The economic essence of the formation and implementation of financial policy in the conditions of economic transformations as an integral part of the system of state financial regulation of institutional social development, which involves the use of a set of appropriate financial mechanisms aimed at the rational distribution of gross domestic product, taking into account the cyclicality of the economy, raising the level of public financial support for human development, the effectiveness of the public procurement system, the use of budgetary and tax instruments, monetary regulation, and the adaptability of financial architecture to the economic environment, which will contribute to economic growth, balanced and sustainable development of financial and budgetary and socio-economic relations.
Further development of the provision on the effectiveness of financial support for the development of human potential, budget planning of education expenditure, science, which will enable the financial mechanism to influence the economic growth, will be improved; approaches to the definition of the priority directions of financial policy taking into account changes in the macroeconomic environment, the balance of the financial system, which will provide an opportunity to increase the level of socio-economic development of the country. Summarized and systematized the experience of the formation and implementation of financial policy in countries with a developed and transformational economy, which will provide an opportunity to increase the efficiency of stimulating economic growth by instruments of financial and economic regulation, functioning of the financial system.
Approaches to the financial support of social sphere development are improved, taking into account the institutional transformation of the components of socio-economic relations, macroeconomic trends, and the influence of the foreign economic environment, which will increase the level of efficiency of budget policy, financial mechanisms of regulation of social development sectors; the main principles for the development of fiscal policy in the medium-term perspective, taking into account relevant economic reforms, which will increase the efficiency of the state financial regulation system; the provision on the development of the institutional foundations of state regulation of the financial market, which will enable, taking into account the interests of consumers of financial services, to improve the conditions for the formation of a competitive environment in the financial market.
