International financial and credit institutions in the financing of the public development of Ukraine
Annotation. The subjects of the study are theoretical and practical questions which were related to the role of international financial organizations (IFO) in the financing of the public development of the country. The article purpose is the opening to the reveal influence of the international financial and credit institutions in the financing of the public development of Ukraine. The research methods. The paper used the set of general scientific and specific methods and approaches, such as dialectic, systems, the method of scientific abstraction, comparative and factor analysis, logical approach. Results of the work. The role and importance of IFO as the important source of the external financial resources was disclosed. It summarised the scientific approaches for the use of the international financial assistance and for ensuring of the economic development in the conditions of the financial imbalances, and for improving the state financial management. It is shown that the experience of the international financial organizations and their recommendations allow taking into account the global and regional trends and processes, risks and problems that take place in the financial environment. There are important for the formation of the financial policy development of the sovereign states and for the improving the formats of their cooperation on the international arena. The influence of «The Paris Declaration on Improving External Aid Effectiveness» for the international financial cooperation and for improving the norms of the national laws, the implementation of the programs and projects of IFO are shown of the article. The significance of cooperation of the sovereign countries with the international financial and credit institutions for forming standard approaches in the financial management and for improving the financial and credit mechanism by the countries which are the recipient of the international financial assistance was disclosed. The using of the external sources of the financing of the national development for all years of Ukraine's independence and their parts in the structure of the state and state-guaranteed debt were analyzed. It determined that the average value of the external component of the state and state-guaranteed debt of Ukraine consist 66.99% in 1992-2016. The experience of Ukraine from using the resources of the international financial and credit institutions was summarized. Sphere of application results: the financial and credit policy of the state for the speed-up of the economic development. Conclusions. The receiving of the resources from the external official sources is allowing implementing the best experience and is getting the resources from the different investors or different forms, or different conditions, or different instruments etc. It will ensure the diversification of the risks under the balancing fiscal policy and the improvement of the financial mechanism. The Institute of the state forms an influence on the movement of the financial resources and provides positive results in the dynamics of the national economy. It is placed in accordance with the strategy of the public development and the international agreements what reflected the global priorities of the development. A sovereign country has the advantages in getting the external official financial resources compared to other economic entities, which are determined by the trust in a sovereign state. It includes a support in the international arena and the best conditions for obtaining the financial aid. The additional financial resources as the part of the external official aid allow introducing the latest technologies and financing mechanisms of IFO, which improving the best management of the financial resources and increasing the effectiveness of their using.
2. Accounting Chamber of Ukraine, «Vysnovok shhodo finansovoji zvitnosti za 2015 ta 2016 roky proektu «Modernizacija systemy socialjnoji pidtrymky naselennja Ukrajiny», shho pidtrymujetjsja pozykoju Mizhnarodnogho banku rekonstrukciji ta rozvytku» [Conclusion on the financial statements for 2015 and 2016 of the project «Modernization of the system of social support of the population of Ukraine» supported by the loan of the International Bank for Reconstruction and Development] : http://www.acrada.gov.ua/doccatalog/document/16751274/Vysn_7-4_2017.pdf?subportal=main
3. The World Bank, «The report of the World Bank «World Development Report 2016: Governance and the Law»«, : http: www.vsemirnyjbank.org/ru/about/annual-report.
4. Chughunov I.Y., Pavelko A.V., Kanjeva T.V. etc. Derzhavne finansove reghuljuvannja ekonomichnykh peretvorenj [State financial regulation of economic transformations]. – Kyiv National University of Trade and Economics, Kyiv, Ukraine, 2015. – 376 p.
5. The International Monetary Fund, Doklad po voprosam ghlobaljnoj fynansovoj stabyljnosty: Analytycheskoe rezjume. MVF, aprelj 2017 gh. [Global Financial Stability Report. Getting the Policy Mix Right, April 2017] : http://www.imf.org/external/russian/index.htm
6. Mazaraki, A.A. Mel'nyk, T.M. Yukhymenko, V.V. Kostiuchenko, V.M. etc. Ekonomichnyj suverenitet Ukrainy [Economic sovereignty of Ukraine], Kyiv National University of Trade and Economics, Kyiv, Ukraine, 2015. – 700 p.
7. The Ministry of Finance of Ukraine, Informacijna dovidka shhodo spivrobitnyctva Ukrajiny z Mizhnarodnym bankom rekonstrukciji ta rozvytku [«Information of the Ministry of Finance of Ukraine «Information note on cooperation between Ukraine and the International Bank for Reconstruction and Development»«], : http://126.96.36.199/minfin/control/uk/publish/article?showHidden=1&art_id =408929&cat_id=353161&ctime=1424181872977
8. Kozjuk V.V. Optymaljnyj rivenj borghovogho navantazhennja: ghlobaljni zrushennja ta shvydkoplynni ochikuvannja [The optimal level of the debt load: global shifts and fast-moving expectations] // Journal «Finance of Ukraine», 2012. – № 1(194) – P. 78–94.
9. Kolosova V.P. Spivrobitnyctvo Ukrajiny z mizhnarodnymy ustanovamy ta sektoraljna bjudzhetna pidtrymka [Cooperation of the Ukraine with international institutions and sectoral budget support], Kyiv, DNNU The Academy of Financial Management, 2013. – 256 p.
10. Ljutyj, I.O. Zrazhevsjka, N.V. Rozhko, O.D. Derzhavnyj kredyt ta borghova polityka Ukrajiny [The state credit and the debt policy of Ukraine], Kyiv, Centr Uchbovoyi Literaturi, 2008. – 352 p.
11. The Ministry of Finance of Ukraine, available at: http://www.minfin.gov.ua/
12. The International Monetary Fund «The IMF at a Glance» : http://www.imf.org/external/np/exr/facts/glance.htm
13. President of Ukraine, Decree of the President of Ukraine «On Ukraine's Accession to the Paris Declaration on Improving External Aid Effectiveness», : http://zakon2.rada.gov.ua/laws/show/998_271
14. Accounting Chamber of Ukraine, Decision the Accounting Chamber of Ukraine About the approval of the Strategy for the Involvement, Use and Monitoring of International Technical Assistance and Cooperation with International Financial Institutions for 2013-2016», : // http://zakon2.rada.gov.ua/laws/show/697-2013-%D1%80
15. Kisters'kyj, L. Prihmor, K. Siks, U. Prihmor, B. and Lypova, T., Resursy mizhnarodnykh orhanizatsij dlia tsilej rozvytku: Posibnyk z prohramuvannia ta koordynatsii proektiv [Resources of International Organizations for the Development: A Manual for Programming and Coordination], Ministry of Finance of Ukraine, Kyiv, 2012, – 152 p.
16. Sideljnykova L.P. Borghova polityka Ukrajiny v umovakh nestabiljnoji ekonomiky [The debt policy of the Ukraine in conditions of unstable economy] // Journal «Ekonomika ta derzhava», 2011. – № 9. – P. 4–7.
17. P'jatachenko, Gh.O. Jeremenko O.K. etc. Ukrajina v Mizhnarodnomu valjutnomu fondi : Vstup Ukrajiny do MVF [Ukraine in the International Monetary Fund: Ukraine's accession to the IMF] / The Scientific and Research Financial Institution under the Ministry of Finance of Ukraine, Kyiv, 1997. – 146 p.
18. The International Monetary Fund, «IMF Financial operations» / Finance Department, International Monetary Fund. – Washington, D.C. : International Monetary Fund, 2016. − 194 p. : // http://www.imf.org
This work is licensed under a Creative Commons Attribution 4.0 International License.