International Monetary Fund (IMF) and its role in currency and credit relations: a focus on Ukraine
The International Monetary Fund (IMF) is one of the most powerful IFIs on an international scale. This article analyze the most important functions of the IMF in relations of finance and credit with an accent on its influence on banking systems and financial policies of the member states. Particula...
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| Format: | Article |
| Language: | English |
| Published: |
State Higher Educational Establishment «Uzhhorod National University».
2025-03-01
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| Series: | Науковий вісник Ужгородського національного університету. Серія Право |
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| Online Access: | http://visnyk-pravo.uzhnu.edu.ua/article/view/325153 |
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| Summary: | The International Monetary Fund (IMF) is one of the most powerful IFIs on an international scale. This article analyze the most important functions of the IMF in relations of finance and credit with an accent on its influence on banking systems and financial policies of the member states. Particular focus is given to Ukraine’s cooperation with the IMF, including reasons behind, the historical background, loan conditions, and the consequences of cooperation for the Ukraine’s banking system. The paper also analyzes the controls and the evaluations of the reforms in Ukraine that were undertaken with the assistance of the IMF. In order to ensure compliance with the reform, the IMF uses a mix of performance criteria, structural benchmarks, and independent evaluations, which determine the effectiveness of the reforms. This research explains the influence of IMF actions on stabilizing the Ukrainian economy, increasing transparency, and facilitating necessary structural changes through the lens of economic analysis and policy evaluation. Ukrainian financial stability was achieved with the help of liquidity support, improvement of the regulatory framework, and restructuring of the banking system that the IMF undertook in Ukraine.
The study analyzes the obstacles posed by IMF programs, such as the imposed economic strain, civil unrest as a result of stringent socioeconomic policies, and the resulting impact of structural adjustments. Furthermore, how the IMF conditionalities affect the policy regime, monetary practices, fiscal responsibility, and the prospects of economic development is analyzed. Hence the article tries to analyze the breadth of the IMF’s impact on Ukraine’s economic development and the strategic outlook of the policies in question.The economic relations with the IMF, however, provide some positive outcomes in the way of economic stability but its presence poses more difficult circumstances which have to be resolved if economic safety is maintained alongside the social welfare.
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| ISSN: | 2307-3322 2664-6153 |