III. Complete the sentences with prepositions

1. To appraise the demands ….. developing countries ….. an international economic order more responsive ……their needs, it may prove useful first compendiously to describe the philosophy and motivations …… the establishment of international economic institutions.

2. The US economic expansion …… European territory and in the Far East was salutary, at least ….. the short run, ….. the countries disrupted …… war.

3. The IMF was designed ….. the behest of the USA to ensure international monetary stability.

4. The World Bank draws its lending resources …… money it borrows ….. private sources …… the sale of Bank obligations ….. investors in capital markets, stock transactions, the earning of interest ….. its lending and the commissions and charges arising ….. the granting of loans.

5. With regard ….. the problems of developing countries, as stated above the GATT’s goal of progressively bringing ….. the elimination of trade barriers could prove detrimental ….. their economy.

6. Third World countries therefore needed some protection ….. their economy, in the form of trade barriers ….. their imports and preferential treatment ….. their exports.

7. The need ….. a preferential treatment of developing countries was first acknowledged ….. the revision, brought about ….. the Review Session ….. 1954.

8. The WTO is a single institutional framework encompassing the GATT and other agreements relating ….. trade ….. goods.

9. The GATT was intended to abolish traditional tariff restrictions ….. free trade which greatly hampered free competition ….. the world market.

10. International institutions established ….. the purpose of creating the necessary international mechanisms ….. realizing the philosophy ….. a multilateral stable, and continuing basis were to a large extent imbued ….. a free market and free competition philosophy.

11. States undertook to refrain ….. introducing restrictions ….. payments or transfers ….. current international transactions as defined by the Articles of Agreement instituting the IMF.

12. As a kind of countervailing measure ….. the limitations ….. their sovereignty in monetary matters, member States had a right to draw the currency of another member ….. the Fund whenever they needed it to correct temporary disequilibria ….. their balance of payment.

13. The IMF’s powers are vested ….. the Board of Governers, which can delegate them ….. the Executive Board.

14. The first group of exceptions is aimed ….. general situations. Thus Article XIX provides ….. the use of temporary restraints ….. imports if the latter are causing serious injuries ….. domestic industry.

15. The Global Environment Facility is financed ….. contributions ….. over 60 countries.