CURRENT ISSUES OF REFORMING THE POLICIES AND PRACTICES OF THE IMF AND THE WORLD BANK
Abstract
In the article has been systematized main factors to reforming the practice and policies of the IMF and the World Bank. It was determined that the world society makes strong claims to the adequacy of the measures of the IMF and the World Bank in the context of the aggravation of global challenges. Claims are made to the IMF regarding the unequal distribution of financial resources between large and small countries, the effectiveness of financing mechanisms and standardized recommendations without taking into account national specifics. Claims to the effectiveness of WB support are due to the characteristic features of investments in infrastructure projects, which do not provide structural transformations or strengthening of innovation potential, but are largely directed to traditional areas, cementing structural disparities. The analysis carried out on the basis of the official reports and real practice of these institutions showed that all these claims are perceived and inclined to the corresponding reformation. However, concrete measures and policies have only a limited manifestation in practice. The most notable is the strengthening of recommendations on the control of cross-border capital flows. It was determined that the arsenal of both the IMF and the World Bank has a number of important tools that can be used to resolve the specified claims and strengthen the institutional role of these institutions at the current stage of global transformations. Such instruments include a weighted redistribution of financial resources with the help of SDRs in favor of poorer countries, strengthening of targeted programs to overcome inequality and technological development of national economies, participation in debt relief with debt restructuring under "green course" measures. In view of these prospects, as well as the important current role of the IMF and the WB in financing economic stability, it is advisable for Ukraine, on the one hand, to continue cooperation with this group, and on the other hand, to more actively put forward specific wishes regarding more promising forms and directions of financing.
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