The purpose of establishing the International Monetary Fund is to help member countries balance international payments, stabilize exchange rates and promote the development of international trade. Its main task is to solve the temporary imbalance of international payments and the demand for foreign exchange funds by providing short-term funds to member countries, thus promoting the stability of exchange rate and the expansion of international trade.
According to the Agreement of the International Monetary Fund, all countries that participated in the 1944 Bretton Woods Conference and signed the Agreement are called founding members. After that, countries that joined the International Monetary Fund were called other member countries. There is no difference between the legal rights and obligations of the two member States. At the beginning of its establishment, the International Monetary Fund had only 44 member countries. By the end of 1997, it had grown to 184 member countries. China is one of the founding members.
Every member country participating in the International Monetary Fund must subscribe for a certain share of the fund. The determination of fund share is closely related to the interests of member countries, because the number of voting rights of member countries and the right to obtain loans from the IMF depend on the size of a country's share.
The highest authority of the International Monetary Fund is the Board of Governors, which consists of 1 directors and 65,438 deputy directors appointed by member countries. The Executive Board is the institution responsible for handling the daily affairs of the International Monetary Fund, and consists of 23 members.
The source of funds of the International Monetary Fund is not only the shares paid by member countries, but also the money borrowed from member countries and the proceeds from the sale of gold. The main business of the International Monetary Fund is: issuing various loans; Discuss international monetary issues; Providing technical assistance; Collect monetary and financial information; Communication with other international organizations.
On April 1980, the International Monetary Fund officially resumed China's legal seat. China appoints directors, deputy directors, directors and deputy executive directors of the International Monetary Fund. At that time, China's share in the IMF was 65.438+0.2 billion SDR, which was later increased to 3.385 billion SDR. Also known as "International Bank for Reconstruction and Development", it is another international financial institution established at the same time with the International Monetary Fund, and it also belongs to a specialized agency of the United Nations. Opened in June 1946, headquartered in Washington, DC. The purpose of the World Bank is to meet the financial needs of member countries for post-war economic recovery and development by providing and organizing long-term loans and investments.
According to the agreement, all countries participating in the World Bank must be members of the International Monetary Fund, but not all members of the International Monetary Fund can participate in the World Bank. When the World Bank was founded, there were 39 member countries. Up to now, it has increased to 18 1 member countries. All member States are required to subscribe for shares of the World Bank, and the subscription amount shall be negotiated between the applicant country and the World Bank and approved by the board of directors. Generally speaking, the number of shares subscribed by a country is based on its economic and financial strength and depends on its share in the IMF. The voting rights of members of the World Bank are in direct proportion to the subscribed share capital.
The highest authority of the World Bank is the Board of Directors, which consists of a director and a deputy director appointed by member countries. The Council holds its annual meeting jointly with the International Monetary Fund every September. The Executive Board of Directors is the institution responsible for the daily business of the World Bank, which is composed of 265,438+0 people.
In addition to the share paid by member countries, the World Bank's sources of funds include borrowing from the international financial market, transferring creditor's rights and profit income. Its main business activities are providing loans, technical assistance and leading international syndicated loans.
China is one of the founding members of the World Bank. The World Bank officially resumed China's representation on May 5th. 1980.
China's contribution to the World Bank accounts for about one third of the total shares of the World Bank. At the end of 1987, the government of China reached an agreement with the World Bank to jointly carry out project research on enterprise reform, finance and taxation, housing, social insurance and agriculture in China. The International Development Association is a subsidiary of the World Bank. It was established in September, 1960, and its headquarters is in Washington, DC. Membership in this institution is open to all World Bank member countries. Up to now, IDA has 160 member countries.
The purpose of the International Development Association is to provide loans with extremely favorable conditions to poorer developing countries and accelerate their economic construction. International Development Association holds annual meeting with World Bank.
In addition to the share capital subscribed by member countries, the sources of funds of IDA include supplementary funds provided by governments, grants from the World Bank and the business income of IDA.
At the same time, China naturally became a member of the International Development Association. IFC, a subsidiary of the World Bank, was established in July 1956. 1957, the same? The United Nations signed an agreement to become a specialized agency of the United Nations. Member countries participating in international finance companies must be members of the World Bank. Up to now, there are 174 member countries.
The purpose of IFC is to encourage the growth of private enterprises in member countries (especially in underdeveloped countries) to promote the economic development of member countries, thus supplementing the activities of the World Bank.
The main source of funds for IFC is the share capital contributed by member countries, followed by borrowing from the World Bank and international financial markets. Its main business activity is to provide loans to private enterprises in member countries without government guarantee.
China has also become a member of the International Finance Corporation (IFC) while resuming its legal seat in the World Bank. Since 1990s, China has maintained close business ties with international finance companies, and its capital has become an important channel for China to introduce foreign capital. The Multilateral Investment Guarantee Agency (MIGA) is a newly established subsidiary of the World Bank in 1988.
The Multilateral Investment Guarantee Agency * * * has 15 1 member countries. Its purpose is to provide political risk and non-commercial risk insurance for foreign private investment in developing countries, and to help developing countries formulate strategies to attract foreign direct investment.