Finance Of Ukraine Research Articles

ANALYSIS OF MODERN APPROACHES TO FINANCIAL SUPPORT OF HEALTHCARE FACILITIES IN UKRAINE

The purpose of the study is to analyze modern effective approaches to the financial support of healthcare institutions, which have been successfully implemented in the leading countries of the world, in order to form a unique model of their financing in Ukraine. The uniqueness of the model is ensured by taking into account the institutional features of modern Ukrainian reality. The article analyzes the financial instruments for providing healthcare under various models of financing the healthcare system, which are used in global practice. The process of reforming the healthcare system in Ukraine was studied, which made it possible to establish changes in the financing of healthcare. The components of the healthcare institution's budget are given. The main advantages and disadvantages of approaches to financing healthcare in Ukraine are determined. The volume and structure of expenditures of the Consolidated Budget of Ukraine on healthcare, as well as the main results of the activities of medical care providers covering all regions of Ukraine, were analyzed. The problems of financing healthcare facilities at the local level in Ukraine, which negatively affect the availability and quality of medical services, have been identified. The need to develop a mixed model of healthcare financing in Ukraine through a rational partnership between state medical institutions and the private sector is substantiated. Taking into account the identified problems and needs, a comprehensive approach to improving the financing of healthcare facilities through the introduction of mandatory health insurance and the development of public-private partnerships in the form of facility management, including resource optimization and technological innovations, is proposed.

Assessment of the quality of forecasts of seasonal fluctuations of budget revenues as part of effective management of public finances in Ukraine

Seasonal fluctuations in revenues to the budgets of Ukraine at different levels can significantly affect the fulfillment of financial obligations of the state and territorial communities, especially in conditions of martial law. The accuracy of forecasting such fluctuations becomes critically important for the formation of a balanced budget policy and ensuring timely financing of priority state programs. The purpose of the article is to assess the quality of forecasts of seasonal fluctuations in budget revenues of different levels in Ukraine during martial law. The research is aimed at increasing the efficiency of financial management in the crisis, which, in turn, will contribute to strengthening the economic security and stability of Ukraine. It is a continuation of the authors' previous research. Within the framework of the study, the actual indicators of receipts of the largest budget-forming taxes to the state budget of the Volyn region and to the local budgets of the Volyn region for January–May 2024 were analyzed and compared with previously obtained forecast data. To assess the quality of forecasts, a scale was used, according to which the accuracy of forecasts is ranked depending on the value of the mean absolute percentage error (MAPE) of the forecast as follows: high (<=10%), good (10.1–20%), satisfactory (20.1–40%), poor (40.1–50%), unsatisfactory (>50%). It was found that during the analyzed period, the accuracy of forecasts of seasonal revenues to the state budget in the Volyn region for VAT from goods imported into the customs territory of Ukraine was good (the MAPE of forecasts was 18.8%); for customs duties on goods imported by business entities – satisfactory (28.2%); for personal income tax paid by tax agents from the taxpayer's income in the form of wages – high (6.4%); for excise tax on vehicles imported into the customs territory of Ukraine – satisfactory (39.5%). It was determined that the accuracy of forecasts of seasonal revenues to the local budgets of the Volyn region for personal income tax paid by tax agents from the taxpayer's income in the form of wages was high (the MAPE of forecasts was 6.4%); for the single tax on individuals – satisfactory (25.0%); for land tax on legal entities – satisfactory (39.7%); for rent from legal entities – high (3.8%).

THE IMPACT OF CHANGES IN PUBLIC PROCUREMENT ON THE DEVELOPMENT OF PUBLIC FINANCES IN UKRAINE UNDER THE CONDITIONS OF EUROPEAN INTEGRATION

Introduction. This article examines the transformative effects of public procurement reforms on the development of public finances in Ukraine, especially within the context of the country's ongoing European integration. With Ukraine's strategic pivot towards the European Union, aligning its public procurement policies with EU standards has become imperative. The study meticulously analyzes the legislative changes implemented to harmonize Ukraine's procurement system with the EU's stringent requirements, focusing on transparency, competition, and anti-corruption measures. The purpose of the article. The purpose of the article is to reveal the main features and problems of public procurement in Ukraine in modern conditions and to identify ways to overcome them/ Metods. The study employs a comprehensive methodology, incorporating quantitative data analysis and qualitative assessments from various stakeholders, including government officials, procurement professionals, and EU advisors. Results. The article delves into the challenges and limitations faced during the implementation of these reforms. It underscores the necessity for continuous monitoring and adaptation of policies to ensure sustained progress. The transition has also required significant capacity building and training for public officials to effectively manage the new systems and adhere to best practices in procurement. By providing a nuanced understanding of the interplay between procurement reforms and public finance development, the article offers valuable insights for policymakers, economists, and international bodies involved in the reform processes. Conclusiоns. The article posits that while the journey towards fully integrated and efficient public procurement in Ukraine is ongoing, the initial steps have laid a robust foundation for future advancements. Continued commitment to reform and international cooperation is essential for realizing the full potential of these changes in bolstering Ukraine's public finances and overall economic health amidst its European integration efforts.

INCLUSIVE ECONOMY AND PUBLIC FINANCE: CURRENT STATE AND PRINCIPLES OF POST-WAR RECOVERY

The purpose of this study is to analyse the current state of the economy and public finances in Ukraine and to develop an inclusive and collaborative framework for their post-war recovery. The main research methods used were quantitative, qualitative and documentary analysis. Quantitative analysis was used to evaluate and compare key economic and financial indicators between different countries, as well as to identify trends, including inclusive ones, in the development of the economy and public finances. Qualitative analysis was used to study and analyse the political, social and economic factors that influence the development of an inclusive economy and public finance after conflicts. The documentary analysis was used to assess the legal and regulatory framework governing economic and financial relations in Ukraine and other countries, and to determine the capacity of the existing regulatory system to ensure inclusive post-war recovery. The results of the study, based on the study of empirical material and typologies of best practices of countries that have been in various types of conflicts, prove the need for an in-depth study of the interactions and interdependencies between the inclusive economy and public finance based on the Inclusive Growth Index and structural changes in the issues of the impact of inclusion on the ontogeny of public finance, solving problems with corruption, involvement of civil society institutions and adaptation of SMEs to the conditions of the military economy. The paper also identifies structural, fiscal and debt obstacles to ensuring the sustainability of public finances, which threatens Ukraine's further post-war recovery based on an inclusive paradigm. The authors present the key determinants of post-war recovery based on an inclusive country ranking, which should underpin further progress in public finance in the context of short-, medium- and long-term post-war goals. The study's conclusions are based on the inclusive economy paradigm, which forms an ecosystem of rationalisation of natural resources and the use of innovations, which should become the basis for post-war recovery, ensuring sustainable and balanced development of public finances and inclusive economic policy based on the Ukrainian Peace Formula. To this end, the article substantiates the need to develop a modified version of the strategy (in the tactical projection – more broadly adapted to the conditions of the wartime economy, the need to provide financial resources for the shift in economic policy from raw material orientation to inclusive development, in the medium term – anti-crisis correction of behavioural models of economic agents in the direction of imbuing the Ukraine Facility Plan for 2024-2027 with the spirit of inclusion and barrier-free access, and in the long term – achieving the goals of post-war recovery, ensuring the sustainability of public finances and the national economy) for reforming the public finance management system, which should organically include the post-war recovery of Ukraine and take into account the inclusiveness of the economy, taking into account the programmed joint evolutionary progress in the specified niche (sectoral) strategies. The new socio-economic, financial and budgetary reality coloured by the Russian-Ukrainian war makes it necessary to rethink the interactions and interdependencies between inclusion, public finance and the potential for post-war recovery, both as a result of their collaboration and multidirectional development. The unregulated transition of economic policy to inclusive development is the root cause of the current restraint of transformational changes in public finance, and further creates a regulatory "vacuum" in the unbalanced development of niche strategies that define the paradigm of inclusion and sustainability of public finance. In such a disposition, there is no logical institutional and regulatory "flow" between these strategies to the conceptualisation of Ukraine's post-war recovery from the consequences of the war, as expressed in the Ukraine Facility Plan for 2024-2027.

GREEN FINANCE: THEORETICAL ASPECT AND FEATURES OF FUNCTIONING IN UKRAINE

The article analyzes the concept of "green finance", which is the concept and practice of financial instruments and resources aimed at supporting projects and initiatives that promote environmental sustainability, as well as social and economic well-being. It can cover a wide variety of financial products, from loans and investments to debt and insurance, aimed at reducing the impact of human activities on the environment. The main idea is to promote sustainable development, preserve natural resources and improve the quality of life, while ensuring economic development. The main components of the green finance structure are identified: green bonds, green loans and credits, specialized insurance services, green investment funds, financing of green startups, etc. Green loans and credits issued by banks promote energy saving projects and the use of renewable energy sources. Green bonds issued by governments and companies attract investments for environmental initiatives. Investment funds focused on green technologies and sustainable construction are characterized by specialization. Socially responsible investments include sustainability and environmental responsibility criteria. Specialized insurance products cover risks associated with climate change. Green startup financing supports the development of innovative environmental technologies. This diversity reflects the growing interest in sustainability and environmental finance. Based on the analysis, the importance of theoretical substantiation of the concept of green finance in the context of Ukraine's European integration processes is proved. Strategies for overcoming the difficulties associated with the application of green finance in Ukraine are proposed. As for the strategies to overcome the difficulties, it is important to develop common standards and definitions for green finance, which will help to unify the understanding and application of this concept. In addition, engaging government agencies and international institutions to create a favorable legislative and regulatory environment is an important aspect. Financial barriers can be reduced through the development of incentives, subsidies, and other instruments aimed at green investments. Finally, it is important to promote education and awareness campaigns to raise awareness of the benefits and opportunities of green finance among all stakeholders.

INVESTMENT OF HOUSEHOLD SAVINGS IN CONTEXT OF THE INFLUENCE ON FUNCTIONING OF PUBLIC FINANCES IN THE CONDITIONS OF THE WAR

Introduction. In the current extremely difficult financial and economic realities associated with Russia’s full-scale military invasion of Ukraine, studies of household savings as one of the potentially important sources of investment resources needed to end the war and further restore the national economy are of utmost importance. Therefore, the problems of active transformation of such savings into investments with the help of modern financial instruments operating in the financial market of Ukraine (primarily domestic government bonds and military bonds), which in the conditions of a full-scale war can become a significant resource for the development of public finances in general and support of the Armed Forces of Ukraine in particular, remain important. The purpose of the article is to study current trends in the investment of savings of domestic households in the context of a full-scale war and the impact of innovative instruments of such investment on the development of public finance in Ukraine. Results. The article analyzes the pragmatics of investing accumulated savings by Ukrainian households in the context of their impact on the development of public finance in the context of a full-scale war, identifies the advantages and disadvantages of each of the investment instruments under consideration and emphasizes the need to increase the level of financial literacy of Ukrainians in the context of the development of state-creating financial patriotism of the nation. Conclusions. Identification of the key advantages and potential risks of investing household savings during a full-scale war made it possible to substantiate the significant impact of such investment on the functioning of public finance in Ukraine and to justify the directions of intensification of investment processes at the level of domestic households in the current conditions.

Crowdfunding and crowdlending as alternative ways of financing in Ukraine

In the modern conditions of the development of innovative entrepreneurship in Ukraine, there is an important need to use the latest methods of attracting capital. Because of the successful foreign experience, one of the most common methods is crowdfunding and crowdlending. The purpose of the article is to reveal the essence of crowdfunding and crowdlending as modern ways of financing business, analyze the activities of domestic crowdfunding platforms in Ukraine and identify factors that inhibit the development of crowdfunding and crowdlending in Ukraine. Analyzing, systematizing and summarizing the scientific works of many scientists, the article investigated the essence of using crowdfunding and crowdlending as alternative sources of financing business ideas, startups, and projects in Ukraine in the conditions of innovative development of modern technologies. As a result of the study, the main advantages and disadvantages of using these two methods of financing are summarized. The main participants of these financial instruments are defined, the model of the organization of crowdfunding as a method of financing is highlighted, and the role of online platforms, through which funds are raised to finance the projects presented on them, is clarified. The dynamics of the average financing of crowdfunding campaigns on the market of Ukraine and the number of successfully closed crowdfunding campaigns during 2017–2023 were analyzed. The functioning of domestic crowdfunding platforms has been investigated and substantiated. Presented are modern crowdfunding platforms such as «Big Idea», «GoF», «My City» and «RazomGO», which help in financing many projects throughout Ukraine. The «Big Idea» platform is known as one of the leading Ukrainian leaders in the field of crowdfunding, so an analysis of the number of successfully implemented projects on the «Big Idea» platform was carried out. The reasons hindering the progress of modern financing methods in Ukraine have been identified and analyzed, and recommendations for its further development in our country have been proposed. The implementation of the above innovative forms of financing in Ukraine requires the creation of favorable legal regulations, raising public awareness and ensuring the development of reliable specialized platforms.

“GREEN FINANCE” IN THE PARADIGM OF SUSTAINABLE BANKING DEVELOPMENT OF THE ECONOMY OF UKRAINE

Introduction. The concept of sustainable development, which has been recognized by the UN and all countries of the world over the past 30-40 years, has become the consensus official paradigm of the world economy in the 21st century. The changed paradigm of the global economy, the foundation of which became the "Goals of sustainable development, the climate agenda and ESG – the transition created a new mega trend of the financial industry – “sustainable finance or finance of new quality”. “Green finance” is considered as a strategic direction of sustainable financing. The purpose of the article is to substantiate theoretical and practical conceptual approaches to the definitions of “green economy” and “green finance” in the new paradigm of the global economy, as well as their use in the sustainable investment development of Ukrainian economy. Results. Key initiatives in the field of sustainable development, as well as conceptual approaches to the definitions of "green economy" and "green finance" are considered. Focused attention on the concept of sustainable finance, the trend of which foresees a revolutionary approach from the classical paradigm of finance to a new paradigm. Financing instruments and mechanisms, such as green bonds, credits and loans, which are not fundamentally new in technical terms, but contain an ecological component, have been analyzed. It is argued that the concept of sustainable development finance acquires both theoretical justification and practical confirmation in the academic discourse. The NBU strategic approaches to the construction and development of sustainable financing, taking into account ESG factors in the European integration vector of Ukraine were studied. Conclusions. It is justified that the paradigm of sustainable finance should be considered in an inextricable relationship with the notions of sustainable development and sustainable investment, which is correlated with the achievement of sustainable development goals. In further scientific research, it is necessary to pay special attention to the key principles of the development of sustainable financing in Ukraine, especially the implementation of environmental, social and managerial (ESG) factors, which will become mandatory elements of the corporate management systems of financial institutions.

ПРОЄКТНЕ ФІНАНСУВАННЯ В УМОВАХ РЕАЛІЗАЦІЇ “UKRAINE FACILITY PLAN”

In the context of the extensive destruction Ukraine has suffered as a result of the war, there is an acute shortage of funds for economic recovery. The assessment of damage, losses, and needs for the reconstruction and rebuilding of Ukraine is reflected in the updated World Bank report - Third Rapid Damage and Needs Assessment (RDNA3). The key tasks and goals for Ukraine's economic development are outlined in the Ukraine Facility Plan. Given this, the organizational, legal, and financial aspects of interaction with potential investors require greater attention in the implementation of the priorities set out in the Ukraine Facility Plan. This article is dedicated to studying the mechanism of project financing in Ukraine in the context of implementing the comprehensive economic development plan - Ukraine Facility Plan. It reveals the features of organizing the financing of projects with significant investments in the real sector of the economy. The article provides a list of organizations responsible for the development and implementation of the "Ukraine Facility Plan" at national and territorial levels, as well as those facilitating interaction with foreign investors. A list of contentious issues related to the imperfections of the current financial and legal mechanism, which may lead to potential conflicts of interest and risks in the process of interaction between participants in the investment process in Ukraine, is defined. Attention is drawn to the need to intensify work on supporting foreign investments at the state and regional levels. Given the high level of business risk in Ukraine, the mechanism for assessing and distributing risks among project participants requires greater attention. Based on the study of existing legislation, it is concluded that financial risks are the primary types of risks in the implementation of projects with significant investments in Ukraine. A list of World Bank Group instruments that can be used to protect the interests of investors in the implementation of large-scale investment projects in Ukraine is presented.

Is increasing a share of R&D expenditure in GDP a factor in strengthening the level of innovation development in Ukraine compared with GII’s top countries?

The study aims to test whether increasing a share of R&D expenditure in GDP strengthens the level of innovation development in Ukraine compared with top countries in the Global Innovation Index. It models the impact of changing a share of R&D expenditure in GDP on the level of innovation development based on 10 countries-leaders in GII 2022 and Ukraine. Correlation analysis proved the existence of a relationship between the levels of R&D expenditure (as percent of GDP) and innovation development (the overall score of GII); its strength and direction are characterized (for 2011–2020). The results show that in GII’s top countries, the relationship between innovation development and R&D expenditure is direct in 70% of the sample’s countries, mostly with high and very high relationship power without time lag or 1-2-year time lag. This relationship is inverse in Ukraine, with high relationship power and a 1-year time lag. The system dynamic linear panel-data model is built to determine and formalize the impact of changing a share of R&D expenditure in GDP on the level of innovation development for GII’s top countries and the linear regression model – for Ukraine. For GII’s top countries, it is confirmed that with an increase in R&D expenditures by 1%, innovation development potentially increases by an average of 2.71%, and in Ukraine – it decreases by an average of 4.8%. This discrepancy is explained by the need to improve state policy and regulatory framework in innovation development and its financing in Ukraine.

Crowdfunding as a socio-economic opportunity for state support

In the current economic environment, most enterprises have been affected by the political, economic, social situation in the country and the quarantine restrictions of 2019-2021. In the context of the development of computerization and informatization, the role of crowdfunding as an alternative way of financing creative ideas, startups, innovations, new technologies, and socially significant projects is growing. The purpose of the study is to reveal the essence of the concept of crowdfunding, its formation and development in Ukraine. The study is based on theoretical generalization, comparative analysis, methods of analysis and synthesis, which made it possible to argue the prerequisites for the successful development of crowdfunding in Ukraine and the directions of its state legislative management. It is found that crowdfunding is a tool for financing small or medium-sized business projects through an open call on the basis of social networks or the Internet, having a material or moral basis for the interest of potential investors. The principles that are characteristic of crowdfunding in terms of targeting, investor interest in the project, publicity, and the benefits of the future investor are outlined. Thanks to the SWOT analysis conducted in the study, the types of crowdfunding business models were revealed. The criteria for assessing the level of development of crowdfunding are proposed: the degree and timeliness of information support, the level of activity, diversification of platform types, interaction of the resource with the banking sector, the level of public awareness, the level of government influence. The state regulatory policy on crowdfunding in different countries is analyzed and its financial management in Ukraine is proposed. It is established that in the conditions of insufficient financial resources, crowdfunding is a qualitative alternative to standard investment methods, and its main environment of subjects in Ukraine is medium-sized enterprises. The practical value of the study is to identify the factors that impede the development of an alternative method of financing in Ukraine, as well as to provide recommendations for the further functioning of crowdfunding in the country

ОЦІНКА СУЧАСНОГО СТАНУ ДЕРЖАВНИХ ФІНАНСІВ В УКРАЇНІ

The current state of public finances in Ukraine, in particular of state budget and debt burden is analyzed in the article. The relevance of the researched topic due to the need to build an effective system of the state finances that have a special value in the conditions of cyclical economic fluctuations and the decline of productive forces, decline in social living standards, decrease in competitiveness of our country and martial law. In order to perform these functions, the state finances should have an adequate and optimal resource base. The dynamics of nominal GDP for the last five years are given and also a comparative analysis of changes in GDP per capital was carried out in Ukraine and in leading European states. It was established that the nominal GDP of Ukraine in the national currency during the studied period had a tendency to increase except of key challenges and threats on the change in GDP were substantiated. The largest influence for reduction GDP in 2022 caused a full-scale invasion of the aggressor country in Ukraine, growth of external debt, a large part of a shadow economy and low investment attractiveness of Ukrainian companies. The implementation of the state budget of Ukraine analyzed in terms of income, expenses and lending. Revenues of the state budget in 2022 in creased due to the international financial help, which composed more than a quarter of all incomes of a state budget. State expenditures of budget in 2022 were on 17,1% lower than planned. It is observed the growth of a profitable part of a budget which is due to economic and political factors. The emergence of significant fluctuations and deviations in the structure of the reGDPvenue side of the state budget in the context of the budget policy of the state in modern conditions is due to the low quality of planning, which has been observed in recent years in the organization of public finances. The dynamics and structure of the state debt are given and also the dynamics of the debt burden for 2018-2022. It was grounded that the growing debt dependence of the Ukrainian government will significantly weaken the fiscal capacity of the state. In general, the stability of the public finance system, taking into account the existing challenges and threats.

CROWDFUNDING – AN INNOVATIVE METHOD OF FINANCING IN UKRAINE

The research identified innovative characteristics of crowdfunding, which make it an effective way of financing projects of social and economic development. It is hypothesized that the most effective methods of financing modern innovations are related to the environment of their functioning – the modern information and communication space represented by the Internet and social networks. This study reveals the essence of the concept of crowdfunding as an alternative way of financing creative ideas, startups, innovations, the latest technologies, socially significant projects in the conditions of the development of computerization and informatization. The subjects of this financing instrument are identified, and the essence of the online platforms, which are used to attract monetary allocations for the financing of the projects presented on them, is determined. The advantages for individual investors regarding investing money through crowdfunding are summarized. Approaches to understanding the essence of crowdfunding have been found. The criteria for evaluating the level of crowdfunding development are proposed: the degree and timeliness of information provision, the level of activity, the diversification of types of platforms, the interaction of the resource with the banking sector, the level of public awareness, the level of state influence. The relationship and the difference between crowdfunding and crowdsourcing are defined. Crowdfunding platforms internationalize projects and increase their chances of successful implementation. The state regulatory policy regarding crowdfunding in various states was analyzed and its financial management in Ukraine was proposed. It was established that, under the conditions of insufficient financial resources, crowdfunding is a high-quality alternative to standard investment methods, and the main environment of the subjects is medium-sized enterprises in Ukraine. The factors hindering the development of an alternative method of financing in Ukraine are outlined, as well as recommendations are provided for its further functioning in our country.

Crowdfunding as a socio-economic opportunity for state support

In the current economic environment, most enterprises have been affected by the political, economic, social situation in the country and the quarantine restrictions of 2019-2021. In the context of the development of computerization and informatization, the role of crowdfunding as an alternative way of financing creative ideas, startups, innovations, new technologies, and socially significant projects is growing. The purpose of the study is to reveal the essence of the concept of crowdfunding, its formation and development in Ukraine. The study is based on theoretical generalization, comparative analysis, methods of analysis and synthesis, which made it possible to argue the prerequisites for the successful development of crowdfunding in Ukraine and the directions of its state legislative management. It is found that crowdfunding is a tool for financing small or medium-sized business projects through an open call on the basis of social networks or the Internet, having a material or moral basis for the interest of potential investors. The principles that are characteristic of crowdfunding in terms of targeting, investor interest in the project, publicity, and the benefits of the future investor are outlined. Thanks to the SWOT analysis conducted in the study, the types of crowdfunding business models were revealed. The criteria for assessing the level of development of crowdfunding are proposed: the degree and timeliness of information support, the level of activity, diversification of platform types, interaction of the resource with the banking sector, the level of public awareness, the level of government influence. The state regulatory policy on crowdfunding in different countries is analyzed and its financial management in Ukraine is proposed. It is established that in the conditions of insufficient financial resources, crowdfunding is a qualitative alternative to standard investment methods, and its main environment of subjects in Ukraine is medium-sized enterprises. The practical value of the study is to identify the factors that impede the development of an alternative method of financing in Ukraine, as well as to provide recommendations for the further functioning of crowdfunding in the country

Problems of financing the state budget deficit

In the context of russia’s full-scale invasion, the agricultural sector remains one of the main sources of budget financing in Ukraine, and therefore requires a more detailed study in this context in the context of war. Thus, the purpose of the study was to assess the current possibilities of financing the Ukrainian budget, with a focus on the role of the agricultural sector in its revenue and expenditure parts. The main research methods used were analysis, forecasting, abstraction, historical, statistical and graphical methods. The study analysed the dynamics of the Ukrainian budget and described the general negative trend observed over time. The study analysed possible areas of raising funds for financing, in particular through bonds, both domestic and foreign, and concluded that such methods are undesirable. The paper also shows that the agricultural sector in Ukraine has become a significant source of replenishment of the country’s budget during the war. The information being in the available sources indicates that the share of revenues received from the agricultural sector in the budget of Ukraine is quite high, and the sector itself is in surplus (revenues exceed expenditures). Given the benefits for the budget from the development of the agricultural sector, it is important to support it with both financial and non-financial methods. The results of the work can be used by government officials in their management activities within the country or regions, as well as by business leaders in building long-term development strategies

Ініціативи міжнародних організацій для розвитку інструментів сталого фінансування

Introduction. The COVID-19 pandemic and the full-scale invasion of the Russian Federation have created many difficulties for doing business in Ukraine. However, despite the existing challenges, representatives of domestic business continue to adhere to the standards of sustainable development. In turn, financial institutions, as well as the financial regulator, continue to stimulate mechanisms and develop trends in sustainable financing. Thus, the National Bank presented the Policy on the development of sustainable financing for the period until 2025. The development of the policy was carried out in the framework of cooperation with the International Finance Corporation, whose experts emphasized the need to develop a roadmap for sustainable financing, which will allow combining the capabilities of the private and public sectors in order to strengthen the practices of sustainable financing with the support of the state. Accordingly, the implementation of sustainable development initiatives in the financial sphere requires state support, and also involves the application of the experience of international organizations and the study of successful international practices of sustainable financing. Problem Statement. Assessment of the role of international organizations in the development of tools for sustainable financing at the level of national economies. The purpose is to substantiate the essential characteristics of sustainable financing tools, evaluate successful practices of strengthening sustainable financing within the framework of initiatives of international and European organizations with the aim of applying them in the process of building a domestic sustainable financing policy and strategy, forming and applying roadmaps for financing sustainable development priorities based on innovative tools. Methods. General scientific and special methods were used, in particular: scientific abstraction and epistemological (content) analysis, synthesis, induction and deduction, analogies and systematization, system-structural analysis, expert evaluation method, index method and grouping method. Results. The article examines the modern characteristics of sustainable financing and its evolution, the typology of sustainable financing. The basics of the spread of sustainable financing practices in Europe, as well as the essential characteristics of sustainable financing instruments (social and green bonds, social and green loans, sustainable development bonds and loans) are considered. An assessment of the volume and distribution of sustainable development financing instruments at the international level was made. At the international level, in connection with the diversification of the priority areas of attracting financial resources by the World Bank Group, there was a need to create separate organizations aimed at financing the priorities of sustainable development. In particular, one of such separate institutions is the International Finance Corporation (IFC). Accordingly, the article emphasizes the inclusive business model of IFC. In turn, the European Bank for Reconstruction and Development (EBRD) was created based on the combined efforts of a number of countries around the world, the European Union (EU) and the European Investment Bank (EIB). The article focuses on the strategic areas of activity and products of the EBRD. A guide to the application of international experience of sustainable financing in Ukraine was considered. Conclusions. Thus, the study of the initiatives of international organizations in the development of sustainable financing tools makes it possible to draw a conclusion about the role of the interaction of the state, business and international organizations in order to accumulate efforts to strengthen sustainable financing through the use of innovative tools, the creation of appropriate policies and the development of sustainable development roadmaps. In Ukraine, the policy of sustainable financing is based on the cooperation of the NBU and the IFC and is implemented through a road map, which is of an applied nature and is intended to monitor the business activity of the NBU in terms of the formation of predictable and stable regulatory foundations with the aim of spreading sustainable financing in the country with specific time norms and taking into account the need to ensure the consistency and adaptability of the banking system and non-bank financial institutions to changes.

Transformation of the national financial system of Ukraine: comprehension and ways of integration to sustainability

The article analyzes modern scientific approaches to sustainable finance and features of the transition of national financial systems, markets, financial flows in the direction from unsustainable to innovative sustainable technologies. The latest practice of implementing investment and financial activities in accordance with the goals of sustainable development is systematized. In the context of building a system of sustainable finance in Ukraine, the parity of two vectors of its functioning should be taken into account: ensuring both the sustainability of the financial sector itself and the sustainable functioning of the economy as a whole. That is, the development of the national system of sustainable finance in Ukraine is based on the generally recognized world practice in the field of sustainable finance and the decisions of the United Nations Organization, which relate to the financial aspects of sustainable development. In the context of this transformational process, Ukraine joined the Paris Agreement and received the Second Nationally Determined Contribution, which is a concept of state development to achieve ecologically and economically expedient transformations in all sectors of the economy. Financing of the Second Nationally Determined Contribution by 2030 should include a combination of domestic budget allocations, the private sector (domestic and foreign), bilateral and multilateral financial mechanisms, and international assistance. The article focuses on the need to understand the concepts and tools for ensuring financial stability, to determine the differentiated characteristics of the main directions of the transformation of the financial system and typologies of its transition. The authors single out the basic characteristics of transitions to sustainability and innovation processes: rethinking the achievement of new economic, environmental and social goals; time limit; creation of new socially inclusive, fair, ecologically sustainable economic systems; rejuvenation of the economic system through constant innovation; ensuring support for the financial orientation of transitions to sustainable development, which require integration and coordination of financial flows.

РОЛЬ МІЖНАРОДНОЇ СПІВПРАЦІ ДЕРЖАВНИХ ОРГАНІВ У СФЕРІ ЗНИЖЕННЯ ТА УПРАВЛІННЯ РІВНЕМ КОРУПЦІЇ В УКРАЇНІ

In the current conditions of development of market mechanisms for regulating the domestic economy, the issue of the impact of negative factors is more relevant than ever. In addition to Russia's military aggression, the introduction of martial law, and a significant number of forced restrictions on the activities of individuals and legal entities, the negative impact is also exerted by factors related to corruption, illegal enrichment, raiding, concealment of income or part thereof, money laundering, terrorist financing, etc. This situation necessitates the development of measures to reduce corruption, as well as the establishment of ongoing cooperation with international organizations to combat corruption. The purpose of the article is to determine the directions of international cooperation in the field of preventing manifestations of corruption in Ukraine, to study the effectiveness of such cooperation as one of the directions for reducing the level of corruption and the shadow economy, taking into account national and international anti-corruption programs, international experience in combating the legalization of income, money laundering or concealment of profits. The theoretical and practical basis of the study was the research of domestic scholars in the field of international cooperation in the field of combating corruption, legalization of the economy, analytical reports and data of the National Agency for the Prevention of Corruption and the National Anti-Corruption Bureau of Ukraine, indicators and benefits of cooperation between international organizations. Strategically important countries for Ukraine in recent years have become: Latvia, Germany, Poland, Montenegro, Moldova, and Lithuania. The most active organizations in terms of cooperation are: Financial Action Task Force on Money Laundering (FAFT); Egmont Group of Financial Intelligence Units; Council of Europe (Council of Europe Committee on the Evaluation of Anti-Money Laundering and Counter-Terrorist Financing Measures (MONEYVAL)); European Union; United Nations; World Bank; NATO; Organization for Security and Cooperation in Europe (OSCE); Organization for Economic Cooperation and Development (OECD); other international organizations in the field of financial monitoring. The most important areas of cooperation between domestic and international organizations in the field of combating corruption are: the creation of joint projects to combat money laundering and terrorist financing in Ukraine, the development of programs to combat money laundering and concealment of income, joint operations to expose terrorist financing schemes, the war in Ukraine, etc.

Parliamentary Control of Public Finances: European Experience and Ukrainian Realities under Conditions of War and COVID-19 Pandemic

The war and the COVID-19 pandemic posed a great challenge to Ukraine from the point of view of public finances. The purpose of the study is to systematize the European experience and analyze the Ukrainian practice of implementing parliamentary control of public finances in the conditions of war and the COVID-19 pandemic. The methodological basis of the study is a systematic approach to the study of the process of parliamentary control of public finances in the conditions of war and the COVID-19 pandemic. To achieve the goal, the research used scientific methods such as: the dialectical method, the method of comparative analysis, the methods of synthesis and systematization, abstraction, generalization, and the graphic method. The mechanism of parliamentary control in the field of public finances in Ukraine is analyzed, which allows the legislative branch of power to guarantee that public funds are used responsibly and efficiently. The functions of the Accounting Chamber of Ukraine, which is an independent body that monitors and controls public finances in Ukraine, are analyzed. The problems with ensuring parliamentary control of public finances are outlined, and measures to improve the efficiency of these processes are presented. The experience of the member states of the European Union in the implementation of parliamentary control of public finances has been analyzed, which will contribute to the analysis of the possibilities of implementing successful experience in Ukrainian practice.

ECONOMIC AND LEGAL ANALYSIS OF SOCIO-ECONOMIC FACTORS OF THE EMERGENCE OF THREATS TO THE SYSTEM OF COUNTERACTING MONEY LAUNDERING AND TERRORISM FINANCING IN UKRAINE

The purpose of the article is to study the theoretical and applied principles of the economic and legal analysis of socio-economic factors of the emergence of threats to the system of counteracting money laundering and terrorism financing in Ukraine. The results of the conducted research allow us to assert that socio-economic factors have a significant destabilizing effect on the system of counteracting money laundering and terrorism financing in Ukraine and provoke the intensification of the processes of the emergence of threats. The article analyzes the main approaches to determining the socio-economic factors of threats to the system of counteracting money laundering and terrorism financing in Ukraine, systematizes their list and singles out the most important ones. On the basis of a detailed study, an economic and legal analysis of socio-economic factors of the emergence of threats to the system of counteracting money laundering and terrorism financing and their legislative regulation was carried out. It was established that among the most significant socio-economic factors of the emergence of threats to the system of counteracting money laundering and terrorism financing in Ukraine are: (1) the growth of the shadow economy; (2) the deepening of corruption; (3) growth of the state budget deficit; (4) an increase in the number of crimes related to the legalization (laundering) of criminally obtained funds. The weakness of the current domestic legislation in terms of establishing responsibility for crimes containing signs of money laundering and terrorism financing was revealed, which requires its improvement in the direction of strengthening such responsibility. A list of measures of economic and legal regulation of socio-economic factors of the emergence of threats to the system of counteracting money laundering and terrorism financing in Ukraine is proposed, most of which are in the area of harmonizing the current legislation of Ukraine with international and European norms, improving the supervisory activities of state regulators and the methodological tools of financial monitoring.