Реформування бюджетних правовідносин в умовах взаємодії з міжнародними фінансовими організаціями / Reforming the Budgetary Relations in Terms of Cooperation with International Financial Organizations
Journal Title: Журнал східноєвропейського права - Year 2018, Vol 55, Issue
Abstract
In this article the main directions of reforming the budgetary relations in terms of cooperation with international financial organizations are analyzed. The first direction of Ukraine’s cooperation with international financial organizations is the formation of an independent fiscal policy that envisages a change of approaches to cover the state budget deficit in Ukraine and the development of its own Ukrainian methodology of the budget process based on international standards. The second direction deals with the improvement of the budget process on the basis of implementation of the program-target method, medium-term economic and budgetary planning, as well as budget decentralization. The important achievement was the introduction of an integrated medium-term budget planning in order to create a predictable, balanced and depoliticized fiscal and tax policy that should provide a strategic approach to identifying priority measures and appropriate allocation of scarce resources. The third direction is focused on carrying out a budget reform on public finance management, in particular, increasing transparency of the use of budget funds through the reform of the public procurement system, social protection, pension system, public administration, health care, energy sector, etc. Subsequently, the government approved the "Strategy for the reform of the public finance management system for 2017-2020" of February 8, 2017, No. 142-p, with the aim of building a modern and efficient public finance management system. In the context of developing a mechanism for ensuring the openness and transparency of the use of public finances, the adoption of the Law of Ukraine "On the Openness of the Use of Public Funds" of February 11, 2015 No. 183-VIII is important. One of the key reforms of the budget sphere is the reform of the public procurement system that envisages changes to the legislation and the introduction of the ProZorro electronic procurement system. The implementation of economic programs with international financial organizations depends on the efficiency of public expenditures. Thus, in the field of budgetary relations, the interaction with international financial organizations has a mixed impact on fiscal policy, since, on the one hand, IMF loans are used to finance the deficit of the state budget of Ukraine, replenishment of foreign exchange reserves, and on the other, it affects the growth of Ukraine's external debt. At the same time, low efficiency of management of public expenditures determines the temporary impact of financial assistance that does not lead to a prospect of improvement of the financial system.
Authors and Affiliations
Solomiia Saliy
Keywords
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