INSTRUMENTS FOR ENSURING FISCAL SUSTAINABILITY IN UKRAINE DURING THE CONDITIONS OF MARITAL STATE
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Abstract
Introduction. Stable public finances help control inflation and maintain the stability of the national currency. Without this, the economy can quickly fall into a state of hyperinflation, which will further complicate the lives of citizens and the functioning of businesses. Fiscal stability ensures the performance of state functions, maintenance of macroeconomic stability, attraction of international support, reduction of economic risks and social stability. Without it, the state risks facing financial collapse, which can have catastrophic consequences for the economy and society as a whole. Therefore, the study of tools for ensuring fiscal stability in Ukraine under martial law is relevant and timely.
Purpose. The purpose of this study is to identify and analyze the tools that can ensure the fiscal stability of Ukraine in the conditions of martial law.
The results. The article examines the critical importance of fiscal stability for ensuring the economic stability of Ukraine in the conditions of martial law. The concept of fiscal sustainability as the state's ability to effectively manage its financial resources, maintaining budget stability and ensuring the servicing of debt obligations in the long term, was studied. Special attention is paid to the challenges faced by the country during the military conflict, including additional financial burdens related to defense, humanitarian aid and support of socially vulnerable sections of the population. The study highlights key aspects of fiscal sustainability, including maintaining a balanced budget and the state's ability to service its debt. Key indicators used to assess fiscal sustainability, such as the ratio of public debt to GDP and the budget deficit as a percentage of GDP, are analyzed. Statistical data on the state debt of Ukraine as of the end of 2023 are presented and possible risks related to the financial support of local budgets are discussed. The article also examines tools for ensuring fiscal sustainability, including tax and budget mechanisms, as well as public debt management. International experience and lessons that Ukraine can learn to strengthen its fiscal stability are discussed.
Originality. The tools for ensuring fiscal sustainability of Ukraine were considered, taking into account international experience, and recommendations were given to increase it.
Conclusions. The authors emphasize the need for fiscal decentralization, improvement of the tax system, and introduction of effective tax incentives to support economic growth and attract investment. Recommendations were given to increase the fiscal stability of Ukraine, in particular, improving the budget management system, reforming the tax system, developing investment policy and reducing the public debt. The importance of fiscal stability for macroeconomic stability and recovery of the economy of Ukraine after the end of hostilities is emphasized.
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