International organizations in the institutional architecture of financial diplomacy of states

The article is devoted to a comprehensive study of the role and place of international organizations in the modern institutional architecture of financial diplomacy of states. The author defines their status in the world monetary system as important institutional platforms for holding interstate consultations on the implementation of national monetary policies by countries, encouraging them to abolish existing currency restrictions, monitoring the fulfillment by states of their obligations in the field of currency regulation and their compliance with financial discipline in servicing external debt obligations. It is stated that the current functional powers of international financial organizations are closely related to stabilization of cross-border financial capital flows and prevention of regional and global financial crises, as well as mitigation of their negative consequences for economic development of states, support for structural transformations of national economies, and leveling of imbalances in the balance of payments of countries and deficits of their state budgets. The author proves a significant increase in the role of financial diplomacy in managing interstate currency relations, primarily through the convergence of national currency policies, settlement of currency exchange rate disputes by countries, coordination of international legal and organizational frameworks of currency relations, as well as coordination of currency manipulation and ensuring structural stability and equilibrium of global currency markets. Considerable attention is paid to the role of Regional Financing Arrangements in adapting national financial institutions of different countries to the turbulent economic and financial environment to effectively mitigate the effects of geo-economic fragmentation, climate disasters, negative demographic changes, and to dynamize the process of building a digital economy in a global context. It is proven that the organizational structure and compositional architecture of financial diplomacy are in the process of profound transformational changes in the worldwide environment, which include the mechanisms of accumulation of resources by economic entities for investment and cross-border capital flows.