STRATEGIC PRIORITIES FOR REFORMING THE INTERNATIONAL MONETARY FUND AS A FUNCTIONAL INSTITUTE OF INTERNATIONAL FINANCIAL RELATIONS

Abstract

The article is devoted to the functioning of the International Monetary Fund in the status of an international financial cooperative, which forms its credit capital through official borrowings from member countries and the issuance of promissory notes on a bilateral basis. One of the effective tools for providing financial assistance to the IMF to overcome the effects of the global economic crisis was the organization's focus on providing member countries with stand-by loans and extended financing loans. The urgent need for the International Monetary Fund to make greater progress in building an integrated and objective system of supervisory control over the functioning of the global financial system led to the expansion of the IMF's functional competencies for regular monitoring of cross-border movement of capital resources. capital movements, diagnostics of the processes of accumulation of global foreign exchange reserves and their country structure, as well as the development and implementation in regulatory practice of a reliable and objective system of global liquidity ratios, taking into account the systemic impact of global financial instability. Reforming the International Monetary Fund in the format of building a global model of the international economic order should also include the implementation of a set of measures to ensure macroeconomic stability in the world. Special attention should be paid to such areas of reforming the International Monetary Fund as strengthening the openness of its internal paperwork and significantly simplifying the bureaucratic procedures for obtaining credit resources by states. The reform of the IMF in the context of the formation of a global model of the international financial order provides as a mandatory component and redistribution of spheres of influence of member countries within the organization in accordance with their competitive status in world finance and contribution to global economic development. It is about the objective need to strengthen the competitive position for the adoption by the International Monetary Fund of management decisions of developing countries and countries with emerging markets.