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New Priorities for an Era of Globalization

The international Monetary Fund (IMF ) marked its 60 anniversary. Created toward the end of the Second World War to establish a multilateral framework for trade and finance that would avoid the failings of the post-war period, the organization has seen, and adapted to huge changes in its 60-year history.

Economic and financial globalization has progressed throughout this period as markets in goods, services and capital have become increasingly integrated. such a world macroeconomic and financial stability is a vitally important public good.

From just 40 countries at the start, the IMF's membership is now nearly 2Iobal, as first developing countries and then the countries of the former Soviet Union joined. The new countries have thud problems Yen- different from the original members. This has led the IMF to adapt its role in many respects, while remaining true to its original mandate.

Помогите пожалуйста перевести A New Pipeline Helps Fuel an Economy Already one of the world’s fastest growing economies, Azerbaijan is about to reap windfall in revenues when the Baku-Tbilisi-Geyhan­ (BTG) pipeline starts ensing oil into tankers by the end of the year. The 1,177 kilometer pipeline carry one million barrels of oil a day equivalent to about 1 percent of the |rld’s supply from the Caspian Sea to the eastern Mediterranean port of rhan in Turkey, bypassing the sensitive and heavily used Bosphorus Straits. The tine opens up massive new fields in the Caspian Sea to world markets, icing security of supply for decades to come. project also effectively transforms Azerbaijan from a producer of oil into a geo-politically strategic transit economy. And it lessens the country’s economic on Russia, while linking it with other key economies in the region. ips the most important immediate benefit will be the flood of cash possibly as much as $ 30 billion - that will flow into the government coffers. Jfey question is what the government will do with it. Will Azerbaijan go the v of Norway or Nigeria? the economy has been growing rapidly in the last few years, in the regions poverty is still rife - largely the legacy of independence in the Soviets took with them the heart of the economy when they left. A bith Armenia over the disputed region Nagomyi karabakh then followed and country S GDP contracted by almost 60 percent from 1990 o 199 ewrecovery began - largely thanks to oil revenues which are already highe^ pan CiDP - and the country is just back to 1990 levels steadily ieconomy with a stable a year мпсе 1996 , . Michae - between 26 ,o 30 percent nex, year and percent two core goals in the develoPment programme are management of the oil wealth. (Source Institutional Investor, 2005)