Formation of an effective financial and investment environment in Ukraine during the war and in the post-war period

Abstract

This article provides a comprehensive analysis of the formation and development of an effective financial and investment environment in Ukraine in the context of its strategic commitment to European integration.

Statement of the problem. The main issues examined in this article are the existing challenges caused by both internal transformations and war, as well as external integration requirements for Ukraine's financial and investment environment.

Unresolved aspects. Uncertainty The environment and underdevelopment of the modern financial and investment environment of Ukraine determine this study.

The purpose of the article is to substantiate the conceptual and practical principles for the formation of a competitive financial and investment environment in Ukraine in the context of a long war and the post-war recovery period.

Main material. The author substantiates scientific and practical approaches to modernizing the financial architecture, stimulating investment activity and ensuring macro-financial stability as necessary prerequisites for sustainable economic growth and successful integration into the EU. Public administration and regulation in the context of developing an effective financial and investment environment in Ukraine during the war and in the post-war period should include modern approaches to regulating current challenges: 1) ensuring sustainable macro-financial and macroeconomic stability and increasing the level of economic predictability (based on an appropriate synergistic, comprehensive approach, when the National Bank of Ukraine, the Ministry of Finance of Ukraine, the Ministry of Economy of Ukraine, the National Center for Pension Funds of Ukraine construct a mutually agreed strategically oriented policy and aim it at gradual and high-quality socio-economic growth); 2) a radical strengthening of the institutional capacity of the state, establishment of the rule of law and an effective fight against corruption (completion of judicial reform ensuring real independence and transparency of the judiciary, a high professional level of the judiciary, its integrity and accountability to society; subordination of their activities to the public interest; 3) a comprehensive development of national financial markets and the introduction of modern financial instruments (Ukraine needs to create a modern, transparent and efficient infrastructure, including a central securities depository, a reliable clearing system and modern exchange platforms functioning in accordance with EU standards); 4) a systemic improvement of the investment climate and active stimulation of investment activity; 5) increase investment in human capital.

Conclusions. It is proposed to develop a comprehensive strategy for transforming the financial and investment environment in Ukraine during the war and in the post-war period. This strategy should be supported by appropriate metrics, indicators, and interim results with quantitative and qualitative parameters. With this approach, legislative initiatives and the implementation of functions become more scientifically and practically oriented, meaningful, and clear. Also, for long-term financial and economic stability, it is important to obtain preferential terms for the extension or write-off of Ukraine's excessively large debt to foreign borrowers.