FINANCIAL SECURITY UNDER MARTIAL LAW

Abstract

The article highlights the key features of financial security under martial law from the point of view of practice. The methods of theoretical analysis, synthesis, description, systematization, comparison, and generalization were used to reveal the purpose of the article and solve the problems. It was determined that the issue of financial security of the country in the conditions of martial law depends on proper and stable financial support through the functioning of the national defense, the Armed Forces of Ukraine, defense and security agencies, as well as domestic and international aid. It was found that the war strongly affected the work of the financial system. It has been established that significant financial support from partner countries makes it possible to finance budgetary needs and replenish the NBU’s international reserves, which are mainly offered in the form of long-term loans with low interest rates and, to a lesser extent, subsidies. It was found that in connection with the introduction of martial law in Ukraine, the redistribution and fiscal distribution of expenditures related to ensuring national security and defense, as well as fiscal regulation measures for the duration of martial law, is being carried out. It found that the large-scale Russian invasion led to an increase in the financial stress index to an all-time high, except for the household behavior sub-index, which remained relatively low, as public confidence in the banking system remained unchanged and deposit outflows did not slow the growth of the overall index. It was established that the receipts from international financial aid, in particular thanks to macro-financial support of the EU and US subsidies, as of the end of November since the beginning of the full-scale war, amounted to 28 billion dollars. USA. It was determined that a Staff Level Agreement (SLA) was signed in November on the terms of the Monitoring Program with the involvement of the IMF Council, which will help attract funding from other international donors in 2023. The war in Ukraine has been found to have driven up the price of oil, gas, wheat and metals to levels not seen since the 2008 financial crisis. It was revealed that in order to ensure the financial stability of the country, create conditions for the sustainable growth of a socially inclusive economy, effective accumulation, distribution and circulation of financial resources in the economy, it is planned to reform the financial system according to the following components: "State (public) finance", "Development of the banking system, market non-banking financial services and capital markets".