FINANCIAL AND BUDGETARY POLICY AS A COMPONENT OF THE RESILIENCE OF STATE FINANCES AND SOCIO-ECONOMIC DEVELOPMENT OF THE COUNTRY

Abstract

The article reveals the essence of the resilience of state finances, financial and budgetary policy in the conditions of socio-economic transformations. At the current stage of socio-economic transformations under martial law and the development of financial relations, it is necessary to increase the resilience of state finances, the effectiveness of financial and budgetary policy as an effective tool for the socio-economic development of the country. The purpose of the article is to determine the resilience of state finances, to improve the mechanisms for financial and budgetary policy formation in the conditions of socio-economic transformations, for effective management of state finances, for increasing efficiency and effectiveness in the preparation and execution of budgets, to determine the components of institutional multi-subject management in the field of state finances. The novelty of the article is the disclosure of the essence of state finances resilience, which consists in the ability to ensure the stability of state finances, minimize the consequences of negative phenomena and promote the country’s socio-economic recovery, the performance of basic functions by the state, maintaining the necessary dynamic financial and budgetary balance, achieving the maximum result of quality provision of public services using the appropriate amount of budget expenditures, increasing efficiency and effectiveness of the use of budget funds; determination of the components of institutional multi-subject management in the field of public finance at the supranational, national, regional, local, individual levels, taking into account the provisions of the budget and tax architecture, which will positively affect the financial and economic environment and social development. The work uses a set of scientific methods and approaches, which made it possible to realize the conceptual unity of the research, in particular, systemic, functional methods, analysis, generalization, comparison, abstraction, and synthesis. It is shown that the financial and budgetary policy is an important tool of state management of the economy and one of the main means of ensuring economic transformations, social protection of the population, can influence the increase in the degree of manageability of social reproduction processes and improve the well-being of the population. Under martial law, it is necessary to increase the level of resilience of state finances, determine the basic principles of the budgetary policy of social development, strengthen the relationship between the achieved indicators of the socio-economic development of the country, ensuring national defense and the amount of bud get funds used, increase the level of effectiveness of budget programs, improve the relevant budgetary instruments and mechanisms in the system of the institutional environment of society.

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