№ 8/2021

Fìnansi Ukr. 2021 (8): 47–67https://doi.org/10.33763/finukr2021.08.047

PUBLIC FINANCE MANAGEMENT

LUPENKO Yurii ¹, RADIONOV Yurii ²

¹NSC "Institute for Agrarian Economics"
OrcID ID : https://orcid.org/0000-0001-6846-0300
²Accounting Chamber of Ukraine
OrcID ID : https://orcid.org/0000-0002-1691-1090

Directions for improving the public finance management system of the country

The article analyzes the system of public finance management of the country, identifies a number of existing problems and outlines areas for further improvement and development. Emphasis is placed on the need to apply best practices in public finance management, in particular the introduction of a new instrument for coordinating fiscal and economic policy, called the European Semester, a tool for monitoring compliance with fiscal rules, similar to the German debt brake, and appropriate regulatory measures as well as the application of program-target budgeting method. It is expedient to create in Ukraine a tool similar to the European Semester in order to strengthen monitoring of the formation and implementation of fiscal, budgetary, economic policy of the state, promote broad public involvement and other stakeholders in 7collectivediscussion of budget requests, plans, concepts, socio-economic development strategies, carrying out structural economic reforms. The authors focus on the existing system of public finance management of the country, which requires an integrated approach, taking into account all components as a holistic mechanism of the system. It is emphasized that digitalization of the entire system and reduction of paperwork to zero will improve its manageability. In reforming the public financial management system, it is necessary to determine the unique role of each institution, which operates within a single mechanism and affects the effectiveness of its work, including those that assess its condition and ensure the reliability of the system, stimulate effective levers and tools finances. This will increase the efficiency of the distribution of budget expenditures, ensure the rational use of budget funds, sustainable dynamics of socio-economic development of the country, increase the welfare of citizens.
Keywords: budget, budget funds, budget expenditures, public finance management system, socio-economic development of the country.

Keywords:budget, budget funds, budget expenditures, public finance management system, socio-economic development of the country

JEL: H10, H60, H61

LUPENKO Y. . Directions for improving the public finance management system of the country / Y. LUPENKO, Y. . RADIONOV // Фінанси України. - 2021. - № 8. - C. 47-67.

Article original in Ukrainian (pp. 47 - 67)

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