Directions of development of the public finance management system

Abstract

Relevance of the research topic. In modern conditions of society development, the restoration of balanced economic growth to improve the standard and quality of life of the population is an important strategic priority of the public financial management system. Achieving this priority involves the implementation of a set of consistent and interconnected institutional changes in the public finance system, aimed at systematically increasing the level of competitiveness of the domestic economy, reducing its dependence on external conditions. Formulation of the problem. The impact of adverse external and internal factors on the domestic public finance system has led to increasing macroeconomic imbalances, reduced domestic consumption and investment. This highlighted the issue of adapting the public financial management system to the new socio-economic conditions of the country's development. Analysis of recent research and publications. The problem of improving the quality of public finance management system is revealed in many scientific studies of domestic and foreign scientists: J. Keynes, P. Samuelson, J. Stiglitz, S. Kucherenko, L. Levaeva, L. Lysyak, I. Lukyanenko, L. Marmul, V. Makogon,V. Fedosov, I. Chugunov and others. Selection of unexplored parts of the general problem. A new wave of negative external and internal factors, in particular the COVID-19 pandemic, is exacerbating Ukraine's rapid economic recovery. Against the background of the recession, the prospects for economic growth are difficult. There is a high level of uncertainty about the stability and stability of the public finance system. In this regard, an important task is the rapid implementation of adaptive measures of the public financial management system aimed at activating new factors of economic growth. It is necessary to ensure balanced economic development by increasing the level of factor productivity, increasing the efficiency of financial and budgetary tools, improving the institutional structure of the public finance system. Problem statement, research goals. The objectives of the study are: to substantiate the role of public financial management in enhancing the country's economic growth in terms of increasing the impact of negative internal and external factors; identify the features of the public finance management system; to analyze and evaluate the operations of the general government sector of Ukraine. The aim of the study is to reveal the vectors of development of the public financial management system in modern conditions. Method or methodology of the study. To achieve the goal of the article, a set of general scientific and special methods was used: theoretical generalization and comparison; systemic; comparative analysis; scientific abstraction. Presentation of the main material (results of work). The role of the public financial management system in intensifying the pace of economic growth of the country in the conditions of increasing influence of negative internal and external factors is revealed. The peculiarities of the public finance management system are determined. The analysis and assessment of operations of the general government sector of Ukraine is carried out. The vectors of development of the public finance management system in modern conditions are revealed. Field of application of results. The results of the study can be used in the process of reforming the public financial management system. Conclusions in accordance with the article. Public finance management at a qualitatively new level in the context of increasing negative external and internal factors, in particular the COVID-19 pandemic will ensure macroeconomic stability in the country through a combination of tools of the public administration system. An effective public financial management system will create conditions for the country's economic growth.