FINANCIAL SUPPORT FOR SUSTAINABLE DEVELOPMENT OF THE SOCIETY

Abstract

Today, humanity is at a stage where further development is possible only if economic, environmental and social factors are effectively combined to ensure sustainable development of the society. Their implementation largely depends on the available financial resources. The COVID-19 pandemic and the russian federation’s war against Ukraine have increased the risk of a divergence between the developed and developing countries. The article notes that there are various forms of sustainability, including environmental (biodiversity conservation), economic (achieving a balance between the economic efficiency of enterprises and environmental issues) and social (ensuring social justice). The factors that have led to an increase in the financing gap for sustainable development goals are outlined: a decline in income in developing countries; an increase in public spending in these countries. The impact of the COVID-19 pandemic and the russian-Ukrainian war on the financial development of countries is determined. It is established that in order to achieve the Sustainable Development Goals by 2030, developing countries need additional funding, which can come from four sources: domestic public resources (or revenues), international public resources, domestic private resources or international private resources. Sources of external financing include international trade, foreign direct investment and other private flows (from businesses and individuals), international financial and technical cooperation, and external debt. One of the priority domestic sources of financing is tax revenues. Combating tax evasion and illicit financial flows is also important. Factors to facilitate the strategic planning and financing for sustainable development at the national and regional levels in Ukraine include: developing an integrated national financial system; conducting a rapid integrated assessment of the inclusion of sustainable development goals in national and subnational planning; reviewing of all current methods of financing sustainable development; and assessing the system of budgeting for sustainable development. The paper also reflects the key points of the EBA's research on sustainable development in Ukraine.