Financial system of Ukraine during the war

Анотація

Based on the analysis of the theoretical approaches of domestic and foreign scientists, the article examines the essence of the financial system of Ukraine during the war and what consequences it has for the macroeconomic state of the country's economy. It has been proven that the functioning of the banking system of Ukraine is a vivid example of the qualitative passing of the economic crisis observed today. It becomes obvious that it is necessary to normalize the macroeconomic policy in order to put the economy on a sustainable path during the war. It is emphasized that a typical macroeconomic adjustment program will not work for the crisis in Ukraine. The main task is to find, through joint efforts, ways to maintain macroeconomic stability in order to be able to win this war. It was emphasized that the effective functioning of the financial system depends on the organization of its management. It was considered that as a result, a deep economic and financial crisis, caused by a full-scale war of Russia against Ukraine, will have significant negative and long-term consequences for the financial sector. The program of the Cabinet of Ministers of Ukraine, the program on business relocation, was considered, according to which they undertook to provide free relocation, necessary production premises and assistance with the relocation of employees. It has become clear that today, the functioning of the banking system of Ukraine is a vivid example of the quality of passing through the crisis. However, banks are successfully facing the challenges of war thanks to a significant margin of safety, the timely response of the National Bank of Ukraine and years of joint work on sector reform. It follows from the conducted research that the restoration of the GDP of Ukraine to the pre-crisis level will require the involvement of international financing funds for the reconstruction of the economy of Ukraine and the activation of fiscal and monetary instruments in order to restore investment processes in Ukraine. A deep economic and financial crisis caused by russia's full-scale war against Ukraine will have significant negative and long-term consequences for the financial sector.

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