УКРАЇНА І МІЖНАРОДНИЙ ВАЛЮТНИЙ ФОНД: ОСОБЛИВОСТІ СПІВПРАЦІ

Abstract

Ukraine became a member of the IMF in 1992. Since then, the cooperation follows a systemic transformation loan program, under which Ukraine has received about 700 million USD to support the country's balance of payments. Then cooperation becomes more systematic, and loans are estimated at billions USD. In total, for over 25 years of cooperation, Ukraine and the IMF have concluded 10 loan agreements. Two of them provided for the application of the mechanism of expanded financing, and the remaining eight were the Stand-By arrangements. The main fundamentals and principles of Ukraine's cooperation with the International Monetary Fund are described, as well as the main problems in the process of cooperation between two parties, identification of the main advantages and disadvantages of lending to Ukraine, and determination of the impact of IMF loans on the overall economic and financial condition of our country. The stages of cooperation between Ukraine and the IMF are analyzed. Further cooperation between Ukraine and the International Monetary Fund should be based on deep structural reforms and be aimed at improving internal and external stability, easing the hryvnia devaluation, and covering the budget deficit. Mutual settlements with the International Monetary Fund are considered with special attention to such components as funds raised from the IMF, repayment of the principal amount of debt and payment of interest on debt. It should be noted that loans from the International Monetary Fund are primarily a kind of "safety cushion", or, in other words, a reliable partner to whom you can turn for help in case of financial problems. All the years of cooperation have proven that the IMF is ready to continue to support us, conclude agreements on new programs, provide new tranches, if necessary. However, one cannot ignore the shortcomings and problems of such cooperation, these are, first of all, the conditions set by the IMF for Ukraine to receive further assistance. The main directions of the IMF financing in Ukraine and their shares in the total amount of loans are studied. It has been found that the largest share of the IMF loans in the entire period of its cooperation with Ukraine has been aimed at replenishing the reserves of the National Bank. Also, a significant share in the structure of loans is the replenishment of the State Budget of Ukraine. Recommendations for their cooperation in order to improve the activities of the state in the field of economy and finan ce are offered.