The International Monetary Fund (IMF) was created. IMF - functions and tasks. Creation of the IMF, goals of the fund

Objectives of the IMF

• Promoting cooperation in the foreign exchange sector
• Expansion and growth of trade in the world
• Fight against unemployment
• Improving the economic performance of IMF member countries
• Assistance in currency convertibility
• Advisory assistance on financial issues
• Providing loans to IMF member countries
• Help in creating a multilateral settlement system between states

The Fund's financial resources come primarily from money paid by its members ("quotas"). Quotas are determined based on the relative size of the member states' economies. The quota indicates the amount of capital subscriptions, the ability to use the fund's resources, and the amount of special drawing rights (SDRs). ) received by the member country during their next distribution. The largest quotas in the IMF have the USA (42122.4 million SDR), Japan (15628.5 million SDR) and Germany (14565.5 million SDR), the smallest - Tuvalu (1.8 million SDR)

The IMF fulfills its tasks by distributing short-term loans to countries experiencing financial difficulties. Countries that take funds from the Fund, in turn, agree to implement policy reforms to address the causes of such difficulties. The size of IMF loans is limited in proportion to quotas. The Fund also provides assistance on preferential terms to member countries with low level income. The International Monetary Fund provides most of its loans in US dollars.

IMF requirements for Ukraine

In 2010, the difficult economic situation of Ukraine forced its authorities to resort to assistance from the IMF. In turn, the International Monetary Fund put forward its demands to the Ukrainian government, only if fulfilled would the Fund issue a loan to the country

• Raise the retirement age by two years for men and three years for women.
• Eliminate the institution of special pension benefits that are allocated to scientists, civil servants, managers state enterprises. Limit pensions for working pensioners. Set the retirement age for army officers to 60 years.
• Increase the price of gas for municipal enterprises by 50%, twice as much for private consumers. Increase the cost of electricity by 40%.
• Cancel benefits and increase taxes on transport by 50%. Do not increase the cost of living, balance the social situation through targeted subsidies.
• Privatize all mines and remove all subsidies. Cancel benefits for housing and communal services, transport and other enterprises.
• Limit the practice of simplified taxation. Abolish the practice of VAT exemptions in rural areas. Oblige pharmacies and pharmacists to pay VAT.
• Cancel the moratorium on the sale of agricultural land.
• Reduce the composition of ministries to 14.
• Limit excessive remuneration of government officials.
• Unemployment benefits should only accrue after a minimum period of six months of work. Pay sick leave at 70% of wages, but not below the subsistence level. Pay sick leave starting only from the third day of illness

(Thus, the Fund determined the path for Ukraine to overcome the imbalance in the financial sector, when state expenses significantly exceeded its income. Whether this list is true or not is unknown, on the Internet as well as “on the ground” there is a war going on, but since 5 years have passed since then, and Ukraine has not yet received a large IMF loan, perhaps it’s true)

The governing body of the IMF is the Board of Governors, in which all member countries are represented. According to Wikipedia, 184 states are members of the International Monetary Fund. The Board of Governors meets once a year. Day-to-day work is managed by an Executive Board of 24 members. IMF Center - Washington.

Decisions in the IMF are made not by a majority of votes, but by the largest “donors”, that is, Western countries have an absolute advantage in determining the Fund’s policy, since they are its main payers.

International Monetary Fund- IMF, financial institution at the United Nations. One of the main functions of the IMF is to issue loans to states to compensate for balance of payments deficits. The issuance of loans, as a rule, is linked to a set of measures recommended by the IMF to improve the economy.

The International Monetary Fund is a special institution of the UN. The head office is located in the capital of the United States - Washington.

The International Monetary Fund was founded in July 44 of the last century, but only in March 1947 it began its practice, issuing short-term and medium-term loans to needy countries in conditions of a lack of the country's balance of payments.

The IMF is an independent organization operating according to its own charter, the goal is to establish cooperation between countries in the field of monetary finance, as well as stimulate international trade.

Functions of the IMF boils down to the following steps:

• promoting cooperation between states on financial policy issues;
• growth in the level of trade in the world services market;
• providing loans;
• balancing;
• advising debtor states;
• development of an international framework for monetary reporting and statistics;
• publication of statistics in the region.

The powers of the IMF (International Monetary Fund) include actions to form and issue financial reserves to participants using a special form “Special privileges for borrowing.” The IMF's resources come from the signatures, or “quotas,” of the fund's participants.

At the top of the IMF pyramid is the general board of managers, which includes the head and his deputy of the fund's member country. Most often, the role of manager is the minister of finance of the state, or the governor of the Central Bank. It is the meeting that decides all the main issues regarding the activities of the International Monetary Fund. The executive board, which consists of twenty-four directors, is responsible for formulating the fund's policies and carrying out its actions. The privilege of choosing the head is enjoyed by 8 countries that have the largest quota in the fund. These include almost all countries from the G8.

The IMF's Executive Board selects a steward for the next five years to lead the overall staff. From the second summer month 2011, the head of the IMF is Frenchman Christine Lagarde.

Impact of the International Monetary Fund on the global economy

The IMF issues loans to countries in a couple of cases: to pay off payment deficits and maintain macroeconomic stability of states. A country that needs additional foreign currency purchases it or borrows it, providing in exchange the same amount, only in the currency that is official in that country and is deposited into the IMF current account.

In order to strengthen international economic cooperation within international relations and the creation of prosperous economies, in 1944, organizations such as the International Monetary Fund and the World Bank were conceived. Despite similar ideas, the tasks and functions of the two organizations are somewhat different.

Thus, the IMF supports the development of international relations in the field of financial security by providing short- and medium-term loans, as well as advice on economic policy and maintaining financial stability.

In turn, the World Bank is taking measures to allow countries to achieve economic potential and also reduce the poverty threshold.

By collaborating in a variety of areas, the International Monetary Fund and the World Bank are helping countries reduce poverty by easing debt burdens. Twice a year, the organizations hold a joint meeting.

Cooperation between the IMF and Belarus began in July 1992. It was on this day that the Republic of Belarus became a member of the International Monetary Fund. Belarus' initial quota was just over SDR 280 million, which was later increased to SDR 386 million.

The IMF assists the Republic of Belarus in three vectors:

• cooperation with the Government of the Republic of Belarus on programs in the field of the national economy, focusing on tax, monetary and trade policies;
• provision of resources in the form of loans and ;
• expert and technical assistance.

The IMF provided financial assistance to Belarus twice. So in 1992, the Republic of Belarus was provided with a loan in the amount of 217.2 million US dollars for systemic transformations in. And another 77.4 million under the stand-by loan agreement. By the beginning of 2005, the country had paid the IMF in full.

The second time, the country's leadership turned to the IMF in 2008, with a request to again provide lending through the stand-by system. The financing program was agreed upon in January 2009 and the Republic of Belarus was allocated 2.46 billion US dollars for a period of fifteen months. The amount was later increased to US$3.52 billion.

The implemented programs allowed the Republic of Belarus to maintain stability in the foreign exchange market, the stability of the financial system, avoid a balance of payments deficit and do the impossible - reduce it, reducing it to a minimum.

In 2015, Belarus repaid its obligations to the IMF under the loan provided under the stand-by program.

The Belarusian authorities are negotiating to receive a new IMF loan in the amount of $3 billion at 2.3% for a period of 10 years. To allocate a loan, the IMF calls on Belarus to implement a comprehensive strategy of economic reforms.

At the beginning of 2017, the main issues of the negotiations were changing housing and communal services tariffs and improving the work of the public sector of the economy. The IMF calls for a number of reforms in relation to state-owned enterprises in order to increase their productivity and efficiency, and also recommends defining a sequence of measures to achieve full cost recovery in the housing and communal services sector.

Increasing tariffs for housing and communal services and the privatization of state-owned enterprises are the key topics in negotiations with the IMF. For its part, the country’s foreign policy department believes that in matters of increasing tariffs in housing and communal services, as well as privatization of the public sector, it is necessary to move step by step.

As the IMF notes, great importance has an improvement in the country's business climate, including through accession to the WTO and the development of competition in product markets. The country also needs to pursue prudent monetary policy to maintain macroeconomic and financial stability.

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The International Monetary Fund (IMF) is an intergovernmental organization designed to regulate monetary relations between states and provide financial assistance to member countries to eliminate currency difficulties caused by balance of payments imbalances. The IMF was established at the International Monetary and Financial Conference (July 1-22, 1944) in Bretton Woods (USA, New Hampshire). The Foundation began its practical activities on March 1, 1947.

The USSR also took part in the Bretton Woods Conference. However, subsequently, due to " cold war"between East and West, he did not ratify the Agreement on the formation of the IMF. For the same reason, during the 50-60s, Poland, Czechoslovakia and Cuba left the IMF. As a result of deep socio-economic and political reforms in the early 90s former socialist countries, as well as states that were previously part of the USSR, joined the IMF (with the exception of the Democratic People's Republic of Korea and Cuba).

Currently, 182 countries are members of the IMF (see Fig. 4). Any country that conducts independent foreign policy and ready to accept the rights and obligations provided for by the IMF Charter.

The official objectives of the IMF are to:

• promote balanced growth of international trade;
• maintain the stability of currency exchange rates;
• promote the creation of a multilateral settlement system for current transactions between members of the Fund and the elimination of currency restrictions that impede the growth of international trade;
• provide member countries with credit resources that allow them to regulate the imbalance of temporary payments without the use of restrictive measures in the field foreign trade and calculations;
• serve as a forum for consultation and cooperation on international monetary issues.

Responsible for the smooth operation of the global currency and payment system, the Fund pays special attention to the state of liquidity on a global scale, i.e. the level and composition of reserves available to member states and intended to cover trade and payment needs. One of the important functions of the Fund is also to provide additional liquidity to its members through the distribution of Special Drawing Rights (SDRs). SDR (or SDR) is an international currency unit of account used as a conventional scale for measuring international requirements and obligations, establishing currency parity and exchange rates, as an international payment and backup. The value of the SDR is determined based on the average value of the five major currencies of the world (before January 1, 1981 - sixteen currencies). The specific weight of each currency is determined taking into account the country's share in international trade, but for the US dollar, its specific weight in international payments is taken into account. To date, 21.4 billion SDRs have been issued with a total value of about 29 billion US dollars, which is about 2% of all reserves.

The fund has significant shared resources to finance temporary imbalances in the balance of payments of its members. To use them, a member must provide the Fund with a compelling justification for the need, which may be related to the balance of payments, reserve position, or changes in reserves. The IMF provides its resources on the basis of equality and non-discrimination, taking into account the social and domestic political objectives of member countries. The Fund's policy gives them the opportunity to use IMF financing already at early stage the emergence of balance of payments problems.

At the same time, the Fund’s assistance helps to overcome the imbalance of payments without the use of trade and payment restrictions. The Fund plays a catalytic role, as changes in the policies pursued by states in implementing IMF-supported programs help attract additional financial assistance from other sources. Finally, the Fund acts as a financial intermediary, ensuring the redistribution of funds from those countries where there is a surplus to countries where there is a deficit.

IMF governance structure

1. The highest governing body is the Board of Governors, in which each member country is represented by a governor and his deputy. In most cases, the Fund's managers are ministers of finance, or heads of central banks, or other persons of similar position. The Board of Governors elects a chairman from among its members. The competence of the council includes resolving the most important, fundamental issues of the IMF's activities, such as the admission and exclusion of members of the Fund, the determination and revision of quotas, the distribution of net income, and the selection of executive directors. The Governors meet once a year to discuss the Fund's activities, but they may vote at any time by mail.

The IMF is structured as joint stock company, and therefore the ability of each participant to influence its activities is determined by its share in the capital. In accordance with this, the IMF operates the principle of the so-called “weighted” number of votes: each member country has 250 “basic” votes (regardless of the size of the contribution to the Fund’s capital) and an additional one vote for every 100 thousand SDR units of its share in this capital. In addition, when voting on certain issues, creditor countries receive an additional one vote for every 400 thousand US dollars of loans provided by them on voting day, due to a corresponding reduction in the number of votes of debtor countries. This arrangement leaves the final say in the management of the IMF's affairs to the countries that have invested the most in it.

Decisions in the IMF Board of Governors are generally taken by a simple majority (at least half) of votes, and the most important issues(for example, amendments to the Charter, establishment and revision of the size of the shares of member countries in the capital, a number of issues of the functioning of the SDR mechanism, policy in the field exchange rates etc.) by a “special (qualified) majority”, which currently provides for two categories: 70% and 85% of the total votes of member countries.

The current IMF Charter provides that the Board of Governors may decide to establish a new permanent governing body, the Council at the ministerial level of member countries, to oversee the regulation and adaptation of the global monetary system. But it has not yet been created, and its role is played by the 22-member Interim Committee of the Board of Governors on the World Monetary System, established in 1974. However, unlike the proposed Council, the Interim Committee does not have the power to make policy decisions.

2. The Board of Governors delegates many of its powers to the Executive Board, i.e. The Directorate, which is responsible for the conduct of the affairs of the Foundation and operates from its headquarters in Washington.

3. The IMF Executive Board appoints a managing director, who heads the administrative apparatus of the Fund and is in charge of day-to-day affairs. Traditionally, the managing director must be European or (at least) non-American. Since 2000, the Managing Director of the IMF is Horst Keller (Germany).

4. The IMF Committee on Balance of Payments Statistics, which includes representatives of industrialized and developing countries. It develops recommendations for the wider use of statistics in the compilation of balances of payments, coordinates the implementation of a basic statistical survey of portfolio investments and carries out studies on the recording of flows associated with derivative funds.

Capital. The IMF's capital is made up of subscription contributions from member countries. Each country has a quota expressed in SDR. A member country's quota is the most important element its financial and organizational relations with the Foundation. First, the quota determines the number of votes in the Fund. Secondly, the size of the quota is based on the extent of access of an IMF member to financial resources organizations according to established limits. Third, the quota determines the IMF member's share in the allocation of SDRs. The Charter does not provide methods for determining quotas for IMF members. At the same time, from the very beginning, the size of quotas was associated, although not on a rigid basis, with such economic factors as national income and the volume of foreign trade and payments. The Ninth General Review of Quotas used a set of five formulas agreed upon during the Eighth General Review to produce “estimated quotas,” which provide a broad measure of the relative position of IMF members in the global economy. These formulas use economic data on a state's gross domestic product (GDP), current transactions, fluctuations in current receipts, and government reserves.

The USA, being the country with the highest economic indicators, made the largest contribution to the IMF, amounting to about 18% of the total amount of quotas (about 35 billion US dollars); Palau, which joined the IMF in December 1997, has the smallest quota and has contributed about US$3.8 million.

Until 1978, 25% of the quota was paid in gold, currently - in reserve assets (SDRs or freely usable currencies); 75% of the subscription amount is in national currency, usually provided to the Fund in the form of promissory notes.

The IMF's Charter provides that, in addition to equity, which is the main source of financing its activities, the Fund also has the opportunity to use borrowed funds in any currency and from any source, i.e. borrow them both from official bodies and on the private capital market. To date, the IMF has received loans from the treasuries and central banks of member countries, as well as from Switzerland, which was not a member until May 1992, and from the Bank for International Settlements (BIS). As for the private money market, he has not yet resorted to its services.

IMF lending activities. The IMF's financial transactions are carried out only with official bodies of member countries - treasuries, central banks, and currency stabilization funds. The Fund's funds can be made available to its members through a range of approaches and mechanisms, differing mainly in the types of problems of financing the balance of payments deficit, as well as the level of conditions put forward by the IMF. Moreover, these conditions are a composite criterion that includes three separate elements: the state of the balance of payments, the balance of international reserves and the dynamics of the reserve position of countries. These three elements that determine the need for balance of payments financing are considered independent and each of them can form the basis for submitting a request for financing to the Fund.

A country in need of foreign currency purchases freely usable currency, or SDRs, in exchange for an equivalent amount of its domestic currency, which is deposited into an IMF account at the country's central bank.

The IMF charges borrowing countries a one-time commission fee of 0.5% of the transaction amount and a certain fee, or interest rate, for the loans it provides, which is based on market rates.

After the expiration of the established period, the member country is obliged to carry out the reverse operation - to buy back its national currency from the Fund, returning to it the borrowed funds. Typically, this operation, which in practice means the repayment of a previously received loan, must be carried out within a period of 3 1/4 to 5 years from the date of purchase of the currency. In addition, the borrowing country must repurchase its excess currency for the Fund ahead of schedule as its balance of payments improves and foreign exchange reserves increase. Loans are also considered repaid if the national currency of the debtor country held by the IMF is purchased by another member state.

Member countries' access to IMF credit resources is limited by certain nuances. According to the original Charter, they were as follows: firstly, the amount of currency received by a member country in the twelve months preceding its new application to the Fund, including the amount requested, should not exceed 25% of the country's quota; secondly, the total amount of a given country’s currency in the IMF’s assets could not exceed 200% of its quota (including 75% of the quota contributed to the Fund by subscription). The revised Charter in 1978 removed the first limitation. This allowed member countries to exercise their ability to obtain currency from the IMF for a shorter period than the five years previously required. As for the second condition, in exceptional circumstances its operation may be suspended.

Technical assistance. The International Monetary Fund also provides technical assistance to member countries. It is carried out through sending missions to central banks, ministries of finance and statistical bodies of countries that have requested such assistance, sending experts to these bodies for 2-3 years, and conducting an examination of draft legislative documents. Technical assistance is expressed in the IMF's assistance to member countries in the field of monetary, exchange rate policy and banking supervision, statistics, development of financial and economic legislation and personnel training.

The International Monetary Fund (IMF) is an intergovernmental monetary organization with the status of a specialized agency of the UN. The purpose of the fund is to promote international monetary cooperation and trade, coordinate the monetary and financial policies of member countries, provide them with loans to settle balances of payments and maintain exchange rates.

The decision to create the IMF was made by 44 countries at a conference on monetary and financial issues held in Bretton Woods (USA) from July 1 to July 22, 1944. On December 27, 1945, 29 states signed the foundation's charter. The authorized capital amounted to $7.6 billion. The IMF began its first financial operations on March 1, 1947.

There are 184 countries that are members of the IMF.

The IMF has the authority to create and provide international financial reserves to its members in the form of “Special Drawing Rights” (SDRs). SDR - a system for providing mutual loans in conditional settlement monetary units- SDRs, equal in gold content to the US dollar.

The fund's financial resources are generated primarily through subscriptions (“quotas”) from IMF member countries, the total amount of which currently amounts to about $293 billion. Quotas are determined based on the relative size of the economies of member states.

The IMF's main financial role is to provide short-term loans. Unlike World Bank, which provides loans to poor countries, the IMF lends only to its member countries. Fund loans are provided through normal channels to member states in the form of tranches, or shares, representing 25% of the relevant member state's quota.

Russia signed an agreement to join the IMF as an associate member on October 5, 1991, and on June 1, 1992, officially became the 165th member of the IMF by signing the Fund's Charter.

On January 31, 2005, Russia fully repaid its debt to the International Monetary Fund, making a payment in the amount of 2.19 billion special drawing rights (SDR), which is equivalent to $3.33 billion. Thus, Russia saved $204 million, which it had to pay if the debt to the IMF was repaid according to the schedule before 2008.

The highest governing body of the IMF is the Board of Governors, in which all member countries are represented. The Council holds its meetings annually.

Day-to-day operations are led by an Executive Board of 24 executive directors. The five largest shareholders of the IMF (USA, UK, Germany, France and Japan), as well as Russia, China and Saudi Arabia, have their own seats on the Council. The remaining 16 executive directors are elected for two-year terms by country groups.

The Executive Board elects a Managing Director. The Managing Director is the Chairman of the Board and Chief of Staff of the IMF. He is appointed for a five-year term with the possibility of re-election.

According to the existing agreement between the United States and EU countries, the IMF is traditionally headed by Western European economists, while the chairman of the World Bank is chosen by the United States. Since 2007, the procedure for nominating candidates has been changed - any of the 24 members of the board of directors has the opportunity to nominate a candidate for the post of managing director, and he can be from any member country of the fund.

The first managing director of the IMF was Camille Goutte, a Belgian economist and politician, former finance minister, who headed the Fund from May 1946 to May 1951.

International Monetary Fund, IMF(International Monetary Fund, IMF) is a specialized agency of the United Nations, the decision to create which was made on monetary and financial issues in 1944. The agreement on the creation of the IMF was signed by 29 states on December 27, 1945, and the Fund began its work on 1 March 1947. As of March 1, 2016, 188 countries are members of the IMF.

The main objectives of the IMF are:

1. assistance international cooperation in the monetary and financial sphere;
2. promoting the expansion and balanced growth of international trade, achieving high level employment and real incomes of Member States;
3. ensuring the stability of currencies, maintaining orderly foreign exchange relations and preventing the depreciation of national currencies in order to gain competitive advantages;
4. assistance in creating multilateral settlement systems between member states, as well as in eliminating foreign exchange restrictions;
5. providing member states of the Fund with funds in foreign currency in order to eliminate imbalances in their balance of payments.

The main functions of the IMF are:

1. promoting international cooperation in the field of monetary policy and ensuring stability;
2. lending to the Fund's member countries;
3. stabilization of exchange rates;
4. advising governments, monetary authorities and financial market regulators;
5. development of standards for international financial statistics and the like.

The authorized capital of the IMF is formed from contributions from member countries, each of which pays 25% of its quota in or in the currencies of other member countries, and the remaining 75% in national currency. Based on the size of quotas, votes are distributed among member countries in the governing bodies of the IMF. As of March 1, 2016, the authorized capital of the IMF was 467.2 billion SDRs. Ukraine's quota is SDR 2,011.8 billion, which is 0.43% of the IMF's total quota.

The highest governing body of the IMF is the Board of Governors, in which each member country is represented by a governor and his deputy. As a rule, these are finance ministers or central bankers. The Council resolves key issues of the Fund's activities: amendments to the Articles of Agreement on the IMF, admission and exclusion of member countries, determination and revision of their quotas in the Fund's capital, elections of executive directors. The Council session usually takes place once a year. Decisions of the Board of Governors are made by a simple majority (at least half) of votes, and on important issues - by a “special majority” (70 or 85%).

The other governing body is the Executive Board, which sets the IMF's policies and consists of 24 executive directors. Directors are appointed by the eight countries with the largest quotas in the Fund - the United States, Japan, Germany, France, Great Britain, China, Russia and Saudi Arabia. The remaining countries are organized into 16 groups, each of which elects one chief executive. Together with the Netherlands, Romania and Israel, Ukraine is part of the Dutch group of countries.

The IMF operates on the principle of a “weighted” number of votes: the ability of member countries to influence the Fund’s activities through voting is determined by their share in its capital. Each state has 250 “basic” votes, regardless of the size of its contribution to the capital, and an additional one vote for every 100 thousand SDR of the amount of this contribution.

Significant role in organizational structure The IMF plays the International Monetary and Financial Committee, which is the advisory body of the Council. Its functions include developing strategic decisions related to the functioning of the world monetary system and the activities of the IMF, developing proposals for amendments to the Articles of Agreement of the IMF, and the like. A similar role is also played by the Development Committee - the Joint Ministerial Committee of the Boards of Governors of the World Bank and the Fund (Joint IMF - World Bank Development Committee).

The Board of Governors delegates part of its powers to the Executive Board, which is responsible for the current work of the IMF, decides wide range operational and administrative matters, including the provision of loans to member countries and the supervision of their policies.

The IMF Executive Board elects a Managing Director, who heads the Fund's staff, for a five-year term. As a rule, he represents one of the European countries.

If problems arise in a country's economy, the IMF can provide loans, which, as a rule, are accompanied by certain recommendations aimed at improving the situation. Such loans, for example, were provided to Mexico, Ukraine, Ireland, Greece and many other countries.

Loans can be provided in four main areas.

1. Based on the reserve share (Reserve Tranche) of an IMF member country within 25% of the quota, the country can receive a loan almost without hindrance upon the first request.
2. Based on the credit share, a country's access to IMF credit resources cannot exceed 200% of its quota.
3. Based on Stand-by Arrangements, which have been provided since 1952 and provide a guarantee that, up to a certain amount and subject to certain conditions, a country can freely receive a loan from the IMF in exchange for national currency. In practice, this is done by opening up the country. are provided for a period from several months to several years.
4. Based on the Extended Fund Facility, since 1974, the IMF has been providing loans for long periods and in amounts exceeding country quotas. The basis for a country's request to the IMF for a loan under extended lending is a serious imbalance caused by unfavorable structural changes. Such loans are usually provided for several years in tranches. Their main purpose is to assist countries in implementing stabilization programs or structural reforms. The Fund requires the country to fulfill certain conditions. The obligations of the borrowing country, providing for its implementation of relevant financial and economic activities, are recorded in the Memorandum of Economic and Financial Policies and sent to the IMF. The progress of fulfillment of obligations is periodically monitored by assessing the provided target criteria for the implementation of the Memorandum (Performance Criteria).

Ukraine’s cooperation with the IMF is carried out on the basis of regular IMF missions, as well as cooperation with the Fund’s representative office in Ukraine. As of February 1, 2016, Ukraine’s total loan debt to the IMF was 7.7 billion SDR.

(See Special Drawing Rights; IMF Official Website: