ANALYSIS OF THE FORMATION AND EXECUTION OF THE STATE BUDGET OF UKRAINE UNDER MARTIAL LAW AND ITS IMPACT ON LOCAL BUDGETS

This article examines the specific features of the formation and execution of the State Budget of Ukraine under martial law. The dynamics of revenues, expenditures, and the deficit of the State Budget of Ukraine, the external and internal state debt and state‑guaranteed debt of Ukraine, as well as the structure of budget financing sources are analyzed. The impact of the State Budget on local budgets in the current conditions is considered. Changes in the main budget indicators under martial law are studied, and the specific features of meeting the financial needs of the state through domestic and external sources of financing are identified.The relevance of the study is determined by the need for effective formation and execution of the State Budget of Ukraine under martial law, which is an important prerequisite for the financial and economic stability of the state. The significant increase in the need for financing defense, social protection of the population, and the country’s recovery requires effective management of budget resources, ensuring a sufficient level of budget revenues, and identifying optimal sources for covering the budget deficit.The analysis identifies the main problems and specific features of the formation and execution of the State Budget of Ukraine under martial law, its impact on local budgets, and the effectiveness of resource use. Practical recommendations are proposed to improve management efficiency, optimize revenues and expenditures, and strengthen financing mechanisms in wartime and economic challenges. Ukraine faces extremely difficult socio‑economic conditions, as martial law affects all spheres of life. Ensuring stable budget formation and execution is one of the key problems of the full‑scale war. Rising defense, security, and social expenditures, declining economic activity, and reduced revenues complicate the balancing of public finances, while the need for external and domestic financing requires effective sources to cover the deficit. Under these circumstances, studying the specific features of the State Budget is particularly important. Effective public financial management is essential for stability and resilience. Proper planning, rational allocation of resources, and efficient use of financing sources allow the state to meet priority needs under martial law, while maintaining the capacity to finance defense, social, and other essential expenditures highlights the relevance of analyzing its formation and execution in current conditions.