THE ROLE OF INTERNATIONAL FINANCIAL INSTITUTIONS IN SHAPING THE ECONOMIC RESILIENCE OF WARTIME COUNTRIES: THE CASE OF UKRAINE IN A COMPARATIVE CONTEXT
Abstract
This article critically examines the evolving role of international financial institutions (IFIs)—specifically the International Monetary Fund (IMF), World Bank, and European Bank for Reconstruction and Development (EBRD)—in safeguarding macroeconomic stability and fostering institutional resilience within war-affected economies. Focusing on Ukraine as a paradigmatic case, the study investigates the transformation of IFI operational mandates in response to Russia’s full-scale military aggression initiated in 2022. Ukraine’s unprecedented access to an IMF Extended Fund Facility (EFF) amid active warfare not only underscores a paradigmatic shift in crisis engagement frameworks but also signals the institutional reconfiguration of global financial governance. Employing an interdisciplinary methodology—integrating comparative political economy, institutional theory, and structural-functional systems analysis—the paper juxtaposes Ukraine’s fiscal trajectory with post-conflict reconstructions in Syria and Sudan. It introduces the analytical construct of “institutional economic resilience” to conceptualize the adaptive capacities of state and supranational financial architectures under extreme geopolitical stress. Furthermore, a novel Adaptability Index is proposed to assess the responsiveness of IFIs in recalibrating instruments, conditionalities, and support modalities during prolonged emergencies. The findings reveal a redefinition of IFI mandates—from conventional fiscal surveillance to active facilitation of anti-corruption reforms, judicial integrity, and public sector modernization. Drawing upon recent IMF and World Bank datasets, the article delineates forward-looking recovery scenarios for Ukraine (2025–2027), emphasizing debt sustainability, private-sector reactivation, and the catalytic role of multilateral financing. Ultimately, this study contributes to the field of conflict economics and international development by articulating a new framework for IFI engagement in fragile and conflict-affected states. Its insights are of particular relevance to scholars, financial architects, and policymakers confronting the challenges of post-war economic stabilization and institutional renewal.
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