SOME PECULIARITIES OF BUDGET POLICY DURING THE PERIOD OF MARTIOAL LAW IN UKRAINE

Abstract

The article deals with the content of the concept of "budgetary policy" and identifies its peculiarities during the period of martial law in Ukraine. The author defines the concept of "budgetary policy" as an effective macroeconomic instrument of the state, and defines the content of modern budgetary policy with due regard for the realities of martial law. The author identifies certain key features of the budget policy under martial law, including: priority financing of the defence sector, active attraction of external sources (grants and loans) to finance the state budget deficit, constant updating of budget policy guidelines, tax liberalisation, issuance and distribution of military bonds, reduction of budget expenditures, etc. In addition, the author identifies 4 blocks of foreign assistance to Ukraine under martial law (general or untargeted financial assistance to budgets, non-military financial assistance, military assistance, non-military in-kind assistance to Ukraine), and highlights the specifics of each of them. The author comes to the conclusion that under martial law it is extremely important to ensure proper execution of the State budget and ensure the effective functioning of the budget system, redistribute limited budget funds, provide social benefits to citizens, increase defence spending, review sources of budget revenues and attract international financial assistance, and a realistic way to manage public debt is to combine the policy of reducing budget expenditures with a gradual increase in budget revenues through