Targeted Budget Financing in Ukraine: Efficiency, Institutional Challenges, and Ways to Improve Performance

The main mechanisms of targeted financing in Ukraine are revealed, and their role in ensuring socio-economic development under martial law is defined. The article analyzes the effectiveness of the implementation of active state targeted programs up to 2023, particularly in terms of the fulfillment of planned funding from both the state and local budgets, as well as the achievement of performance indicators. The key shortcomings in the system of program design, financing, and effectiveness evaluation are identified. The paper proposes ways to improve the effectiveness of program implementation, including through decentralization, enhanced monitoring, and independent auditing. Particular emphasis is placed on the importance of adapting programs to the challenges of war and national recovery, as well as the expediency of long-term programs in periods of limited public financial resources.