Public finance management in the context of countering wartime risks

Анотація

Introduction. The need to counteract external threats and internal challenges facing Ukrainian society in connection with Russia’s full-scale invasion of Ukraine, the economic downturn, demographic crisis, decline in social welfare, deterioration of the economic situation, and destruction of infrastructure caused by it, requires the development of new approaches to public administration in conditions of limited financial resources, rethinking the principles of public finance functioning and developing adaptive management. Purpose. The purpose of the article is to develop the conceptual foundations and practical approaches to public finance management, to identify the main problems of its implementation and to substantiate the directions of its improvement in order to ensure the sustainability of public finance in the context of countering wartime risks. Methods. To achieve the goal defined in the study, general scientific and special methods were used: analysis and synthesis, induction and deduction (to form the conceptual foundations of public finance management); analysis, analogy, systematization, formalization (to identify problems of public financial resources management); generalization, comparison, optimization, argumentation, logical methods (to develop directions for improving public finance management in wartime). Conclusions. Based on the use of the methodological tools of modern financial science, a comprehensive theoretical and methodological approach to the disclosure of the essence of “public finance management” and “adaptive public finance management” has been formed, the components of public finance management as a system and process have been characterized. The current practice of public finance management is analyzed, a number of problems are identified, among which the most important is the inefficient use of public financial resources, and approaches to their solution are proposed to ensure the sustainability of public finances based on the practical application of the OECD principles of effective budgeting and Sigma principles of public finance management, which are the basis for modernizing the public administration system based on international standards and best practices, building a modern system of public finance management. Discussion. Prospects for further research lie in the need to substantiate the newest paradigm of public finance management in the context of Ukraine’s post-war recovery.

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