Financial policy under martial law

Abstract

The article is devoted to the study of financial policy under martial law. It is substantiated that Ukraine's financial policy in recent years has seen significant progress and attention from both government agencies and foreign creditors such as the IMF, the World Bank and the European Union. The focus is on the development of budget legislation since the adoption of the Budget Code of Ukraine. It is noted that the Strategy for the Development of the Public Financial Management System and the Action Plan for its Implementation are a certain roadmap for reforming the budget system in general and budget legislation in particular. The author argues that in today's conditions of war, the situation around the entire financial policy, as well as around the public economy as a whole, has changed dramatically for the needs of warfare and hostilities. Financial policy priorities have changed for the needs of operational support and for the proper and continuous execution of local budgets. In order to ensure the effective functioning of the budget sphere and the vital needs of Ukrainians during hostilities, public authorities make quick, efficient and prompt decisions to maintain financial stability in the country. Today, the local budget is amended not only by executive committees of local councils, local state administrations, but also by military-civil administrations at the request of local financial bodies without a decision by the Verkhovna Rada or local council. Based on the study, it was found that the financial and economic levels are stable and unchanging, which means high professionalism in government and political decision, as well as professionalism and resilience of the Armed Forces of Ukraine. Today, financial policy strategy and tactics must be interlinked. Financial strategy is a long-term course of financial policy, designed for the future and which involves the solution of major challenges identified by economic and social strategy. While financial tactics should be aimed at solving the current problems of the country's development through the timely redistribution of financial resources.