DIRECTIONS OF DEVELOPMENT OF THE BUDGET FORMATION SYSTEM

Abstract

The article is devoted to the topical issues of determining directions for improving the budget formation system as an effective tool of macroeconomic regulation, which is based on the need to strengthen the budget's effectiveness in ensuring financial and economic effectiveness. The budget is an important element in the system of ensuring macroeconomic balance, which affects the achievement of financial and economic stability and compliance with the necessary dynamic financial and budgetary balance, contributing to the socio-economic development of the country. The study of the mechanism and determination of directions for improvement of the budget formation system deserves appropriate attention based on the need to strengthen the effectiveness of the budget in terms of ensuring financial and economic effectiveness. The purpose of the study is to substantiate the conceptual directions of the development of the budget formation system as a tool of macroeconomic regulation to ensure financial and economic stability and effectiveness, contributing to the country's socio-economic development. In the study, the essence of budget formation and implementation was substantiated and determined from the standpoint of achieving macroeconomic balance, ensuring the pace of socio-economic development, stimulating effective economic and social transformations, and restoring the national economy. Based on the conducted research, promising directions for improving budget formation have been determined, which will allow the financial and budgetary system to function more efficiently and effectively. It is expedient to further improve the budget formation system in terms of the creation and implementation of effective financial mechanisms of budget policy, with the aim of further socio-economic development of the country. It is expedient to implement measures aimed at increasing the level of transparency and predictability of the budget, strengthening state control over the use of budget funds, improving the system of inter-budgetary relations for the equal development of territories. It is necessary to use the principles of long-term budget planning and forecasting during the performance of the powers of the main managers of budget funds.