Features of budgetary policy during the period of overcoming war consequences

Introduction. In wartime, the issues of financial support for measures to resist enemy aggression, the support for Ukraine's defence capability, the preservation of critical infrastructure, and performance of many other tasks became acute. There was a need to revise the approaches to budgetary policy used in the pre-war period. The policy is characterized by specific features that require special study in the context of overcoming the consequences of war. Problem Statement. The priorities of budgetary policy and the mechanisms for their implementation have changed. Adherence to the course in support of fiscal consolidation had to give way to the expenditure expansion, as well as ensuring an adequate resource base for its coverage. The need for a significant increase in the expenditure part of the budget, as well as the introduction of additional revenue raising mechanisms became evident. Allowing a sharp increase in the budget deficit required sufficient expenses to cover it, and therefore, the attraction of additional resources. It became necessary to attract funds using sources that do not belong to the formation of income, and to apply specific mechanisms for their mobilization. Purpose – the analysis of the features of budget policy (in terms of the implementation of the State Budget of Ukraine), aimed at countering russian aggression and overcoming its destructive effects. Methods. The following methods were used: historical, logical, abstraction, description, generalization, comparison, grouping, analysis, synthesis. Results. The features of budget policy during the war included expansion in the sphere of expenditures, the revision of their structure, the increase in the revenue part of the budget to ensure it, the growth in expenditure indicators attributed to the budget deficit. Expenditures were increased within the framework of the additional part of the budget, and mechanisms for attracting resources were introduced to cover them. Due to the insufficiency of resources attracted on a non-debt basis, state borrowings increased. However, such changes did not become factors of sharp aggravation of debt risks, since significant volumes of resources were obtained on preferential terms (have long-term nature, preferential repayment and servicing periods), and placement of state borrowings on market terms was supported by foreign partners. Conclusions. In conditions of war, the budget policy of Ukraine required significant changes aimed at supporting the state defence capability, preserving critical infrastructure, maintaining social stability, debt sustainability and solving many other problems that were exacerbated due to military actions unleashed by russia . New approaches to budget policy were introduced, as a result of which new priorities were adopted and mechanisms for their implementation were realized. The volumes of expenditure expansion, the use of atypical mechanisms for its resource provision (increasing expenditures and budget lending, making changes to their structure) significantly expanded. Additional revenue raising mechanisms were introduced, the budget deficit and budget expenditures increased, and the mobilization of funds from sources other than revenue generation (non-debt and debt financing) increased. The volume of public borrowing increased significantly, but loans were obtained on preferential terms and with the support of foreign partners. As a result, significant violations of the budget balance and debt sustainability of Ukraine were prevented.