Budget policy and its features in the economy of Ukraine

Abstract

The article considers the peculiarities of the formation and implementation of budget policy in the economy of Ukraine that have a significant impact on its effectiveness. Purpose: to define the peculiarities of the formation and implementation of budget policy and their consequences for the national economy of Ukraine. General scientific methods of obtaining knowledge have been used: analysis and synthesis - to distinguish certain features of budget policy both at the formation and implementation stages, and a system-based logical method - to assess the consequences of the existing budget policy in Ukraine and proposals for its improvement. The following results have been obtained: modern features of the formation and implementation of budget policy which have a significant impact on its effectiveness have been revealed. The impact of these features on socio-economic processes in the country has been analyzed. A system of related steps has been proposed to improve the results of a budget policy. It includes the development of a long-term strategy for the development of the economy, a structural investment policy of the state with well-defined priorities, a budget strategy with mandatory alignment with development priorities and planned reforms for several years, reforms in areas related to the budget system, and increased control over the proper use of budget funds. Conclusions: The analysis shows that fiscal policy has certain features that significantly weaken the positive effect of its application at the current stage of development. As fiscal policy significantly affects the direction of development and the business activity of the national economy, this research strand will still need the researchers’ attention over time. Issues related to the formation and implementation of the budget strategy, selection and financing of structural priorities and so on are relevant.