LIQUIDITY MANAGEMENT IN THE PUBLIC SECTOR: DIRECTIONS, FEATURES, TOOLS

Liquidity management in the public sector is a critical component of macroeconomic stability and fiscal sustainability, ensuring the timely fulfillment of government obligations and continuity in public service funding. In the face of growing internal and external challenges (from budgetary imbalances to systemic financial shocks) liquidity becomes not merely a technical aspect but a strategic instrument of public financial governance. The purpose of this article is to systematize the main directions and tools of liquidity management in the public sector, based on the analysis of both Russian and international practices. The methodological basis includes a structural-functional and comparative analytical approach involving the review of regulatory documents, empirical studies, and treasury practices. The study identifies five core directions of liquidity management: cash flow forecasting, centralization of funds, integration with public debt policy, risk mitigation, and digitalization. Tools such as the Treasury Single Account (TSA), short-term borrowing instruments, cash planning, investment of temporarily free funds, and intelligent treasury platforms (Treasury 4.0) are examined. The article argues that liquidity functions as an indicator of institutional maturity, fiscal discipline, and adaptive capacity of governments under uncertainty. A conclusion is drawn on the importance of a flexible, integrated approach to liquidity management that combines strategic planning, regulatory safeguards, and technological innovation.