Commission andECOFIN, and would act under the supervision of the European Parliament hasdeclined, and suggests that the Eurozone, or if possible, the EuropeanCommunity, a unique voice as a block. If the European Community becoming amember of the International Monetary Fund, will keep 31, 92% ballot rights,leaving behind the United States, which are still the main shareholder in theFund with 17, 11%.The Parliament believes that the International MonetaryFund should review the division of quota and ballot rights in order to better
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odrazio the current state of world economy and helped the new economies anddeveloping countries.

The Committee also proposes better coordination between the IMF and WorldBank to promote development issues and the achievement of Millenniumgoals.Related to the liberalization of financial services in charge of countries,members of the Committee for Economic Affairs believe that it should begradual and stable, and in line with the institutional capacities of each

country. Similarly, the liberalization in countries with low income must be heldwithin the WTO. Finally, the Committee believes that the preserve of the statedo not have to fully open the market, but that in odreenom time razdublju can

protect individual industries.

Finally, the European Parliament intends to support the development ofeducational and health systems in developing countries, and proposed that theIMF is developing a policy for the prevention of new debt crisis and welcomedthe expansion of initiatives by countries heavily in charge.

Summary

26,July 2007

The International Monetary Fund predicts that the world economy will growfaster pace than it was expected.A revised projection of growth rate is 5.5

percent.Forecasts for faster growth, especially related to Russia, India and

China, which will - the hard IMF - have economic growth of 11.2 percent. Thenew report was slightly lower rate of growth in the United States - growth rateof U.S. economy will be two percent.

IMF today

As in the past, the IMF still represents a cross-monetary and financial institutiontoday, but with almost universal membership. The activities and policiesimplemented on the basis of the Agreement (Articles of Agrement) and executed

through the organized leadership in the form of the Committee of Governors (A


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Board of Governors), then the executive committee (An Executive Board) and AManaging Director with a team of about 2000 employees.

Documents

46271895 Medjunarodni Monetarni Fond