СТРАТЕГІЧНЕ УПРАВЛІННЯ ФІНАНСОВОЮ СИСТЕМОЮ ДЕРЖАВИ: СУЧАСНІ ВИКЛИКИ ТА НАПРЯМИ МОДЕРНІЗАЦІЇ

The article examines the theoretical, methodological and applied foundations of strategic management of the state financial system under wartime and structural challenges. The relevance of the study stems from the fact that Ukraine simultaneously faces the need to finance defence expenditures, maintain macrofinancial stability, prepare for post-war reconstruction and harmonise national regulation with the European Union acquis. The aim of the article is to substantiate the architecture of strategic management of the state financial system and to determine priority directions of its modernisation. The methodological basis comprises the systemic approach, methods of analysis and synthesis, abstraction and generalisation, the structural and functional method, statistical analysis of official data and comparative analysis of national practice against European regulatory approaches. The empirical basis includes official statistics and analytical materials of the National Bank of Ukraine, the Ministry of Finance of Ukraine, documents of the International Monetary Fund, the European Union and the World Bank. The study systematises the contemporary challenges facing the financial system of Ukraine, namely the growth of the public debt burden, a persistently high budget deficit, dependence on external official financing, elevated credit risk in the banking sector and the underdevelopment of the domestic capital market. It is established that the ratio of public debt to gross domestic product has increased substantially and, according to the projections of the International Monetary Fund, may reach a critical level by the end of 2026, while the average cost of debt servicing has declined owing to the concessional nature of external borrowing. It is demonstrated that the banking sector has retained profitability and has significantly reduced the share of non-performing loans, which creates preconditions for the resumption of lending to the real economy. The architecture of strategic management of the financial system is substantiated as an integrated construct comprising target-setting, institutional, instrumental and control blocks connected by feedback loops. Priority directions of modernisation are identified: strengthening debt sustainability, developing the domestic capital market, digitalising public finance management, enhancing institutional coordination among financial sector regulators and aligning supervisory practice with European standards. The practical value of the article lies in the possibility of applying its results to improve state financial policy and to design strategic documents in the sphere of public finance.