LEGAL DIMENSIONS OF THE COOPERATION OF UKRAINE WITH INTERNATIONAL FINANCIAL ORGANIZATIONS

Abstract

This article discusses the legal aspects of Ukraine’s collaboration with various international financial organizations (IFOs) such as the International Monetary Fund, World Bank, and European Bank for Reconstruction and Development (EBRD). Ukraine’s relations with these institutions are based on legal frameworks such as treaties, memorandums of understanding (MOUs), and cooperation agreements. These instruments specify the terms under which financial resources are provided and detail the reciprocal obligations for the achievement of transparency, accountability, and economic reforms.Among the key enabling financial programs are the Extended Fund Facility (EFF) of the IMF and the Development Policy Loan (DPL) initiative of the World Bank. These programs help to resolve Ukraine’s budget deficits, stabilize the exchange rate, and facilitate macroeconomic changes. Further, highlighted is the EBRD’s contribution in funding Ukraine’s infrastructure, energy and governance projects, showing from the aid how they made an impact for economic stability.Understandably, one of the highlights of Ukraine’s collaboration with the IFOs is anti-corruption activities and fiscal cooperation. Of more importance is the financial assistance from the IMF and World Bank, since it forces Ukraine to adopt certain reforms aimed at improved governance and debt management. The setting up of the National Anti-Corruption Bureau of Ukraine (NABU) displays how transnational legal orders affect the domestic processes and policies of countries.Despite the fact that support provided by foreign organizations is paramount for the recovery of Ukraine’s economy, there are too much skepticism about the public debt value. In this paper, the author analyzes the effect of the foreign aid on Ukraine fiscal balance and the consequences of relying on foreign assistance in the long run.