№ 8/2017

Fìnansi Ukr. 2017 (8): 7–32https://doi.org/10.33763/finukr2017.08.007

PUBLIC FINANCE MANAGEMENT

GASANOV Sergіi ¹

¹SESE “The Academy of Financial Management”
OrcID ID : https://orcid.org/0000-0002-7454-0419

Increasing the transparency level and functionality of public finance under structural reforms

Increasing the levels of transparency, accountability, effectiveness and efficiency in the field of public finance is one of the priority directions of the Strategy of Reforming the Public Finance Management System for 2017-2020. The necessity for all-inclusive implementation of the fundamental principles of the International Monetary Fund's updated Fiscal Transparency Code (2014) in the national budget legislation and public finance management practices is actualized. Fiscal reporting (in the broad sense) should contain substantial, comprehensive, timely and reliable information on the state of finances of public financial and non-financial corporations, the general government sector, the execution of the state and local budgets, budgets of social funds and the state pension fund. Comparative analysis of the compliance of certain norms of the Budget Code of Ukraine with the principles and provisions of the Fiscal Transparency Code is carried out. The principles of the OECD budget management are reflected. The conclusion on the significant impact of the level of fiscal transparency on the functionality and quality of public finances, the possibility of introducing medium-term fiscal forecasting and planning, ensuring the predictability of fiscal policy, and expanding the fiscal space of structural reforms in the medium-term period is justified.
Keywords: structural reforms, public finance, local finance, fiscal transparency, fiscal risks, finance of the institutional sectors of the economy, budget system, budget openness index, functionality and quality of public finance.

Keywords:structural reforms, public finance, local finance, fiscal transparency, fiscal risks, finance of the institutional sectors of the economy, budget system, budget openness index, functionality and quality of public finance.

JEL: F65, H61, H83

Gasanov S. . Increasing the transparency level and functionality of public finance under structural reforms / S. . Gasanov // Фінанси України. - 2017. - № 8. - C. 7-32.

Article original in Ukrainian (pp. 7 - 32)

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