Budget Policy Under the Conditions of Socioeconomic Transformations

The article aims to determine the peculiarities of the development and implementation of budget policy in the area of expenditures amidst socioeconomic transformations. The primary focus is on the practical aspects of the formulation and execution of domestic budget policy. An analysis of the main approaches to the determination of the essence of budget policy has been conducted. The necessity of State regulation of economic and social processes due to the interplay of a set of endogenous and exogenous factors has been substantiated. The task of budget regulation has been formulated to create adaptive conditions to enhance the efficiency of the functioning of the market mechanism and to protect national interests in a globalized world. The peculiarities of the implementation of the budget component of fiscal policy in Ukraine during the period of 2015–2024 have been examined. The characteristics of the dynamics of the consolidated budget are identified, taking into account the conditions of permanent socioeconomic transformations and the impact of negative externalities. The priority has been determined for the formation of a type of fiscal policy that will provide for the optimal use of public financial resources, the creation of a sufficient revenue base for budgets at various levels to facilitate expanded social reproduction. The specifics of public expenditures under conditions of hybrid aggression and the ongoing full-scale invasion have been highlighted. The role of defense expenditures from the consolidated budget has been disclosed in the specific conditions of martial law. It is defined that efficient enhancement of the budget policy conception will ensure a high level of socioeconomic development in both the short-term and strategic perspective. The peculiarities of budget funding for social protection and provision have been disclosed. The fundamental importance of enhancing the efficiency of budget planning with a prioritization of a group of productive expenditures aimed at ensuring sustainable socioeconomic development has been indicated.