№ 4/2022

Fìnansi Ukr. 2022 (4): 46–66https://doi.org/10.33763/finukr2022.04.046

PUBLIC FINANCE MANAGEMENT

KUDRJASHOV Vasyl ¹

¹SESE “The Academy of Financial Management”
OrcID ID : https://orcid.org/0000-0003-4801-3620

Infrastructure financing in the course of overcoming wartime consequences

Introduction. As a result of Russia's military invasion of Ukraine much of its critical infrastructure has been damaged and destroyed. This has led to a deterioration in macroeconomic dynamics, exacerbation of social problems and deepening financial risks. Under such conditions, the issues of financial support of critical infrastructure need in-depth research.
Problem Statement. There is a complication of the mobilization of financial resources in the event of a significant increase in expenses. There are problems with attracting additional resources to finance measures to support critical infrastructure in Ukraine.
Purpose. The aim is to form a system of financial support for critical infrastructure during martial law and to overcome the consequences of war.
Methods. General scientific and special research methods are used: description, analysis, synthesis, grouping, comparison, theoretical generalization, etc.
Results. The dynamics of indicators of both domestic and external public debt is determined. The issue of attracting resources provided by foreign partners to finance programs to overcome the consequences of military aggression, as well as support for Ukraine by international financial organizations, is highlighted.. Projects to raise funds for Russian assets frozen in foreign countries to financially support measures to overcome the devastating effects of the war in Ukraine, as well as the introduction of land lease mechanisms and analogue of the Marshall Plan for Ukraine are examined.
Conclusions. Due to the armed aggression of the Russian Federation, the pressure on the state and local budgets has increased, which required the application of emergency measures to mobilize revenues and structure expenditures. To balance the state budget, its deficit has been significantly increased, and state internal and external borrowings have been expanded to cover it. Funds from international financial organizations and assistance from foreign countries were also used to finance the state budget. Public and state-guaranteed debts have increased, but they cannot be considered critical. Public debt increased at a faster rate than its guaranteed share, mainly due to the growth of external debt. The internal part of the state-guaranteed debt to support the national economy has increased.

Keywords:critical infrastructure, state budget deficit, state borrowings, state and state-guaranteed debt, financial assistance of foreign countries, support of international financial organizations

JEL: H12, H56, H62, H63

Kudrjashov V. . Infrastructure financing in the course of overcoming wartime consequences / V. . Kudrjashov // Фінанси України. - 2022. - № 4. - C. 46-66.

Article original in Ukrainian (pp. 46 - 66)

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