Strategic challenges of public financial management in the context of global transformations and their significance for Ukraine

Анотація

The issues of effective Public Finance Management (PFM) are becoming more relevant due to profound transformations of the world economy, increased geopolitical instability, and the growing role of the state in economic processes. For Ukraine, these issues are especially important in the context of a de facto full-scale war with the Russian Federation and simultaneous preparations for post-war recovery. In this context, international professional platforms play a significant role, in particular the International Consortium on Governmental Financial Management (ICGFM). The tasks of the ICGFM are to disseminate best practices in public resource management, promote the development of institutional capacity, and increase the transparency and accountability of financial systems. The Academy of Financial Management has been cooperating with the ICGFM for a long time: in 2016, a Memorandum of Understanding and Technical Cooperation was signed, which laid the foundation for a promising long-term partnership. The annual ICGFM conferences traditionally focus on the most pressing challenges of PFM. The 2026 conference, dedicated to the topic of optimizing public assets and investments, became an important stage in the formation of a new concept of public finances - as a system for managing national wealth, and not just a mechanism for distributing budgetary resources. The areas of the conference included: strategic resources, infrastructure and global risks; asset, data and digital systems management; integrated financial systems and digital transformation, etc. The content of the conference showed that public finances in a modern state are increasingly closely integrated with resource management policy, infrastructure development, digital transformation, data management, intergovernmental relations and artificial intelligence. For Ukraine, this necessitates the following: the formation of an effective public asset management system; the implementation of international accounting and accountability standards; the development of integrated financial information systems; strengthening data governance; combining digitalization with risk management; the formation of its own regulatory position on artificial intelligence.

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