FINANCIAL RELATIONS BETWEEN UKRAINE AND THE INTERNATIONAL MONETARY FUND DURING THE WAR

Abstract

The article examines the practical aspects of the implementation of measures aimed at improving and increasing the level of sustainability of economic development due to the special role of international financial and credit institutions in economic relations between individual states. It was found that international financial organizations act as a key mechanism for regulating the international monetary and financial system, as well as the main source of providing financial, technical and analytical assistance to countries on the way to socio-economic transformations. The special role of Ukraine's financial relations with the International Monetary Fund (IMF) against the background of the need to resist full-scale armed aggression was determined, and a retrospective analysis of the fund's program implementation since 1994 was conducted. The organization of IMF financing through the distribution of SDRs between countries and lending at interest rates, the rates of which are determined by the average rates in effect for loan funds in the world's leading currencies, and loans through the Resilience and Sustainability Trust (RST) credit trust were studied. The decisive role of lending by international institutions in the growth of the constantly growing foreign debt of countries has been clarified. The dynamics of the specific weight of countries that in modern conditions are experiencing a critical situation related to indebtedness, or have a high risk of the appearance of the specified situation, have been analyzed. It is substantiated that receiving credit tranches from the IMF has both positive and negative consequences of a long-term nature, and their main aspects are highlighted. The vectors for the further development of Ukraine's financial relations with the IMF have been determined in order to create a foundation for the recovery of the country's economy after the end of the war, the completion of already started reforms and the introduction of new reforms in the economic, financial, and social sectors, raising the standard of living of citizens, strengthening the exchange rate of the national currency in relation to foreign currency etc.