FINANCIAL AND LEGAL MEASURES TO COUNTER THE NEGATIVE CONSEQUENCES OF THE CORONAVIRUS PANDEMIC (CRP) IN THE SYSTEM OF SOCIO-POLITICAL MEASURES OF BUDGETARY POLICY OF STATES: NATIONAL AND INTERNATIONAL ASPECTS

Abstract

Introduction. The socio-political and legal prerequisites for enhancing the coordinating role of the state, its budgetary policy and financial and legal regulators to counter the negative consequences of the coronavirus infection pandemic (PKI) are considered. International financial organizations (IMF, World Bank, OECD and others), supporting states in the fight against CRP, propose new standards of fiscal and investment policy developed by them on the basis of financial planning and budgeting with the involvement of budgetary funds and public financial reserves for social and economic support of the population from the consequences of CRP. States use these post-CRP international stability standards as part of their fiscal and development strategies. Materials and methods. The report of the UN Department of Global Communications on measures to counter the destruction of economies as a result of COVID-19 and the implementation of the Sustainable Development Goals 2020 was used. The conceptual provisions of the Analytical Summary of the Department of Fiscal Policy of the IMF (April 2020) with recommendations to government agencies on the restoration of economies destroyed by the CRP were considered. The article provides the norms of the Russian budget, tax, banking legislation, adopted in the implementation of the provisions of the Decree of the President of the Russian Federation dated 02.04.2020 No. 239 on measures against CRP. The Federal Law of the Russian Federation of March 18, 2020 No. 52-FZ on budgetary policy for 2020 and for the planning period of 2021 and 2022 was considered in connection with the CRP. Used a document of the Bank of Russia dated 08/10/2020. on measures to limit the consequences of the coronavirus infection pandemic and other acts. Results. The international recommendations of the IMF on supporting the public sector of the economies in the context of countries overcoming the consequences of the CRP through budget loans, guarantees, fiscal risk management, and coordinated fiscal stimulus are considered. A steady tendency on the part of states and international financial organizations (IFIs) to strengthen the budgetary law of states and promote “soft law” international legal regulation of standards for the implementation of the planning, coordinating and supervisory functions of states, which should be strengthened as overcoming the destroyed CRP economies, finance, education, culture, social sphere. Discussion and conclusions. IMF in their reports emphasize that international financial and other cooperation of states in the context of the fight against CRP should move to a new level of trust and mutual assistance. It is shown that the new financial and legal norms in the budgetary, tax, and banking legislation of the Russian Federation in 2020 act as a set of anti-crisis regulation measures in the face of countering the CRP with the involvement of budgetary funds from the National Welfare Fund (NWF) and other sources of budgetary financing under control by the method of treasury support.