ПРАВОВА ХАРАКТЕРИСТИКА АКТІВ СПІВПРАЦІ МІЖ УКРАЇНОЮ ТА МІЖНАРОДНИМ ВАЛЮТНИМ ФОНДОМ І ГРУПОЮ СВІТОВОГО БАНКУ
Journal Title: Вiсник Львівського Університету, Серія юридична - Year 2017, Vol 65, Issue
Abstract
The dynamic character of the development of Ukraine's relations with the International Monetary Fund (IMF) and the World Bank Group (WBG) necessitates a study of the legal nature of the acts, on the basis of which cooperation between Ukraine and international financial organizations is based. As of today, relations between Ukraine and the IMF are developing within the framework of the «Extended Fund Facility» Program, that provides long-term assistance in structural reforms realization aimed at overcoming the long-term difficulties with a balance of payments. The legal basis for the regulation of cooperation constitutes of two documents, namely the Letter of Intent, containing the Memorandum, and the decision of the Executive Council of the Fund. These acts provide a specific legal mechanism for cooperation between the IMF and Ukraine, which by their nature do not correspond to standard international agreements, respectively, they formally do not create legal obligations and are not binding. The letter of intent regulates an extremely wide range of issues and it is adjusted throughout the entire the «Extended Fund Facility» Program, which again confirms the different nature of such an act, because it is not agreed immediately as it is accepted in most international treaties. In addition, the cooperation is carried out within the framework of a four-year Program, therefore instability and unpredictability of public finances do not contribute to the production of traditional binding standards in the context of cooperation with the IMF. Cooperation between Ukraine and the World Bank Group takes place within the framework of the «Concept of the World Bank's Partnership with Ukraine for the financial years 2017–2021» (Concept), approved by the World Bank's Board of Directors on June 20, 2017. Having analyzed the acts in the sphere of cooperation with the WBG, it can be argued that legal instruments with different legal force are used. The concept of partnership, by its legal nature, is not an international agreement, that is binding on the parties, but it is of a recommendatory nature. Namely, agreements within the framework of this Concept can also be attributed to «soft law». However, Ukraine's loan agreements with IBRD have their own peculiarities, but the order of their conclusion is consistent with the general practice of adopting an international agreement, and the content of the agreement indicates that such a contract is a subject to mandatory execution. Thus, Ukraine is a sovereign subject of international law that independently develops a policy for the organization of the financial system that is directly implemented when drafting the Letter of Intent with the IMF, the Partnership Concept with the World Bank and loan agreements with the IBRD, as these acts are prepared by the Ukrainian side and if necessary consultations with the experts of the relevant Organizations are conducted. Having analyzed the legal framework for regulating of Ukraine's relations with the International Monetary Fund and the World Bank Group, it can be argued that these relations take place in different legal forms, which directly affects their implementation. Проаналізовано правові акти, на основі яких побудована система відносин між Україною та Міжнародним валютним фондом і Групою Світового банку. Досліджено право- ву природу актів, у межах яких відбувається співпраця, а також наслідки їхнього впливу на правову та фінансову системи держави. Встановлено акти, що є міжнародними договора- ми і відповідно обов’язковими до виконання та передбачають накладення санкцій у разі недотримання зобов’язань. Розглянуто акти, що є недоговірними деклараціями за своєю правовою суттю і не містять зобов’язань, та не зумовлюють відповідних наслідків у разі невиконання. Охарактеризовано основні положення актів, що є договірними, а також актів, які є декларативними і рекомендаційними. Зроблено висновки, що для регулювання відносин України з МВФ і ГСБ використовують правові інструменти з різною юридичною силою, в тому числі акти, що належать до «м’якого права».
Authors and Affiliations
Solomiia Saliy
Keywords
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