乌克兰与国际货币基金组织合作方面的国家预算融资管理

Vasyl Kudrjashov
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Conducting an analysis of changes in the management of the state budget financing of Ukraine during the war in the aspect of Ukraine's cooperation with the IMF. Methods. An analysis of state budget financing during the war and overcoming its consequences was carried out. The main tasks, sources and mechanisms of state budget financing are revealed. The problems of resource attraction from the domestic financial market, as well as financing from external sources, are highlighted. Results. At the initial stage of the war, budget expenditures were significantly increased and changes were made to their structure. At the same time, deficit indicators increased, and its coverage was provided by budget financing operations. Due to the high risks of increasing the non-debt resource (on the basis of privatization and active operations), there arose a need of increasing state borrowing. 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摘要

介绍。在战争期间,出现了在国家预算筹资框架内执行管理涉及吸引和使用资源的业务的新办法的任务。与此同时,维护金融稳定和债务可持续性的风险加剧。这些问题的解决成为乌克兰国家行政机构与国际货币基金组织之间合作的主题。问题陈述。不断增长的国家预算支出与其收入覆盖率之间的差距扩大了。其结果是增加了国家预算筹资的负担,这就需要对吸引资金的来源和执行资金的机制作出重大改变。目的。从乌克兰与国际货币基金组织合作的角度分析战争期间乌克兰国家预算融资管理的变化。方法。对战争期间的国家预算融资和克服其后果进行了分析。揭示了国家预算融资的主要任务、来源和机制。从国内金融市场吸引资源和从外部融资的问题突出。结果。在战争初期,预算支出大幅增加,预算结构也发生了变化。同时,赤字指标增加,其覆盖范围由预算融资业务提供。由于增加非债务资源(在私有化和积极经营的基础上)的高风险,出现了增加国家借款的需要。在使用内部资源期间,允许货币融资,这对宏观经济指标的动态产生了负面影响。外债是按优惠条件提供的,具有长期性。这种融资的使用使乌克兰能够确保宏观经济和金融稳定,但同时也增加了公共债务指标。委员会指出,需要审查国内国家借款的分配情况,外部财政援助须根据合理化方向的变化和由内部资金代替。结论。在乌克兰与货币基金组织合作框架内制定的措施能够确保预算能力和债务可持续性。为了加强这些资源,建议增加预算融资的非债务资源数量,以非国家来源取代货币融资,采取逐步恢复财政规则的方案,以及进入国际资本市场,改变财政援助的吸引力(逐步由其他来源取代),调整公共债务管理的战略原则。考虑到战争的影响和战后恢复的需要。
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Management of state budget financing in the aspect of Ukraine’s cooperation with the IMF
Introduction. During the war, the tasks of implementing new approaches to managing operations involving the attraction and use of resources within the framework of state budget financing arose. At the same time, the risks of maintaining financial stability and debt sustainability intensified. The resolution of these issues became the subject of cooperation between the state administration bodies of Ukraine and the IMF. Problem Statement. The gaps between the growing expenses of the state budget and their revenue coverage have increased. The result was an increase in the burden on the financing of the state budget, which required making significant changes to the sources of attracting funds and the mechanisms for their implementation. Purpose. Conducting an analysis of changes in the management of the state budget financing of Ukraine during the war in the aspect of Ukraine's cooperation with the IMF. Methods. An analysis of state budget financing during the war and overcoming its consequences was carried out. The main tasks, sources and mechanisms of state budget financing are revealed. The problems of resource attraction from the domestic financial market, as well as financing from external sources, are highlighted. Results. At the initial stage of the war, budget expenditures were significantly increased and changes were made to their structure. At the same time, deficit indicators increased, and its coverage was provided by budget financing operations. Due to the high risks of increasing the non-debt resource (on the basis of privatization and active operations), there arose a need of increasing state borrowing. During the use of internal resources, monetary financing was allowed, which had a negative impact on the dynamics of macroeconomic indicators. External debt obligations are provided on preferential terms and have a long-term nature. The use of such financing made it possible to ensure macroeconomic and financial stability in Ukraine, but was accompanied by an increase in public debt indicators. It is noted that the allocation of domestic state borrowing needs to be reviewed, and external financial assistance is subject to changes in the direction of rationalization and replacement by internal financing. Conclusions. Measures developed within the framework of cooperation between Ukraine and the IMF allow to ensure budgetary capacity and debt sustainability. In order to strengthen them, it is proposed to increase the volume of non-debt resources for financing the budget, to replace monetary financing with non-state sources of its provision, to adopt programs for the gradual restoration of fiscal rules, as well as access to international capital markets, to make changes to the attraction of financial assistance (gradual replacement of it by other sources), adjusting the strategic principles of public debt management, taking into account the effects of the war and the needs of post-war recovery.
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