Moscow Journal of International Law, Год журнала: 2025, Номер 1, С. 96 - 109
Опубликована: Апрель 2, 2025
INTRODUCTION. The global financial system plays a crucial role in development financing, ensuring economic stability and growth. However, the existing international architecture, primarily shaped by Bretton Woods institutions, has been criticized for its inefficiencies, lack of inclusivity, inability to meet needs developing economies. This article explores legal dimensions focusing on governance International Monetary Fund (IMF) World Bank, Special Drawing Rights (SDRs), broader implications reforms governance. MATERIALS AND METHODS. study employs multidisciplinary approach, integrating analysis with perspectives. methodology includes review primary sources such as treaties, institutional regulations, UN resolutions, alongside secondary sources, including academic literature reports from organizations. Comparative historical analyses are used assess past present reform efforts. RESEARCH RESULTS. findings indicate that current disproportionately favors developed economies, limiting access financing low-income emerging High borrowing costs, inadequate debt relief mechanisms, restricted SDRs exacerbate inequalities. Recent proposals within IMF Bank seek address these disparities adjusting voting rights, expanding SDR allocations, revising regulations promote fairer DISCUSSION CONCLUSIONS. underscores need fundamental restructuring ensure equitable financing. While recent signal progress, their implementation depends political will consensus. Future should focus enhancing transparency, strengthening resilience, institutions serve collective interests all nations, not just most economically powerful ones.
Язык: Английский