The reform strategy of national finance: development directions in Belarus

Tyumen State University Herald. Social, Economic, and Law Research


Release:

2020, Vol. 6. № 2 (22)

Title: 
The reform strategy of national finance: development directions in Belarus


For citation: Kireeva E. F. 2020. “The reform strategy of national finance: development directions in Belarus”. Tyumen State University Herald. Social, Economic, and Law Research, vol. 6, no. 2 (22), pp. 209-224. DOI: 10.21684/2411-7897-2020-6-2-209-224

About the author:

Elena F. Kireeva, Dr. Sci. (Econ.), Professor, First Vice-Rector, Belarusian State Economic University (Minsk, Republic of Belarus); kireeva@bseu.by; ORCID: 0000-0003-2917-7347

Abstract:

The article considers the problem of reforming national finances at the present stage of economic development, taking into account the features of the functioning of the national economy and fiscal threats. The purpose of this work is to determine the strategy for reforming the fiscal system and substantiate the main directions of its development. The relevance of the study is due to an integrated approach to the formation of fiscal policy, including both its main components: tax, budget, debt policies, and the need to improve the mechanism to ensure their effectiveness. To implement this mechanism, it is necessary to use both innovative methods of planning and forecasting fiscal flows, and to modernize the legal framework that strengthens the foundations of managerial decisions in the field of finance.

Based on the goal, a comparative assessment of the forecast and actual scenarios of the development of fiscal relations in the republic was carried out, the most acute points of fiscal policy formation were analyzed: social payments, tax administration, budget financing, debt obligations, information support for the movement of financial flows.

Based on the results of the research conducted in the article, conclusions and suggestions are made regarding all areas of improving fiscal policy as the basis for ensuring an effective national financial management strategy.

Priority measures have been identified to reduce the negative impact of risks on the stability of the fiscal system. Instruments of regulatory impacts on negative economic and social trends are determined by the choice of areas of strategic management and the mechanism of their organizational support.

Scientific novelty lies in the substantiation of a set of elements of fiscal policy as the basis for developing a strategy for managing national finances that takes into account the increase in the social and economic efficiency of using the financial resources of the state.

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