OURCES OF FINANCING THE STATE BUDGET IN THE CONTEXT OF A FULL-SCALE WAR IN UKRAINE

Анотація

All possible ways in the domestic and foreign markets to maximise the budget's financial resources in the context of a full-scale war in Ukraine are described. A detailed analysis of the structure of sources of financing the state budget in Ukraine in 2022 is carried out. The role of the NBU in financing the state budget through the issue of hryvnia and the redemption of military bonds issued by the Ministry of Finance are identified. The legislative grounds (Resolution of the Cabinet of Ministers of Ukraine No. 156, Resolution of the NBU Board No. 43, amendments to the Law of Ukraine No. 679-XIV), positive and negative aspects of the National Bank of Ukraine's loans to the state during the war are presented. It is proved that financial assistance from abroad (in addition to military and humanitarian aid) was crucial for maintaining Ukraine's governability and stability. The article analyses macro-financial assistance to Ukraine from the USA, the European Union, international financial organizations and institutions. The advantages and disadvantages of financing the budget in the form of loans and grants from the EU are presented. The article describes certain targeted programs for which loans or grants were provided by other countries. The conditions for granting concessional loans to Ukraine from the IMF and other countries are presented. The structure of external borrowings and grants received in Ukraine since the beginning of the full-scale invasion for each month is analyzed. The prohibition of financing military expenditures in Ukraine at the expense of funds raised from international partners is substantiated. The results of the analysis of the placement of military bonds in Ukraine in 2022 by the structure of investors (legal entities, individuals, non-residents), by type of currency (UAH, USD, EUR) and by placement of bonds on the stock market (primary, secondary market) are presented. The similarities and differences between bank deposits and military bonds are characterized. The advantages and disadvantages of purchasing military bonds for legal entities and individuals are presented. It is proved that thanks to the assistance of international partners, as well as the attraction of funds from the sale of military bonds (both directly purchased by the National Bank and placed at auctions), the public finance system of Ukraine has withstood a huge economic shock.

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