SPECIFICS OF IMPLEMENTING THE COMPONENTS OF UKRAINE’S FINANCIAL POLICY IN AN UNSTABLE ENVIRONMENT

Abstract

The relevance of the article's topic stems from the escalating economic instability and the pressing need to adapt Ukraine's financial policy to contemporary challenges of a military, debt-related, and macroeconomic nature. Accordingly, the article's objective is to investigate the specifics of implementing the components of Ukraine's financial policy under unstable conditions and to substantiate approaches for its enhancement, taking into account current economic and security challenges. The primary findings of the article include a synthesis of scholarly approaches to defining financial policy and the formulation of the author's own interpretation of this concept. Practical aspects are illustrated through an analysis of trends in budgetary revenues, the dynamics of public debt, investment activity, and the actions of the National Bank of Ukraine. The study emphasizes that budgetary, debt, tax, investment, monetary, and currency policies each possess distinct operational characteristics and require adaptation to crisis conditions. Key features of budgetary policy are examined through the lens of the dynamics of Ukraine's budgetary indicators over the relevant years, revealing a predominant trend toward intensified budgetary restrictions despite the constrained financial capacities of economic actors. Planned tax revenues were significantly lower than actual figures, while tax policy was oriented toward increasing the tax burden, which was reflected in the growing share of tax revenues within the budget's income structure. Debt policy focused on reducing the deficit through increased state borrowing, predominantly on international markets, ultimately leading to the abandonment of legislatively established safety limits for debt and budget deficits. Investment policy exhibited a stimulatory character within the limits of available state support, though the expansion of fiscal pressure exerted a negative impact on investment activity. Monetary and currency policies demonstrated maximum flexibility, aiming to support macroeconomic stability through the use of unpopular instruments. The conclusion underscores that the effectiveness of financial policy largely depends on the integration of risk-oriented approaches and the flexibility of response mechanisms, laying the foundation for enhancing the financial security and resilience of the state.