FINANCIAL SECURITY UNDER MARTIAL LAW AND IN THE PERIOD OF UKRAINE’S POST-WAR RECOVERY

Abstract

Definitions of the term "financial security" are analyzed. The authors’ own generalized definition of the term "financial security of the state" is given. The problems of filling the budget in wartime are revealed. The 13-year dynamics of the formation of revenues and expenditures of Ukraine’s state budget is analyzed. A significant increase in the deficit of the state budget of Ukraine with the beginning of a large-scale war compared to the pre-war period has been proven. The parameters of Ukraine’s public and publicly guaranteed debt for the period 2021-2023 are analyzed, the provisions of the Medium-term public debt management strategy for 2024-2026, which takes into account the new economic reality that came with the beginning of the war, are studied.

It is noted that financial security is achieved thanks to the stabilization of the financial system, improvement of its mechanisms, which will allow to respond adequately to challenges and threats both in peacetime and under martial law. Ways to strengthen the financial security of the state during the war and in the period of Ukraine’s post-war recovery have been mapped out. It is noted that the government makes certain efforts to ensure the smooth functioning of the financial system, which is the bedrock of the stability of the state's financial security. Emphasis is placed on the importance of ensuring social and economic security. As emphasized in the paper, there’s a strengthening of the state’s protectionist role with the use of the Keynesian model in economic regulation, in particular, through the wide application of methods and tools for fiscal stimulation of business activity, development of entrepreneurship, regulation of population employment, investments and savings, as well as through stimulating the introduction of innovations. The utilization of these levers will allow to restore the state’s economic potential, lost during the war, to increase the financial space, to ensure the restoration and stable dynamics of Ukraine’s development during the reconstruction period; will contribute to protecting the domestic market not only from war-associated external threats and challenges, but also from the existential risks of the globalized world, strengthen the financial security of the country now and in the future.