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International Monetary Fund History, Global role, and work in Russia

International Monetary Fund History, Global role, and work in Russia. Odd Per Brekk Senior Resident Representative State University of Management June 18, 2012. Outline of Presentation. The IMF Historical background Operations Russia and the IMF Russia’ role and membership

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International Monetary Fund History, Global role, and work in Russia

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  1. International Monetary FundHistory, Global role, and work in Russia • Odd Per Brekk • Senior Resident Representative • State University of Management • June18, 2012

  2. Outline of Presentation • The IMF • Historical background • Operations • Russia and the IMF • Russia’ role and membership • Economic policy issues facing Russia

  3. IMF Roots

  4. IMF Founders

  5. IMF Today 2,500 staff from 160 countries

  6. Global Membership 188 countries represented Non-members include: Cuba, North Korea, Andorra, Monaco, Nauru, Liechtenstein Mandate: Global Economic & Financial Stability Short-term balance of payment support Facilitate expansion in trade, high levels of employment and income Pillar of Multilateralism Promotes economic cooperation Complements the UN, World Bank, WTO & ILO

  7. Board of Governors188once a year International Monetary & Financial Committee24twice a year Executive Board24three times a week How the IMF works

  8. What’s a Quota? • Country subscription • Voting Power • Access to financing \ˈkwō-tə\

  9. Governance Shift of voting shares to emerging market and developing countries BRICs in top 10 shareholders 6% GLOBAL INSTITUTION, REFLECTING GLOBAL REALITY

  10. Management • 1 Managing Director • 1 First Deputy Managing Director • 3 Deputy Managing Directors

  11. Bilateral, Regional, Global Ruthless Truth Teller Systemic Countries / Cross-country Effects Surveillance • Economic Doctor

  12. crisis management & prevention non-Concessional tailored to country needs Concessional flexible, focused, social Conditionality Lending • Global Firefighter

  13. Strong policies are built on strong foundations Regional technical assistance centers Technical Assistance • Coach

  14. Russia and the IMF Membership date: June 1, 1992 Quota: SDR 5.9 billion; 2.5 percent of total Number of IMF Russian staff members: 44, of whom about 30 economists Financial programs: Last one approved in 1999 and expired in 2000 Current areas of work: (i) surveillance; (ii) technical assistance

  15. Russia: Economic Challenges

  16. Russia: Economic Policy Priorities • Anchor government budget policy • Anchor monetary policy and inflation expectations • Promote financial sector stability and development • Improve the investment environment

  17. Thank you !Questions or comments ?

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