ECONOMIC POLICY OF UKRAINE’S COOPERATION WITH INTERNATIONAL FINANCIAL ORGANIZATIONS
Journal Title: Економіка розвитку - Year 2012, Vol 61, Issue 1
Abstract
The process of globalization is one of the main trends when forming the system of international economic relationships in the third millennium. Global integration of the financial-banking system which provides for the intensification of the countries’ economic interdependence worldwide has become inevitable. The activity of international financial organizations has gained significant importance for Ukraine. In particular, after the crisis, lots of developing countries had no access to market financing, and resources, provided by international financial institutions, were crucially important for providing gradual adaptation to external and internal imbalances and disproportions which appeared due to the crisis.In Europe the following regional currency and credit organizations are operating: European Investment Bank, European Bank of Reconstruction and Development, European Monetary Cooperation Fund.Among the major international financial organizations, which operate in Ukraine, we can single out the following: International Monetary Fund, World Bank and European Bank of Reconstruction and Development. It should be noted that Ukraine is ranked as one of the leading in borrowings during the crisis among the countries of Central, Eastern and Southern Europe.The complex analysis shows the active cooperation of Ukraine with international financial organizations. However, without any changes or at least significant correction of socio-economic paradigm’s development Ukraine will fail to fulfill its financial and social obligations.However, against the background of negative factors, caused by external borrowings of Ukraine, the following new prospects of cooperation’s strategy between financial organizations and Ukraine in 2008-2011 should be defined, namely: modernization of the Ukrainian physical infrastructure, especially in the sectors of energy saving, stimulation of innovative activity, improvement of the environment for business, formation of "knowledge economy", development of labor skills and creation of new qualitative work places, improvement of government resources’ management, reformation of public assistance and pension system in order to reduce costs for administering existing systems.
Authors and Affiliations
Oksana Sedlyk
Keywords
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