The Current State of Public Finances in Ukraine: Priorities, Strategy and Risks

Abstract

The aim of the article is to study the current state of public finances in Ukraine, define the problems hindering the stabilization of the macroeconomic situation in the country and elaborate strategies for achieving the economic development by determining its three components. The current macroeconomic situation in the country is analyzed; the basic indicators of sustainability of public finances are determined. It has been found that the low level of economic development in the coming years will be the key factor weakening the sustainability of public finances in the country. In this regard recommendations on the ways of reforming the system of public finances are given. There justified concrete measures on their implementation taking into account the actualization of the new challenges that have arisen before Ukraine. In the course of the study there proved the relevance of the system transformations in the fiscal and monetary policy of the government; the need to modernize production facilities and introduce new technologies, the increase of investments in innovations at the micro level in order to restore the national economy, which in the future will increase the possibilities of the budget and allow the country to repay debts

Keywords

• public finances
• budget system
• government debt
• decentralization
• macro-financial stability
• economic development
• competitiveness
• monetization of GDP