Lesson 18 International Financial Organizations The most important international financial organizations are the World Bank and the International Monetary Fund both of which were created by the Bretton Woods Conference. The official name of the World Bank is the International Bank for Reconstruction and Development (IBRD). The Bank and its three affiliates( 附属 机 构 ), the International Development Association (IDA), the International Finance Corporation (IFC), and the Mu ltilateral Inv estment Gu arantee Agency (MIGA), are sometimes referred to as (called) the World Bank Grou p. The common objectiv e of these institu tions is to help raise standards of liv ing in dev eloping cou ntries by channeling (引导，输送) financial resou rces（资金，资金来源）to them from dev eloped cou ntries. 世行集团的共同目标是通过把资金从发达国家输送到 发展中国家以帮助提高这些国家的生活水平。 The International Bank for Reconstruction and Development, established in 1945, is owned by the governments of 180 member countries. The IBRD, whose capital is subscribed (contribute a sum of money 认 捐 ) by its members, finances (provide momey for) its lending operations primarily (mainly) from its own borrowings in the world capital markets (来自于它从世界资本市场的借款). A substantial contribution to the IBRD’s resources（a large part of its capital 有相当大一部分资金）also comes from its retained earnings（留存的盈余，未分配的利润）and the flow of repayments on its loans（贷 款 的 返 还 ） . IBRD loans generally have a grace period （宽限期）of five years and are repayable （可偿还的）over fifteen to twenty years.（maturity period） They are directed toward (aimed at/targeted on以 …为 目 标 ) developing countries at more advanced stages of econom...
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