ECOFIN Russia Position Paper
Position Paper For The Economic And Financial Affairs Council The issues before the Economic and Financial Affairs Council are the impacts of the IMF on the international community and the European Debt Crisis. Russia is focused on helping the IMF as they take strides towards making a larger impact in low-income communities as well as the Eurozone. And Russia is open to helping with the financial crisis currently facing the European Union through whichever means it has available. Both these topics are of large importance to the Russian Federation, though Russia hopes to focus on the European Debt Crisis, as it is a more immediate matter.
Topic I – The Impact Of The IMF On The International Community Over the years the IMF has made itself an important part of global economies through the use of international loans. 1 It focuses on implementing sound and appropriate policies through its key functions of surveillance, technical assistance, and lending.2 They are able to achieve this through helping countries with situational loans, which are tailored, to the country’s independent needs.3 It is these loans that have allowed some countries to remain financially stable in tough economic times. The IMF is fundamental in Emergency situations such as natural disasters and countries emerging from armed conflict.4 These emergency loans allow countries to have some “breathing room” in times of financial difficulty.5
Currently in the case of the crash of the European Union there are some countries who believe that financial stimulus is being focused only on the developed countries of the European Union.6 The countries, which find this relationship unjust, are among China, Russia, India, Brazil and other South American countries.7 These countries claim that this longstanding relationship “undermines the legitimacy of the fund”8 The IMF, however, claims that the financial crisis that erupted in these developed countries underscored the need to reform financial
Topic I – The Impact Of The IMF On The International Community Over the years the IMF has made itself an important part of global economies through the use of international loans. 1 It focuses on implementing sound and appropriate policies through its key functions of surveillance, technical assistance, and lending.2 They are able to achieve this through helping countries with situational loans, which are tailored, to the country’s independent needs.3 It is these loans that have allowed some countries to remain financially stable in tough economic times. The IMF is fundamental in Emergency situations such as natural disasters and countries emerging from armed conflict.4 These emergency loans allow countries to have some “breathing room” in times of financial difficulty.5
Currently in the case of the crash of the European Union there are some countries who believe that financial stimulus is being focused only on the developed countries of the European Union.6 The countries, which find this relationship unjust, are among China, Russia, India, Brazil and other South American countries.7 These countries claim that this longstanding relationship “undermines the legitimacy of the fund”8 The IMF, however, claims that the financial crisis that erupted in these developed countries underscored the need to reform financial