FINANCIAL SYSTEM OF UKRAINE DURING THE WAR AND POST-WAR PERIODS: LEGAL AND SECURITY DIMENSION

Abstract

The article analyzes the peculiarities of the functioning of the financial system of Ukraine in the conditions of martial law and the post-war period. It is noted that its content and essence, as well as the legal regulation of financial relations, change significantly under such conditions. The list of challenges and threats affecting the state of the financial system in the conditions of martial law and in the post-war period has been clarified. The documents and statistical materials of the Ministry of Finance of Ukraine, the International Monetary Fund, and the World Bank on specific challenges and threats and their impact on the financial system of Ukraine were analyzed. The reports of the National Council for the Recovery of Ukraine from the Consequences of the War and the National Bank of Ukraine, which relate to the analyzed issues, were separately considered. Through the analysis of the specified documents, the negative impact on the financial system of the losses and material damage caused to Ukraine was clarified. Attention is focused on such challenges and threats to the financial system as the growth of government spending, the decrease in revenues to the state budget of Ukraine, and the growth of its deficit. A conclusion was made about the need to balance revenues and expenditures of the state budget of Ukraine in the war and post-war periods. At the same time, the importance of determining at the state level new internal and external sources of financing measures related to the conduct of military operations and the post-war recovery and reconstruction of Ukraine was emphasized. It is argued that the largest internal source of financing of the state budget of Ukraine during the war was the issue of bonds of the internal state loan “Military Bonds”. The role of the annual laws “On the State Budget of Ukraine”, the budget reserve fund and the Fund for liquidation of the consequences of armed aggression in the financing of the sphere of defense and security during the war and post-war periods is separately considered. It was concluded that timely adopted legislative decisions contributed to ensuring the stability of the financial system of Ukraine and its fulfillment of the tasks of financial support of the sphere of defense and security, protection of financial interests of the state, local self-government bodies, legal entities and individuals.