International Monetary Fund

2024: Kristalina Georgieva wins second five-year term as IMF chief

In April 2024, Kristalina Georgieva received a second five-year term as head of the IMF, which will allow her to continue leading the crisis lender.

2023

The United States controls the shares of the IMF member countries and opposes the increase in the influence of the BRICS countries

For 2023, the United States, being the largest shareholder of the IMF, owns approximately 17% of the shares, which gives them veto power when deciding on quotas for the participation of other countries, which require 85% support.

Thus, as of September 2023, China's quota is less than that of Japan, despite a higher share in world GDP. Thus, China accounts for about 18% of world economic production, but it occupies only 6% in the IMF.

US Treasury Secretary Janet Yellen in October 2023 showed no willingness to accept reforms at the IMF that would allow China and other developing countries to significantly expand their influence.

Countries like China, Brazil and India, whose economies are growing significantly faster than those of developed countries, have long demanded a redistribution of quotas given their growing weight.

Record $15.6 billion loan to Ukraine to continue hostilities

In March 2023, the IMF approved a record $15.6 billion loan to Ukraine to continue hostilities. It is reported by Reuters, citing sources.

2022: Financing of Ukraine during the military special operation of Russia

Sources of funding for the government of Ukraine during the military special operation of Russia in mid-April 2022

2021: Allocation of $650 billion for the economic recovery of the countries, including $18 billion of Russia

In August 2021, the IMF approved the allocation of $650 billion for economic recovery. About $275 billion of the new allocations will be received by emerging markets and developing countries, including low-income countries.

"This is a historic decision - the largest distribution of SDRs in the history of the IMF and a powerful stimulus for the global economy during an unprecedented crisis," said IMF head Kristalina Georgieva.

The decision to allocate funds comes into force on August 23. The funds will be transferred to the member countries of the fund in proportion to quotas.

For the first time in more than 20 years, the International Fund has allocated financial assistance to Russia. $18 billion in special borrowing rights (SDR), the IMF's domestic currency, was distributed in favor of the Russian central bank as part of a program to support the fight against the COVID-19 pandemic.

2020

Alfred Kammer heads the IMF's European department

On July 15, 2020, the International Monetary Fund (IMF) announced the appointment of Alfred Kammer as the new director of the European Department, which also includes Russia. Read more here.

Debt deferral for 25 countries due to COVID-19 pandemic

In April 2020, the Board of Governors of the International Monetary Fund approved a delay of six months in servicing debt to the fund for 25 member countries in connection with the COVID-19 coronavirus pandemic.

Countries affected by the debt reprieve include Afghanistan, Benin, Burkina Faso, Haiti, Gambia, Guinea, Guinea-Bissau, Democratic Republic of Congo, Yemen, Comoros, Liberia, Madagascar, Malawi, Mali, Mozambique, Nepal, Niger, Rwanda, São Tomé and Principe, Solomon Islands, Sierra Leone, Tajikistan, Togo, Central African Republic and Chad.

2018: Repayment of private investor loans in Argentina with $57 billion IMF loan - the reason for the country's endless default in the future

In 2018, the IMF provided Argentina with a loan, totaling about $57 billion, of which $44 billion was actually paid. After that, the program was curtailed. These funds did not reach the real economy. They were used to repay loans from private investors, mainly American investment funds. One of the main investors was George Soros.

Before the upcoming 2019 elections, amid the outright looting of Argentina by American investors, there was a real threat of the left opposition coming to power. This meant that investor funds were in jeopardy, with the big players fearing they would not be able to withdraw them. It was necessary to urgently take action. To solve this (in general, political) task, the IMF was involved as a convenient performer.

Argentina's lending program was initially aimed at ensuring the victory of President Mauricio Macri in the upcoming elections in the fall of 2019. Even Donald Trump, who was then the president of the United States, entered the game. Trump has been open about continuing good relations with Macri's family and the need to support him.

IMF cash flow poured into the pockets of American investors in Argentina for 1.5 years, before the presidential election. In the election, Macri was expected to lose. But American investors managed to withdraw their money, some even with a profit. Argentine society has received hope for change for the better, but in reality, Argentina's debt to the IMF has weighed an overwhelming burden on the country's economy.

In 2022-2023 alone, the volume of loan payments will be about $20 billion per year. This is a short-term loan, and according to the IMF charter it cannot be restructured. For a country with reserves of $9.7 billion, this means default. Moreover, cyclical, since it is impossible to correct the situation due to economic growth. All free funds will go to pay the debt.

1991: Agreement on the accession of the USSR to the IMF with the status of an associate participant

An important intermediate outcome of the economic subordination of the USSR was the achievement in the summer of 1991 of an agreement between Gorbachev and US President Bush on the accession of the USSR to the IMF and obtaining the status of an associate participant.