STATE REGULATION OF THE BUDGET PROCESS IN THE SYSTEM OF ECONOMIC PROCESS

Abstract

Fiscal policy is one of the important tools of state regulation of the economy, due to the effectiveness of the budget process and the formation of fiscal policy the success of the regulatory function of the state and ensuring of economic growth depend on. The current legislation and theoretical approaches to the interpretation of the budget process, its regulation has been considered and analyzed in this article. It has been emphasized the legislative enshrinement of the term “budget process” and the positions of scientists regarding its content and characteristics and stages have been analyzed. All stages of the budget process are regulated by procedural norms of the budget law and are based on legal principles, which should guarantee clear planning, observance of budgetary discipline and constant control over the execution of all types of budgets. The problems of the budget process in Ukraine are highlighted, which are in the late adoption, lack of strategy for budget planning, control and responsibility for budget execution. It has been noted that the problematic aspects of the budget process organization in Ukraine require immediate solution at each stage, which in the future will ensure effective management of public financial resources, increase efficiency, effectiveness and transparency of budget funds, avoid disruption of the budget process due to political events, improve the quality of the main financial document of the state and will be a solid foundation for ensuring the socio-economic development of Ukraine.