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I NTERNATIONAL M ONETARY F UND H ISTORY, G LOBAL ROLE, AND WORK IN R USSIA Odd Per Brekk Senior Resident Representative State University of Management June 18, 2012 Odd Per Brekk Senior Resident Representative State University of Management June 18, 2012
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Outline of Presentation The IMF Historical background Operations Russia and the IMF Russia’ role and membership Economic policy issues facing Russia The IMF Historical background Operations Russia and the IMF Russia’ role and membership Economic policy issues facing Russia
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IMF R OOTS
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IMF F OUNDERS
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IMF Today 2,500 staff from 160 countries
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G LOBAL M EMBERSHIP 188 COUNTRIES REPRESENTED N ON - MEMBERS INCLUDE : C UBA, N ORTH K OREA, A NDORRA, M ONACO, N AURU, L IECHTENSTEIN 188 COUNTRIES REPRESENTED N ON - MEMBERS INCLUDE : C UBA, N ORTH K OREA, A NDORRA, M ONACO, N AURU, L IECHTENSTEIN M ANDATE : G LOBAL E CONOMIC & F INANCIAL S TABILITY S HORT - TERM BALANCE OF PAYMENT SUPPORT F ACILITATE EXPANSION IN TRADE, HIGH LEVELS OF EMPLOYMENT AND INCOME S HORT - TERM BALANCE OF PAYMENT SUPPORT F ACILITATE EXPANSION IN TRADE, HIGH LEVELS OF EMPLOYMENT AND INCOME P ILLAR OF M ULTILATERALISM P ROMOTES ECONOMIC COOPERATION C OMPLEMENTS THE UN, W ORLD B ANK, WTO & ILO P ROMOTES ECONOMIC COOPERATION C OMPLEMENTS THE UN, W ORLD B ANK, WTO & ILO
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How the IMF works B OARD OF G OVERNORS 188 ONCE A YEAR I NTERNATIONAL M ONETARY & F INANCIAL C OMMITTEE 24 TWICE A YEAR E XECUTIVE B OARD 24 THREE TIMES A WEEK B OARD OF G OVERNORS 188 ONCE A YEAR I NTERNATIONAL M ONETARY & F INANCIAL C OMMITTEE 24 TWICE A YEAR E XECUTIVE B OARD 24 THREE TIMES A WEEK
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W HAT ’ S A Q UOTA ? C OUNTRY SUBSCRIPTION V OTING P OWER A CCESS TO FINANCING C OUNTRY SUBSCRIPTION V OTING P OWER A CCESS TO FINANCING \ ˈ kwō-tə\
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Governance 6%6% S HIFT OF VOTING SHARES TO EMERGING MARKET AND DEVELOPING COUNTRIES BRIC S IN TOP 10 SHAREHOLDERS GLOBAL INSTITUTION, REFLECTING GLOBAL REALITY
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M ANAGEMENT 1 M ANAGING D IRECTOR 1 F IRST D EPUTY M ANAGING D IRECTOR 3 D EPUTY M ANAGING D IRECTORS 1 M ANAGING D IRECTOR 1 F IRST D EPUTY M ANAGING D IRECTOR 3 D EPUTY M ANAGING D IRECTORS
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S URVEILLANCE Economic Doctor B ILATERAL, R EGIONAL, G LOBAL R UTHLESS T RUTH T ELLER S YSTEMIC C OUNTRIES / C ROSS - COUNTRY E FFECTS
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L ENDING G LOBAL F IREFIGHTER CRISIS MANAGEMENT & PREVENTION TAILORED TO COUNTRY NEEDS FLEXIBLE, FOCUSED, SOCIAL NON -C ONCESSIONAL C ONCESSIONAL C ONDITIONALITY
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Technical Assistance C OACH S TRONG POLICIES ARE BUILT ON STRONG FOUNDATIONS R EGIONAL TECHNICAL ASSISTANCE CENTERS S TRONG POLICIES ARE BUILT ON STRONG FOUNDATIONS R EGIONAL TECHNICAL ASSISTANCE CENTERS
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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 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
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Russia: Economic Challenges
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Russia: Economic Policy Priorities Anchor government budget policy Anchor monetary policy and inflation expectations Promote financial sector stability and development Improve the investment environment Anchor government budget policy Anchor monetary policy and inflation expectations Promote financial sector stability and development Improve the investment environment
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Thank you ! Questions or comments ?
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