Assessment of the state and prospects of cooperation between Ukraine and the IMF

Abstract

The article considers the chronology of cooperation between Ukraine and the International Monetary Fund (IMF). The significance and role of loans of this institution in the conditions of economic and social reforms are revealed. The effectiveness of Ukraine’s interaction with the IMF is assessed and the corresponding risks are investigated; the rationality and necessity of cooperation between Ukraine and the IMF have been proved. Emphasis is placed on the fact that the relations between Ukraine and the IMF must move away from the position of a «passive partner». A systematic analysis of the advantages and disadvantages of such a cooperation is conducted. It is proved that there is a need to develop effective and efficient reform measures that would address a range of economic and social issues that should be seen as today’s challenges. Recommendations aimed at improving the effectiveness of cooperation between Ukraine and the IMF are proposed. Among them are: (a) use of financial and credit resources for the development of the country’s economy through internal transformations; (b) debt burden optimization; (c) creation of favourable conditions for doing business; and (d) creation of a positive image of a solvent country.