The International Monetary Fund (IMF) is an intergovernmental international financial organization. 1945 65438+formally established on February 27th. 1 March 9471,1947165438+1October 15 started work and became a specialized agency of the United Nations, with its own independence in operation. Headquartered in Washington. As of June 2007, there were 185 members. The basic purpose and primary task of the International Monetary Fund is to stabilize the international exchange rate, eliminate foreign exchange controls that hinder world trade, promote international cooperation on monetary issues, and solve the foreign exchange fund needs of member countries with temporary balance of payments deficits by providing short-term loans.
The main business activities of the International Monetary Fund include: providing loans to members, promoting international cooperation on monetary issues, studying related issues of the reform of the international monetary system, studying and expanding the role of the International Monetary Fund, providing technical assistance, and strengthening ties with other international institutions. (1) Promoting international monetary consultation and cooperation; ② Promote the balanced development of international trade; (3) promoting the stability of exchange rates in various countries; (4) establishing a multilateral payment and exchange system for current transactions; ⑤ Facilitate financing for member countries; ⑥ Strive to reduce the imbalance of international payments among member countries.
The fund of the organization comes from the share subscribed by each member. When the fund was established, the capital was 8.8 billion US dollars, and the United States accounted for 27%. At present, the total amount of funds has reached $654.38+080 billion, with the United States accounting for 20% and developed countries accounting for more than 60%. Members have the right to draw, that is, to borrow foreign exchange according to a certain proportion of their paid shares. 1969 created the currency (accounting) unit of "Special Drawing Rights" as a supplement to international circulation means to alleviate the international income deficit of some members. Members are obliged to provide economic information and accept the supervision of the organization in foreign exchange policy and management.
The main publications are: World Economic Outlook, International Financial Statistics (monthly), Overview of the International Monetary Fund (weekly), Balance of Payments Statistics (monthly) and Yearbook of Government Financial Statistics.
China is one of the founding members of the organization. 1980 On April 17, the organization officially resumed its representation in China. China's share in the organization is 3,385.2 million special drawing rights, accounting for 2.34% of the total share. China * * * 34 102 votes, accounting for 2.28% of the total voting rights.
Second, the World Bank.
Organizational structure of the World Bank
The World Bank Group consists of five closely related institutions. These institutions are owned by their member States, which have the final decision-making power over all the affairs of the institutions. As described below, each institution plays a different role in helping developing countries reduce poverty and improve their living standards. The "World Bank Group" includes all five institutions. "World Bank" refers to the International Bank for Reconstruction and Development and the International Development Association.
(1) International Bank for Reconstruction and Development
Founded in 1945, it has 184 member countries.
Cumulative loan amount: US$ 394 billion.
In fiscal year 2004, the loan amount was 65,438+065,438+0 billion US dollars, and loans were made to 87 new projects in 33 countries.
IBRD aims to promote sustainable development by providing loans, guarantees and non-loan services (including analysis and consulting services), thereby reducing poverty in middle-income countries and poor countries with good reputation. Maximizing profits is not its goal, but since 1948, IBRD has net income every year. Its profits can raise funds for some development activities and ensure its financial strength, so it can raise funds at a lower cost in the international capital market and win good loan conditions for its borrowers. IBRD is owned by its member countries, and its voting rights are related to the capital contribution of its member countries, but ultimately based on their relative economic strength.
(2) International Development Association
Founded in 1960, it has 165 member countries.
Accumulated loan amount: 1, 5 1 billion USD.
Loans in fiscal year 2004: 9 billion US dollars, with loans to 158 new projects in 62 countries.
Donations to the International Development Association enable the World Bank to provide interest-free loans of $6-9 billion annually to the poorest 865,438+0 countries with a population of 2.5 billion. This kind of assistance is crucial, because these countries have little or no ability to borrow funds according to market conditions. Most of these countries live on less than $2 a day. The International Development Association helps these countries to provide better basic services (such as education, medical care, clean water and sanitation facilities), and helps to carry out reforms and investments to increase productivity and create employment opportunities.
(3) International Finance Corporation
Founded in 1956, it has 176 member countries.
Commitment portfolio: US$ 23.5 billion (including US$ 5.5 billion syndicated loan)
Commitment in fiscal year 2004: US$ 4.8 billion, providing loans to 265,438+07 projects in 65 countries.
The purpose of IFC is to further promote economic development through the private sector. Through cooperation with business partners, IFC invests in sustainable private enterprises in developing countries, provides long-term loans, guarantees and risk management, and provides consulting services to its customers. IFC invests in areas and sectors where private investment is insufficient, and seeks new development opportunities in some markets. Without the participation of international finance companies, commercial investors will think that these markets are too risky.
(4) Multilateral Investment Guarantee Agency
Founded in 1988, it has 164 member countries.
Cumulative guarantee amount: US$ 6,543.8+03.5 billion (including leveraged guarantee amount provided through cooperative underwriting plan).
Guarantee amount in fiscal year 2004:11million USD.
Multilateral investment guarantee agencies encourage foreign investment in developing countries and provide guarantees to foreign investors to protect them from losses caused by non-commercial risks, such as expropriation, currency convertibility, transfer restrictions, war and civil strife. In addition, MIGA provides technical assistance to help countries disseminate information about their investment opportunities. The agency also provides investment dispute mediation upon request.
(5) International Center for Settlement of Investment Disputes
Founded in 1966, it has 140 member countries.
Total number of registered cases: 159
Cases registered in fiscal year 2004: 30
ICSID encourages foreign investment by providing international mediation and arbitration for investment disputes, so as to enhance mutual trust between countries and foreign investors. Many international investment agreements have quoted the arbitration clause of the Center. The Center also conducts research and publication activities in the fields of arbitration law and foreign investment law.
2. The role of the World Bank
The World Bank is one of the largest development aid agencies in the world. The World Bank uses its capital, high-quality talents and extensive knowledge base to help developing countries embark on a stable, sustainable and balanced development path. The World Bank mainly focuses on helping the poorest people and countries. For all its borrowers, the World Bank emphasizes the following needs:
:: Investing in people, especially through the provision of basic health and education services;
:: Protecting the environment;
:: Support and encourage the development of private enterprises;
:: Strengthen government capacity, improve efficiency and transparency, and provide high-quality services;
:: Promote reform and create a stable macroeconomic environment conducive to investment and long-term planning;
:: Focus on social development, participation, good governance and institution-building as key elements of poverty reduction.
The purposes of the World Bank are: ① to promote productive investment and assist the development of member countries; (2) promoting private foreign investment by means of guarantee or participation; ③ Encourage the development of production resources and promote the balanced development of international trade; Cooperate with other international lending institutions to provide loan guarantees.
The World Bank also helps countries around the world to consolidate and strengthen the basic conditions needed to attract and maintain private investment. With the help of the World Bank's funds and consulting services, governments have carried out comprehensive economic reforms, strengthened the banking system, and invested in human resources, infrastructure and environmental protection, thus improving the attractiveness and efficiency of private investment. Through the financing guarantee of the World Bank and the political risk guarantee of multilateral investment guarantee institutions, combined with the equity investment of international finance companies, investors can minimize the risk of investing in developing countries and countries with economies in transition and feel more at ease.
Three. Similarities and differences between the World Bank and the International Monetary Fund
(1) According to the decision of the Bretton Woods Conference in July, 1944, the World Bank (IBRD) and the International Monetary Fund were established at the same time on February 27th, 1945. Headquartered in Washington. Both of these institutions belong to specialized agencies under the United Nations.
(2) The World Bank and the International Monetary Fund complement each other. The main business of the World Bank is to provide long-term project loans to developing countries to help them build some important projects with long construction period and low profit rate. The main activity of the International Monetary Fund is to stabilize international exchange by providing short-term loans and help member countries balance their international payments.
(3) From 1980, restore China's legal seats in the World Bank and the International Monetary Fund.
(4) On February 4, 2008, Washington time, the World Bank officially announced the appointment of Professor Lin Yifu, director of China Center for Economic Research of Peking University, as the executive vice president and chief economist of the World Bank, as the spokesman and chief economic adviser of the World Bank, and in charge of the research work of the World Bank in promoting Africa's development and South-South experience exchange.