financial support, military bonds, international loans, grants, public spending, budget deficit.


The scientific article is devoted to the analysis of the priority directions of state financing in the conditions of war, coordination of fiscal and monetary policy instruments to meet the defense needs of Ukraine and determination of the causes of Ukraine's public debt. In the course of the study, the main sources of filling the state budget were analyzed. It is established that tax and non-tax revenues, income from capital transactions, transfers formed the basis of state revenues in the pre-war period.  It is revealed that in the conditions of war the state is acutely dependent on external financing and domestic borrowing.  International loans, grants and proceeds from the sale of bonds (including military bonds) become effective means of covering the state budget. The article contains information on the implementation of this year's state budget and analysis of the structure of financial revenues to the budget of Ukraine from external sources for 2022.  The article summarizes the priority areas of public spending: army, social security, education, medicine and post-war reconstruction.  Among them, defense expenditures occupy the largest part. The structure of social payments is investigated, among which the following key areas of financing are highlighted: pension fund, assistance to families with children and internally displaced persons, "ePidtrymka", benefits and subsidies. It is proved that the solution of the problem of financial support of the Ukrainian economy in the conditions of war requires a balanced combination of monetary and fiscal policy instruments. Today, the budget deficit is covered mainly by international financing and by selling government securities. The deficit of expenditures should be financed by non-monetary means, as excessive dependence on money emission intensifies

 inflationary processes.


Dzherela dokhodiv mistsevykh biudzhetiv [Sources of income of local budgets]. URL: [In Ukrainian].

Vykonannia derzhavnoho biudzhetu Ukrainy [Execution of the state budget of Ukraine]/ URL: [In Ukrainian].

Sait Ministerstva z pytan stratehichnykh haluzei promyslovosti Ukrainy [Sait of the Ministry from the questions of the strategic halls of promyslovosti of Ukraine]. [In Ukrainian].

Vykonannia derzhavnoho biudzhetu Ukrainy [Execution of the state budget of Ukraine]. URL: [In Ukrainian].

Nieizviestna, O., Hryhoruk, A., & Lytvyn, L.(2022). Suchasni instrumenty pidtrymky finansovoi stiikosti Ukrainy v umovakh voiennoho stanu. [Modern tools to support the financial stability of Ukraine under martial law] Ekonomika ta suspilstvo, 39. URL: [In Ukrainian].

Sait Ministerstva finansiv Ukrainy [Site of the Ministry of Finance of Ukraine]. Retrieved from [In Ukrainian].

Sait «Ukrinform» [Site «Ukrinform»]. Retrieved from [In Ukrainian].

Analitychna chastyna proektu Derzhavnoi stratehii rehionalnoho rozvytku na period do 2027 roku [Analytical part of the draft State Strategy for Regional Development until 2027]. URL: [In Ukrainian].

Sait «FINBALANCE. Vse pro ekonomiku ta finansy» [Site «FINBALANCE. All about economics and finance»]. Retrieved from [In Ukrainian].