THE IMF’S ROLE AS A SUBJECT OF GLOBAL GOVERNANCE IN THE DEVELOPMENT OF THE WORLD ECONOMY

Abstract

The author substantiates the proposition that the spread of crisis phenomena in the world economy has actualized the transformation processes in the system of global governance, primarily regarding the functions and activities of the IMF. Current trends include the following: supervision of the international monetary and financial system; monitoring the economic and financial policies of member states; strengthening the global financial security system; coordination of international cooperation and integration. The potential risks of the development of the world economy, including the extremely high level of global debt in general and its components in particular, are outlined. It is shown that annual reports, quarterly reviews and forecasts, IMF press releases with aggregate data on the main trends of the world economy, its individual regions and countries are very important both for the scientific community and for the authorities.
The importance of forming a regulatory and legal environment for regulating the fiscal sphere as an integral part of the global governance architecture is emphasized. It is revealed that a common instrument of influence of international organizations is the development of the model (typical or framework) acts to regulate the relevant sphere of relations at the national level. The characteristic provisions of individual acts of a fiscal nature are presented.
The provisions and standards of the Code of Good Practice for ensuring transparency in the fiscal area and the Guidelines for the management of public debt are mentioned as very important aspects for reforming the public finance sector of Ukraine.