The IMF is the replacement of the dollar

IMF prepares proposals to amend its charter. In the management of the Fund are considering easing restrictions on the amount of short-term loans to States - members of the IMF. Now you can apply for a loan, which does not exceed five state contribution to the authorized capital stock.

The authorized capital of the IMF a year ago stood at 217 billion special drawing rights (SDR). This is more than $ 325 billion in January 2009, Japan added a further $ 100 billion is an agreement between the major shareholders of the IMF bring its authorized capital to $ 500 billion

The main shareholder of the IMF - the U.S. (17.5%). In Russia - 2,8%. Thus, if necessary, Russia to support the liquidity of its national banking system for a short period may take from the IMF in the debt of not more than $ 14 billion in the global financial crisis that is not enough. Meanwhile, to support only the banks of the Russian government and Central Bank has sent a total of 5 trillion rubles.

The Russian government and Central Bank are no longer borrow from the IMF (in 1990 Russia received its loans in excess of $ 21 billion, debts were returned ahead of schedule).

Do not hesitate to take short-term loans and other members of the IMF. However, for such loans in the fund earmarked $ 150 billion and the fact that this amount is no traffic, can not fail to excite the Director of the IMF Dominique Strauss-Kahn.

On 15 November last year at the G20 summit in Washington on the issue of enhancing the IMF's role in overcoming the global crisis. The same issue also included in the agenda of the next summit, "the big twenty" on 2 April in London.

As the IMF has not yet decided how to short-term loans raised plank. We know that Strauss-Kahn is considered to be: short-term loans in the $ 150 billion should be addressed first and foremost a strong category of states emerging markets. Among these states, and Russia gets.

But now the Russian leadership is not interested in the new IMF loans.

Assistant to the President Arkady Dvorkovich told "Gazeta" that neither short-nor long-term loans to Russia from the IMF is not going to take. "

Yevgeny Yasin, the scientific director of HSE, explained the situation correspondent "Newspapers": 'The IMF asked its investors with a proposal to increase the assets. There was a proposal to make additional contributions to 1% of GDP, but no one has expressed no enthusiasm. This relaxation of stringent conditions dictated by the difficult global financial system and what additional resources the IMF did not provide. As a result, he went to loosen the requirements, but for a shorter period of time and those who can provide a guarantee. Investors who do not wish to increase the authorized capital must agree at least on this. Russia is not in need of loans, but it is interested in that, to support developing countries, the main consumers of Russian metal, timber and other commodities'.

Managing Director, Chief Economist of the CC 'Troika Dialog' Yevgeny Gavrilenkov thought: 'We have the reserves to last for a year and a half. In addition, the IMF makes money on certain conditions. In particular, the budget deficit must be less than 3% of GDP. With such a deficit in Russia do not need help. Regarding the share of developing countries, the quotas were distributed long ago, when China, India and Brazil did not have such weight as it is now. They and Russia in favor of redistribution, but it is more fundamental discussion related to political influence '.

Western analysts have welcomed the proposal favorably IMF to facilitate the provision of powerful States short-term loans. In an interview with Bloomberg, Mark Dow, portfolio manager at Pharo Management LLC, New York-based hedge fund, said that the IMF usually appears as a lender of last resort, not as a first instance, which run for help.

'Many developing countries feel that they have grown from that to borrow from the IMF, and the duty to take him on any terms - is to take a step back', - says Mark Dow.

President of Argentina Cristina Fernandez de Kirchner said that the global financial crisis will force to change the mechanisms of how the IMF and other international organizations to provide assistance to developing countries.

Fernandez called on the IMF and World Bank to increase aid to countries without dopuslovy, this proposal, it will defend in April at the summit of G20.

Strauss-Kahn was not the first head of the IMF, which is trying to create a 'Fund for the issuance of liquidity' in a large fund. In response to the Asian financial crisis in 1997 - 1998 years of his then-head Michel Camdessus has opened an emergency line of credit to credit countries preventively with sound economic (health) policy.

The program was presented in 1999, expanded in 2000-meters and finished in March 2003.

'There is a possibility that Strauss-Kahn will succeed where Camdessus lost' - said Claudio Lozère Bloomberg, a former senior IMF. - Conditions have become so hostile that even the more stable, well-governed countries may need assistance '.