Text 8. IMF Means International Monetary Fund.

Grammar: Past Perfect.

Glossary 3.

Text 8.

IMF MEANS

INTERNATIONAL MONETARY FUND

The purpose of the International Monetary Fund (IMF) is to promote international monetary cooperation through a permanentinstitution that provides the machinery for consultation and collaborationon international monetary problems. Specifically, the function of the IMF is to facilitate the expansion and balanced growth of international trade, to promote orderly and stable foreign currency exchange markets, and to contribute to balance of payments adjustment. To further these objectives, the IMF monitors members’macroeconomic policies, makes financial resources available to them in times of balance of payments difficulties, and provides them with technical assistance in a number of areas.

Much of the IMF’S work is centered on annualconsultations with each member country to ensure that its national policies in the area of economic growth, price stability, financial conditions, and exchange rates take into account their consequences for the world economy and avoid unfair exchange policies. To ensure compliance with these basic tenets, the Fund is empowered to exercise firm surveillanceover the exchange rate policies of member countries.

HISTORY

The IMF’S charter, embodied in the Articles of Agreement, was agreed upon at the International Monetary and Financial Conference held at Breton Woods, New Hampshire, in July 1944.In December 1945 the required number of countries had ratified the agreements, and in March 1946 the first meeting of the Board of Governors was held. The IMF commenced operations on March 1, 1947, at its headquarters in Washington, D.C. Other milestones in the history of the IMF include:

-May 1948. first drawing of foreign exchange by a member country;

-January 1962, adoption of the general agreements to borrow (GAB), which constituted an important supplement to the IMF’S financial resources;

-February 1963, establishment of the compensatory financing facility, designed to assist countries that experience a temporary shortfall in export earnings;

-June 1969, inception of the buffer stock financing facility, which can be used to finance commodity stockpiles;

-July 1969, adoption of the first amendment to the Articles of Agreement, providing for the allocation of special drawing rights (SDRs) to member countries, with the first allocation of SDRs made on January 1,1970;

-September 1974, implementation of the extended fund facility, which provides medium-term assistance to member countries seeking to overcome structural balance of payments problems

-April 1975, establishment of an oil facility to help oil-importing countries finance the increase in petroleum prices;

-February 1976, establishment of the Trust Fund, funded by revenues from gold sales, to aid developing countries with low-interest assistant;

-August 1977, establishment of the supplementary financing facility to make additional resources available to member countries requiring balance of payments financing in larger amounts and for longer periods;

-April 1978, adoption of the second amendment to the articles providing for liberalized exchange rates, steps designed to eliminate the role of gold in the international monetary system, and enunciationof the goal to make the SDR the central international monetary reserve asset;

-March 1986, establishment of a structural adjustment facility to provide balance of payments assistance to qualifying members in support of macroeconomic and structural adjustment programs;

-December 1987, the establishment of the Enhanced Structural Adjustment Trust to provide loans on concessional terms to eligible members to support programs to strengthen substantially and in a sustainable manner their balance of payment position;

-August 1988, expansion of the compensatory financing facility to include a contingency financing element under which additional financing may be provided to support adjustment programs that might be thrown off track by adverse exogenous developments.

VUCABULARY

Permanent-постоянный

Machinery- оборудование, механизм

Collaboration- сотрудничество

Facilitate-способствовать

To monitor-наблюдать, контролировать

Annual-ежегодный

To avoid-избегать, остерегаться

Tenet-основополагающий принцип

Embodied-воплощенный, содержащийся в чем либо

Surveillance-патрулирование

To ratify- ратифицировать

To commence –приступать, начинаться

Milestones- вехи

Shortfall-недостаток

Inception-основание, открытие

Stockpiles-запасы

Amendment-поправка

To seek-искать

Supplementary-дополнительный

Enunciation-изложение

Contingency- возможность

Exogenous-экзогенный

Прошедшее совершенное время

(Past Perfect Tense)

Прошедшее совершенное время (Past Perfect Tense) образуется при помощи вспомогательного глагола to haveв форме прошедшего времени (had)и формы причастия прошедшего времени (Past Participle) смыслового глагола:

Утверждение	Вопрос	Отрицание
I had worked.	HadI worked?	I had notworked.
He (she, it) had worked.	Hadhe (she, it) worked?	He (she, it) had notworked.
We had worked.	Hadwe worked?	We had not worked.
You had worked.	Hadyou worked?	You had notworked.
They had worked.	Hadthey worked?	They had notworked.

Спряжение глагола to write (писать) в в Past Perfect Tense (предпрошедшее время)
I had written He had written She had written It had written We had written You had written They had written	I had not written He had not written She had not written It had not written We had not written You had not written They had not written	HaveI written? Hashe written? Hasshe written? Hasit written?   Hadwe written? Hadyou written? Hadthey written?

Сравните употребление Past IndefiniteиPast Perfect

Exercise 1. Open the brackets using the verbs in Past Indefinite or Past Perfect.

1. When I (to come) home, mother already (to cook) dinner. 2. When father (to return) from work, we already (to do) our homework. 3. When the teacher (to enter) the classroom, the pupils already (to open) their books. 4. Kate (to give) me the book which she (to buy) the day before. 5. Nick (to show) the teacher the picture which he (to draw). 6. The boy (to give) the goats the grass which he (to bring) from the field. 7. Mother (to see) that Nick (not to wash) his hands. 8. The teacher (to understand) that Lena (not to do) her homework. 9. I (to know) that my friend (not yet to come). 10. Tom (to return) from the cinema at 5 o’clock. 11. Tom (to return) from the cinema by 5 o’clock. 12. I (to finish) my homework at 7 o’clock. 13. I (to finish) my homework by 7 o’clock. 14. He (to think) that he (to lose) the money. 15. Ann (to tell) me that she (to see) an interesting film. 16. When I (to wake) up yesterday, father already (to go) to work. 17. Nick (to think) that his father (not yet to come) home. 18. Mary (to tell) us that she (to cook) a good dinner. 19. Yesterday I (to find) the book which I (to lose) in summer. 20. When we (to come) to the station, the train already (to leave).

Exercise 2 Open the brackets using the verbs in the Past Simple or Past Perfect.

1. He (to study) French before he (to enter) the university. 2. Lanny (to say) that he (to get) his education in Cape Town. 3. The boy (to wait) to act the main part in the play because he (to organize) the theatre. 4. Lanny (not to know) who (to attack) him in the darkness. 5. The girl (to be) glad that she (to find) a seat near the window. 6. Suddenly he (to remember) that he (not to ring) her up in the morning. 7. By the time the train (to reach) the city, he (to make) friends with many passengers. 8. When his uncle (to leave), he (to hurry) to the station to book a ticket. 9. She (to think) that Gert and Lanny (to quarrel). 10. By the time we (to come) to see him, he (to return) home. 11. During the holidays my friend (to visit) the village where he (to live) in his childhood. 12. When they (to enter) the hall, the performance already (to begin). 13. When I came home, my mother (to tell) me that she (to receive) a letter from grandfather. 14. Where you (to work) before you (to enter) the institute? 15. By two o’clock the teacher (to examine) all the students. 16. On my way to school I (to remember) that I (to leave) my report at home. 17. All my friends (to be) glad to heart that I (to pass) all the examinations successfully. 18. Poor Oliver (to lie) unconscious on the spot where Sikes (to leave) him. 19. He (to open) his eyes, (to look) around and (to try) to remember what (to happen) to him. 20. All the passengers (to see) at once that the old man (to travel) a great deal in his life. [4. стр. 163]

Exercise 3. Open the brackets using the verbs in the Past Simple, Past Continuous and Past Perfect.

Last night we (to go) to a football match. We (to take) a bus. The bus (to be) full of people as many people (to want) to see the match. We (to get) off the bus and (to go) in the direction of the stadium. While we (to cross) the road, I (to see) Victor. He (to stand) at the corner. He said he (to wait) for his friend who (to come) to St.Petersburg the day before and (to wish) to see the new stadium. A man(to come) up to me and asked if I (to have) a spare ticket for the match. Victor told us that two boys just (to ask) him whether he (to have) a spare ticket. We (to enter) the stadium just as the football players (to come) out on to the field. At the entrance to the stadium we (to meet) Sergei. He (to show) us to our seats and we (to agree) to meet in the refreshment-room during the interval. He (to ask) me if I (to play) football in my childhood. [4. стр. 166]

Glossary 3.

Week 9.

Text 9. “The Economy of Great Britain”

Grammar: Future Perfect.

TEXT 9.

The Economy of Great Britain

The United Kingdom has a developed mixed private and public-enterprise economy and ranks among the top industrial countries in growth rates, productivity, and competitiveness. The gross national product (GNP) is growing faster than the population. The GNP per capita is among that of most other European countries.

The state sector was reduced during the 1980s and 1990s owing to policies of privatization, or denationalization, of publicly owned corporations. There was also an improvement in the standard of living. Unemployment and inflation rates were gradually reduced but remained high.

Nowadays, government policies include the close monitoring and frequent adjustment of interest rates; a gradual reduction in the level of direct personal taxation; a reduction in the levels of power and influence of national trade unions in the national labour negotiations; the encouragement of wider home ownership and of individuals’ share holdings in companies. Considerable emphasis is placed on increased exposure or the economy to market forces. The government controls the utilities, the railways, and most civil aviation.

Manufacturing industries account for one-fifth of the GNP. Small companies predominate, though companies with 500 or more employees employ a larger percentage of the work force. Major manufactures include motor vehicles, aerospace equipment, electronic data processing and telecommunication equipment, metal goods, precision instruments, petrochemicals, and other chemical. High-technology industries are being developed.

Agriculture accounts for less than 2 percent of the GNP and employs some 2 percent of the work force. Farming is highly mechanized, though farms are not extremely large, and is dominated by the raising of sheep and cattle. The United Kingdom is not agriculturally self-sufficient. Chief crops include barley, wheat, sugar beets, and potatoes.

The mineral industry accounts for approximately 6 percent of the GNP but employs less than 1 percent of the works force. Production from oil fields in the North Sea has allowed the United Kingdom to become virtually self-sufficient in petroleum. The United Kingdom’s coal industry, despite its steady decline since the early 1950s, remains one of the largest and most technologically advanced in Europe.

Public revenues ordinarily fall short of expenditures and are chiefly derived from income taxes, which are highly progressive, and excises. A single graduated income tax was introduced in 1973. Deficits are offset by public borrowing. The country (as well as its capital) is a major world financial and banking centre.

Chief imports of Great Britain are metallic ores, except iron ore, food. Chief exports are: china, automobiles and other vehicles, wooden goods, steel, electrical and mechanical machinery, tractors, scientific instruments, chemicals, petroleum.

Just under half of the total population is in the labour force. The highest proportion of employees (more than two-thirds) are in the service sectors, financial services and distribution. Manufacturing, although it has declined, employs more than one-fifth of all workers. Smaller numbers are in construction, energy, agriculture, forestry, and fishing.

Glossary

To account for-составлять долю

Adjustment –регулирование

To borrow – занимать

Public borrowing- государственный заем

To debilitate – ослаблять

To derive –происходить

Expenditure – расход

To fall short of expenditures – быть меньше расходов

Gross national product(GNP) –валовой национальный продукт (ВНП)

Share holdings – акции

Precision instrument – прецизионный инструмент

To predominate – преобладать

In growth rates –по темпам роста

Interest rate –процентная ставка

Revenue –доход

Будущее совершенное время

(Future Perfect Tense)

Будущее совершенное время (Future Perfect Tense) образуется при помощи вспомогательного глагола to haveв форме будущего времени и причастия прошедшего времени (Past Participle) смыслового глагола:

Утверждение	Вопрос	Отрицание
I shall haveworked.	ShallI have worked?	I shall nothave worked.
He (she, it) will haveworked.	Willhe (she, it) have worked?	He (she, it) will nothave worked.
We shall haveworked.	Shallwe have worked?	We shall nothave worked.
You will haveworked.	Willyou have worked?	Youwill nothave worked.
They will haveworked.	Willthey have worked?	They will nothave worked.

Спряжение глагола to write (писать) в в Future Indefinite Tense (действие в процессе, будет совершаться в определённый момент в будущем)
I shall be writing Hewill be writing She will be writing It will be writing We shall be writing You will be writing They will be writing	I shall not be writing He will not be writing She will not be writing It will not be writing We shall not be writing You will not be writing They will not be writing	ShallI be writing? Willhe be writing? Willshebe writing? Willit be writing?   Shallwe be writing? Willyou be writing? Willtheybe writing?

Спряжение глагола to write (писать) в в Future Perfect Tense (действие уже совершится к определённому моменту в будущем)
I shall have written Hewill have written She will have written It will have written We shall have written You will have written They will have written	I shall not have written He will not have written She will not have written It will not have written We shall not have written You will not have written They will not have written	ShallI have written? Willhe have written? Willshe have written? Willit have written?   Shallwe have written? Willyou have written? Willthey have written?

Exercise 1.

Open the brackets using the verbs in one of the future tenses: Future Perfect.

1. I (to do) my homework tomorrow. 2. I (to do) my homework at six o’clock tomorrow. 3. I (to do) my homework by six o’clock tomorrow. 4. When I come home tomorrow, my family (to have) supper. 5. When you come to my place tomorrow, I (to read) your book. I (to do) my homework by the time you come. 6. Don’t come to my place tomorrow. (to write) a composition the whole evening. 7. I (not to go) to the cinema tomorrow. I (to watch) TV the whole evening. 8. What you (to do) tomorrow? 9. What you (to do) at eight o’clock tomorrow? 10. You (to play) volley-ball tomorrow? 11. You (to do) this work by next Sunday? 12. When you (to go) to see your friend next time? 13. How many pages you (to read) by five o’clock tomorrow? 14. Tomorrow I (to begin) doing my homework as soon as I come from school. I (to do) my homework from three till six. My father (to come) home at seven o’clock tomorrow. My father (to come) home at seven o’clock tomorrow. I (to do) all my homework by the time he comes, and we (to go) for a walk together.

WEEK 10.

Text 10. World Bank.