MODERN TRENDS IN ATTRACTING INTERNATIONAL FINANCIAL RESOURCES FOR NATIONAL DEVELOPMENT

Abstract

The article provides a comprehensive analysis of modern trends in attracting financial resources from global financial institutions for national development. It is substantiated that under conditions of increasing global economic and geopolitical uncertainty, the attraction of international funds is transforming from a mechanism for covering short-term liquidity gaps into a strategic instrument for ensuring national resilience. The study relies on an integrative paradigm that considers financial flows in connection with the institutional capacity of the state and long-term development goals.

The research investigates the counter-cyclical nature of financing from the International Monetary Fund and the World Bank Group over the last three decades. Three distinct waves of global official lending are identified: the response to the 2008 financial crisis, the pandemic relief efforts, and the current stage focused on financing resilience. It is proven that during crisis shocks, when private capital leaves emerging markets, the role of the official sector as a lender of last resort increases significantly.

Special attention is paid to the analysis of the structural concentration of the IMF loan portfolio. The study reveals a high concentration of obligations among a narrow group of borrowers, with Ukraine ranking second in the world in terms of debt volume. This status demonstrates the deep integration of the national financial system into the global security architecture but simultaneously creates a critical burden on the state budget due to the surcharges policy.

The article analyzes the impact of the synchronized tightening of monetary policies by leading central banks on the cost of borrowing. It is established that the sharp rise in the SDR interest rate has led to a significant increase in the cost of servicing sovereign debt. The author substantiates the risks of the "interest rate scissors" effect, where the borrowing country imports the high cost of capital from developed economies. The study concludes that the rising cost of resources threatens to turn financial aid into a debt burden, necessitating the development of new strategies for debt management and restructuring in the current monetary environment.