DIRECTIONS OF ACTIVITIES OF THE INTERNATIONAL MONETARY FUND TO COMBAT THE CONSEQUENTS OF THE COVID-19 PANDEMIC

Abstract

The purpose of the article is to analyse the legal basis and activities of the International Monetary Fund to combat the consequents of the COVID-19 pandemic. The COVID-19 pandemic has the most negative on the state economy and the world economy as a whole. The pandemic has unprecedented consequents for all spheres of human life and the functioning of the state and international organizations. The COVID-19 pandemic and the socio-economic crisis it has caused have a negative impact on the implementation of the 2030 Agenda for sustainable development, the implementation of international obligations on the right to development, human rights, gender equality and the fight against climate change. The pandemic has exacerbated the humanitarian crisis caused by armed conflict іn some countries. It seems that states are facing one-on-one with the coronavirus pandemic. However, the role of the international community and international organizations has become even more decisive. Overcome both the COVID-19 pandemic and its consequences is possible only through the joint efforts of humanity. The International Monetary Fund (IMF) is working to combat the economic fallout from the COVID-19 pandemic, overcome the economic downturn due to epidemiological constraints and their economic impact from the coronavirus pandemic, and strengthen the capacity of national health systems. Moreover, the IMF assists member states in dealing with the effects of the COVID-19 pandemic by providing emergency financing, debt relief, short-term liquidity support to member countries, counseling and technical assistance. Member States are obliged to take measures to combat corruption and money laundering, not to use IMF assistance for other purposes, to adopt a policy of assessing protection mechanisms during the crisis related to the COVID-19 pandemic, etc. The main goal of the IMF’s inter-organizational cooperation with the United Nations, the World Health Organization and others is to overcome the COVID-19 pandemic, taking into account ensuring the right of everyone to the highest attainable standard of physical and mental health.