FINANCIAL INSTRUMENTS FOR ENSURING NATIONAL SECURITY: EXPERIENCE OF UKRAINE IN MILITARY CONDITIONS

. State security is the main guideline of state policy in the face of global challenges. For Ukraine, it is especially relevant, because during the period of the russian-Ukrainian war, its foundations and essence experience significant deformations. Since the risks and threats to national security have increased enormously in Ukraine under martial law, its financial component should be formed according to the tools corresponding to the challenges, even ahead of them, since, according to analysts, modern war is a war of finances. The problems faced by the state, the banking system, financial and commodity markets and institutions, corporations and households need new financial instruments to ensure flexibility in financing strategic goals. As of September, the losses of the Ukrainian economy from the war are estimated according to various estimates, from USD 105 billion, or 70% of the average annual GDP over the past 5 years, to USD 600 billion, and this exceeds the level of GDP in 2021 by 3 times. This actualizes the needs of the scientific study of financial instruments with the aim of effective state regulation and equalization in the face of limited and increasing losses of human and material resources, changes in the direction and speed of financial flows, their sources, structure, reproduction and reservation. The study examines financial instruments of a predominantly budgetary direction, as well as the components of national indicators of financial security. It is also important to analyze the share of the state in the economy, the size of which determines the speed of response and the completeness of resistance due to a threat to national security. To achieve the goals of the study, the main legally established risks of financial instruments of the national economy during the period of martial law are systematized. The indicators of the financial security of the state for the period of hybrid and military aggression of the rf (2013-2021) were assessed, and according to open sources of data, which are rather limited, a forecast of these indicators for 2022 was made. On the basis of the Financial Stability Report of the National Bank of Ukraine, the budget innovations of the period of martial law are analyzed. The sources of financing the state budget for the period of the legal regime of martial law and its main directions for 2023 are summarized. It is concluded that the financial system of Ukraine in a short time managed to organize financial flows in accordance with the needs of ensuring national security, form an optimal balance of resources, maintain the volume of financing of basic budget expenditures, attract donor resources and resist the inevitable decline of the economy during the war. The role of donor countries of economic and military assistance, in particular Latvia, in deterring military aggression and ensuring the stability of Ukraine's financial policy was emphasized.


Introduction
According to the Concept (Сoncept, 2012), national security in the financial sector of Ukraine includes security issues in the following areas: budget, management of public debt, state-guaranteed debt and debt of the corporate sector, taxes, finance of the real sector of the economy, banking, foreign exchange market, stock market and nonbanking financial sectors.To be effective, the financial sector requires the following qualities: balance, resistance to internal and external threats, the ability to ensure the optimal functioning of the national economy and the economic growth of the state.
Decree of the President of Ukraine No. 64/2022 "On the introduction of martial law in Ukraine" (Decree, 2022) provides for the need to ensure funding for measures related to the introduction of the legal regime of martial law on the territory of Ukraine.In practice, this Decree recognizes that the war and its course depend on the amount of funding and the effective distribution of existing and potential internal and external financial flows.
With the beginning of active hostilities, economic relations underwent severe deformation and the structure of the financial market, public finances, and financial flows of internal and external persuasion changed dramatically.All possibilities of state regulation of financial policy have been mobilized to stabilize the situation.The leading role in this process belongs to the government through legislation in terms of fiscal, customs, investment policy; National Bank of Ukraine; The state budget; financial market stakeholders, etc.
According to the report of the Ministry of Finance (Marchenko, 2022), in 2021, despite the COVID-19 crisis and turbulence in financial markets around the world, Ukraine demonstrated economic resilience: the GDP debt was reduced below 50%, the budget deficit was below 3% in GDP, a certain overfulfillment of the budget in terms of income.The financial balance of Ukraine before the introduction of martial law (February 24, 2022) was ensured by the financial flows of the open economy in the largest volume due to the export of agricultural products, metallurgy and IT services (Karakuts et al., 2022); developed regional interrelations on the overflow of financial capital; balanced state budget; beneficial interaction of agents and stakeholders of the financial market Under the state of martial law, the financial capabilities of the country are significantly weakened, while the need for financing defense and maintaining the country's life has increased significantly and is growing as the infrastructure is destroyed.Enterprises that are located in the war-torn zones practically fell out of the financial flows, while their share in GDP reached more than 50%; Many financial market stakeholders have ceased their activities, logistics and international trade have been disrupted, seaports have been blocked, budget expenditures are directed only to defense and minimally to social protection of the population.Financial instruments bear the greatest burden of the lever of regulating the security of the national economy, so these issues are important for research.

Literature review
The state and development of financial instruments for regulating national security, as well as the issue of financial security itself, are being studied by scientists, think tanks, public platforms, which is reflected in the adoption of legislative acts and the preparation of new ones, which together influence the formation of the financial policy of martial law.
The efforts of scientists are aimed at the following areas: Behnassi & Haiba (2022) However, aspects of financial instruments under martial law are not covered enough, since there was no such experience yet, therefore this is the object of our study in order to find effective, comprehensive mechanisms to support the economy, business and society of Ukraine.

Research methodology / Materials and Methods
The study is based on the hypothesis that financial instruments are a set of financial methods and levers of regulatory, informational and resource support that contribute to the organization of the planning process, stimulation and rational use of financial resources in order to ensure optimal financial flows, balanced economic development and obtain a beneficial social effect, studied for example by Kvasnytsia & Nekliudova (2020).Financial instruments are aimed at regulating financial flows in the serviced industry, that is, there are financial instruments for the agricultural sector, industry, trade, etc.The most complete position of assessing national security, and in its composition of financial security, boils down to the fact that (Kharlamova, 2019) global security affects all states, and methods for assessing a particular state of its national security are currently invalid in the context of growing cyclical trends, therefore, such terms should only be used as a policy to protect the national economy from economic and other shocks during global fluctuations.We proceed from the assumption that financial instruments are the organizational embodiment of the resources of the financial market, the finances of the state, corporations and the population.
According to the Concept (Сoncept, 2012), the state of the financial sector of Ukraine depends on internal and external phenomena and factors (Table 1): the financial and credit policy of the state, the current political situation in the state, the perfection of legislative support for the functioning of the financial system, as well as international obligations of the state and has features for the period of martial law.Presenting information about the existing fiscal risks in the area of public finance increases the degree of soundness of financial policy decisions.
Table 1.Phenomena and factors that may lead to threats to the national security of Ukraine in the financial sector External factors Internal factors External factors Internal factors a peaceful time period limited access to international financial markets imperfection of legal regulation in the financial sphere significant dependence on export-import activities uneven distribution of the tax burden the deterioration of the state of foreign trade, the growth of the balance of payments deficit, in particular the current account outflow of capital abroad due to the deterioration of the investment climate significant dependence on external creditors imbalance of the budget system the impact of global financial crises on the financial system of the state insufficient level of reserves insufficient development of investment lending to the economy weak development of the stock market period of martial law * disruption of international borrowing flows a significant increase in the NBU discount rate difficulty in fulfilling international financial obligations depletion of reserves decrease in the volume of export-import activity financing of the NBU budget through the issuance of government bonds dependence on the decisions of state governments to provide aid loss of territories and termination of enterprise activity the global crisis of the financial sector due to the security and energy crises a significant reduction in tax revenue prohibition to use donor funds for the needs of the army a significant increase in social support payments for refugees relocation of business abroad * added by the authors Source: Сoncept (2012) According to Clause 52 of the first part of Article 2 of the Budget Code of Ukraine, fiscal risks are factors (including contingent liabilities and quasi-fiscal operations) that can lead to a decrease in budget revenues and/or require additional budget expenditures, respectively, cause an increase in the budget deficit and state of (local) debt compared to planned budget indicators.Information about fiscal risks and forms of their manifestation according to budget forecasts for 2023 is given in the Table 2.
Table 2. Information on fiscal risks and forms of their manifestation according to forecasts for 2023 Risks Forms of risk manifestation Functioning of the financial sector the unprofitability of the banking sector, the growth of deductions to reserves, the loss of at least 20% of the loan portfolio as a result of the war and the economic crisis; the risk of collateral loans issued in the temporarily occupied territories Fiscal risks related to public debt there is a risk of non-fulfillment of obligations by economic entities of both the state and communal sectors of the economy to creditors for borrowings obtained under state guarantees, to the Ministry of Finance, as a creditor, for loans obtained by the state from international financial organizations Fiscal risks of economic entities of the state sector of the economy the emergence of new extraordinary challenges in the activities of state-owned companies, in particular, caused: reduction of production volumes and sales volumes; loss of assets and labor resources; rising prices for energy, raw materials and materials; complication and increase in the cost of logistics; loss of sales markets; significant deterioration of calculations; growth of receivables; shortage of working capital; growing need for loan funds and/or state support; a significant increase in the obligations of state-owned companies under PSO Fiscal risks of the social sphere non-fulfillment of the planned indicators of the Pension Fund's own income as a result of: decrease in the number of employees; decrease in the level of solvency; the increase in arrears for the payment of social security contributions and the reimbursement of preferential pensions Fiscal risks of agriculture and food security destruction of agricultural infrastructure, destruction of production facilities, storage, transport, energy, processing industry, loss of acreage; reduction of export opportunities of Ukraine and shortage of products on world markets; failure of the stable supply of agricultural products from Ukraine led to a rapid increase in world prices for grain and a decrease in its price on the domestic market, as well as to an increase in the corresponding balances; in the zone of hostilities, agricultural enterprises were physically destroyed, up to 30% of livestock, 25% of berry orchards and 20% of orchards were lost, 5% of land was damaged; the increase in the cost of fertilizers, fuel, and seed materials has led to an increase in the cost of production, which threatens the bankruptcy of enterprises and the rejection of the sowing campaign in 2022/2023 Fiscal risks associated with the elimination of the consequences of emergency situations in the first half of 2022, 32 emergency situations were registered, of which 15 were man-made, 14 were natural, 2 were social, and 1 was military.In 2022, their increase to 115-135 is possible, while the number of natural resources will be in the range of 88-108.In connection with the armed aggression of the russian federation against Ukraine, the State Emergency Situations Service has classified a state-level military emergency from 24.02.2022 on the entire territory Source: Information on fiscal risks (2023) To predict the vector of development of the financial component of national security, dynamic stochastic general equilibrium models are constructed, which makes it possible to study the effects of the influence of the macroeconomic policy applied at the moment on the predicted state of the economy.In the arsenal of modeling there is a fairly wide range of financial policy tools to influence the economic equilibrium.Under martial law, the government's response to economic shocks is probably the most expedient -an exogenous shock -an active stabilization policy aimed at neutralizing the consequences of the shock.
The recognized integral index of national security of Ukraine according to the components proposed by Kachinsky ( 2013) can take on a value from 0 to 1, in particular: values of 0-0.25 characterize the critical or very low state of the national security of Ukraine (inclusion here and in subsequent ranges of the upper limit); values of 0.25-0.5 indicate a low level of national security; 0.5-0.75-average level; 0.75-1 -high.For the period 2013-2017.its average value was 0.38 (Kharlamova, 2019), by 2021 it increased to 0.58 (Luchik, 2018).
Indicative sub-indices of financial security are calculated according to the "Methodological recommendations for calculating the level of economic security of Ukraine" (Methodological recommendations, 2013).According to the Methodological Recommendations, the calculation of the integral indicator for each area of security, in particular financial security for the purposes of our study, is carried out according to the formula: (1), Im -aggregate indicator/subindex of the m-th sphere of financial security, where m=(1, 2, 3...9); di -weight coefficient that determines the degree of contribution of the i-th indicator (banking security, security of the nonbanking market, debt security, budgetary security, currency security, monetary security) to the integral index of the economic security component; yi -normalized score of the i-th indicator.
The integral indicator of financial security of Ukraine (I) is calculated by the formula: (2), where Im -aggregation indicator/subindex of the m-ї sphere of financial security, de m = (1, 2, 3 ... 9); dmvagovyy coefficient, which indicates the level of inclusion of indicator/subindex m-ї sphere of financial security in the integral index of financial security of Ukraine; ym-normalized assessment of the i-th indicator.
On the basis of such a comprehensive methodological approach, the state and transformation of financial indicators of the Ukrainian economy during the period of the legal regime of martial law have been studied.

Results and Discussion
Since the beginning of russia's military aggression and the introduction of martial law in Ukraine, in addition to other losses, losses in the economy have grown catastrophically.As of two quarters and early September, the Ministry of Finance (MinFin, 2022) predicts that the gross domestic product (GDP) of Ukraine may fall by 30-50% due to a full-scale war with the russian federation; in absolute terms, in 2021 prices, this would correspond to UAH 1.6-2.7 trillion ($56-92 billion) of lost production during the year (Danylyshyn, 2022).For comparison, Ukraine's GDP in 2021 was estimated at $200 billion, that is, over the 7 months of the war, the damage exceeded GDP by 3 times, despite the fact that the intensity of destruction and losses is increasing.The National Bank of Ukraine (NBU, 2022) forecasts a GDP contraction of at least 1/3; The International Monetary Fund (IMF, 2022) expects the Ukrainian economy to contract by 35%, which is the deepest economic decline in the history of independent Ukraine.Other analysts, in particular the Kyiv School of Economics (KSE, 2022), estimate the destruction of infrastructure alone at $568-600 billion, and the National Research Center "Institute for Agrarian Economics" (NSC, 2022) estimates losses in the agricultural sector, which produces 12% of GDP and half of the country's export earnings, at least $58 billion.Such a significant drop concerns not only the Ukrainian economy, the losses are felt all over the world, since they are primarily related to global food and energy security.
The reaction of the financial market to the introduction of martial law through a review of the dynamics of the volume of financial market resources for the conditions of Ukraine in 2018-2022 is given in Table 3.The dynamics of the financial market over this period was heterogeneous, since the end of 2018, only the resources of the banking sector increased by 50%, while other resources either remained unchanged or decreased.Compared to the same period in 2018 (June 30), budget resources in 2022 increased by 40%.Corporate resources at the beginning of 2022 showed an increase of 17% compared to 2018.Thanks to the relevant measures taken by the Government and the NBU, it was partially possible to stabilize the financial system and the revenues of the State budget, which is the greatest achievement of state regulation under martial law.
The impact of the introduction of martial law on the stability of the financial system of Ukraine (Fig. 1) is expressed in the fact that, thanks to the preliminary measures taken by the NBU to regulate the financial market, the drop in financial flow is less than could be expected under the influence of many shocks.The financial crisis of Ukraine, caused by the war, requires the formation of a sufficient amount of financial resources and effective management of financial flows.The government of the country is pursuing a policy of promoting the development of the domestic financial market, which restrains the economic decline, makes it possible to intensify investment processes and overcome the shortage of capital.
As of the beginning of September, financing of the state budget of Ukraine since the beginning of the full-scale war against Ukraine has been carried out for USD 31.951 billion or UAH 988,161 mln.Funding sources are government bonds, the IMF, bilateral agreements and grants (Fig. 2)   In particular, it follows from open sources that by the end of August, Lithuanian military assistance to Ukraine alone will amount to more than 120 million euros, and the total amount of support -economic, financial, humanitarian, including assistance to refugees -will cross the threshold of half a billion euros (Lithuania, 2022).
The Government of Lithuania also approved a €10 million assistance package for the reconstruction of Ukraine (Government of Lithuania, 2022).
From international financial organizations and the EU, Ukraine receives concessional loans and grant funding on a non-repayable basis to support the budget of Ukraine during the war.International support funds were directed to the general fund of the State Budget of Ukraine to ensure priority social, humanitarian, health care costs, and support for internally displaced persons.According to the Ministry of Finance (Minister of Finance, 2022), at least half of government spending in the coming months will be covered by external borrowing and grants.By the end of this year, the government expects to receive another €5 billion from the EU, $4.5 billion from the United States of America and $1.3 billion from the IMF (Minister of Finance, 2022).Dynamics of individual expenditures and their share in the budget of Ukraine for 2014-2022 is given in Table 4.  (Leontovych, 2022).In particular, clause 7 Budget plan 2023-2025 (Ministry of Finance, 2022) defines national security and defense expenditures for the general fund for 2023, based on the expected forecast of cash expenditures for 2022, taking into account the savings in funds for 2023 as a result of updating payments monetary security, provided for by the Government Decree No. 168 dated February 28, 2022.Prospects for the post-war recovery of the Ukrainian economy and investment priorities (Kuhar, 2022) predict that the cumulative fiscal gap in the budget of Ukraine in 2022 will be 1.2 UAH trillion (USD 35 billion), Fig. 4.
While the optimal mix of funding sources is often a matter of long-term considerations, the short-term macroeconomic implications of war financing are now important for Ukraine (Horodnichenko, & Talavera, 2022).An analysis of the impact of shocks of the macroeconomic environment on budgetary indicators for each of the shocks is presented in Table 3.This estimate is a preliminary-oriented calculation of the impact of only changes in real GDP on the budget revenues without taking into account the impact of other factors based on the value of elasticity coefficients for each type of income in terms of GDP calculated for Ukraine for the period 2004-2016 (Fiscal risk information, 2022).
Source: calculations of the Ministry of Finance of Ukraine.Fiscal risk information (2022) According to the Ministry of Economy of Ukraine (Information on Fiscal Risks, 2022), the following fiscal risks will exist in the current year and 2023 that will affect the state of public finances: • the uncertainty of the duration and intensity of the military conflict, which may result in an increase in human losses and subsequent forced migration of the population, a significant decrease in the volume of foreign trade, continued destruction of important infrastructure facilities, an increase in losses in economic and production potentials, an increase in the costs of industrial logistics, a decrease in the level of their competitiveness and investment attractiveness; • the lack of financial assistance from international financial organizations and donor countries can lead to additional money emission, reduction of budget expenditures, respectively, consumption of the general

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government sector, reduction of budget support for business, which will have a negative impact on both the volume of demand in the economy and the volume of production, which will affect the price dynamics; • non-compliance with the agreement reached on the unblocking of three ports on the Black Sea by the russian federation, which will lead to a decrease in foreign trade and may provoke a global food crisis; • a significant reduction in full-time employees in the public administration can lead to an increase in unemployment, additional temporary pressure on the payroll of public institutions through significant short-term cash payments to employees, the outflow of highly intelligent labor force abroad, and a shortage of human capital; • оbtaining a lower yield of grain crops due, in particular, to crop losses due to the destruction by the aggressor country of both crops in the fields and places of storage of the harvested crop, which will lead to a decrease in the export capacity of the agricultural sector and, accordingly, foreign exchange earnings from exports, a decline in production in the processing industry, a shortage of food products in the domestic market and an increase in consumer prices for products, which occupy a significant share in the consumer basket; • non-sale of objects of large and small privatization due to lack of demand due to the deterioration of the investment climate in the country as a result of the aggression of the russian federation; • the unfolding of the global economic crisis ("debt bubble") may lead to an additional drop in prices for export raw materials, a reduction in production, a decrease in the number of jobs, an appreciation of the US dollar, etc.
The Draft State Budget for 2023 (Draft State Budget for 2023) is built on the basis of a macroeconomic forecast that provides for nominal GDP growth of 37% (real growth rate -4.6%, deflator -30.7%).Despite the high growth rates of nominal GDP, the projected budget revenues for 2023 (excluding grants) are 10% less than the planned figures for 2022.
In the draft State Budget for 2023 (Draft State Budget 2023), support for defense capacity remains a priority, and total defense spending will exceed UAH 1.1 trillion, which is 40 times higher than in 2014.Almost all taxes and non-tax revenues collected by the state will be used for these purposes.Ukraine plans to raise funds from foreign partners to finance other expenses.
In 2020, fiscal security turned out to be the most vulnerable, demonstrating a drop from over 70% in 2019 to 40% in 2020.Since then, the situation has only worsened, and there are no data for a reliable calculation of 2021 and Q1 2022 yet, and we have established based on review of open data and their interpretation.Financial security over the same period decreased from 42% to 40%, which was facilitated by the timely implementation of security measures for the Government at the NBU.The calculated individual sub-indices (Marko, Radchenko, Melnichuk 2021) of financial security are shown in Table .7. There is a decrease in financial security sub-indices for all components.By the end of 2020, the most stable subindicator was monetary and foreign exchange security; the level of budgetary and debt security, as well as the security of the non-banking sector, significantly decreased.However, it should be noted that the calculation of the summary values of the sub-indices is carried out on the basis of a normative assessment and a smoothing constant, which is determined separately for each indicator by an expert, which reduces the reliability of the calculations and reveals significant disagreements in various scientific sources, even those that are taken as the basis for calculations.
Since the basic criteria of the Concept were adopted long before the hybrid (2014) and full-scale (2022) wars, it is necessary to form its new principles in connection with the current practice of financing under the legal regime of martial law.
According to experts, the total need for financing the recovery of the Ukrainian economy will be about USA 1 trillion.The challenges that Ukraine is now facing need to strengthen the state's ability to carry out stabilization measures.And this is possible only with an increase in the share of the state in the economy.This indicator is calculated as the share of expenditures in the State budget for government activities in relation to the gross product.The calculation of the indicator is given in Table 8.Empirical evidence unequivocally proves that countries with a low state share are more vulnerable to extraordinary shocks and sovereign debt crises (Danylyshyn, 2022).
To build a strategy for post-war recovery, the World Bank, the government of Ukraine and the European Commission presented an analytical report "The Rapid Damage and Needs Assessment (RDNA)" (The Rapid Damage, 2022), which draws conclusions about the losses of Ukraine from the war and determines the country's needs for reconstruction and restoration.

Conclusions
During the period of the russian-Ukrainian war, national security is the main guideline of state policy in the financial sector.The growth of risks and threats to national security necessitates financial instruments to stay ahead of challenges.
Significant losses of the Ukrainian economy from the war, already exceeding the level of GDP in 2021, need state regulation and equalization through financial instruments, primarily banking and budgetary areas, according to the components of national indicators of financial security.The indicators of the financial security of the state for the period of hybrid and military aggression of the russian federation (2013-2021) were assessed, and according to open sources of data, which are rather limited, a forecast of these indicators for 2022 was made.From 50% in 2013, financial security has dropped to 24% in 2022.
An analysis of the state's share in the economy testifies to the possibility and speed of responding to threats to national security.The higher this indicator, the greater the share of the state in the economy and, accordingly, the higher the possibility of regulation, especially in times of crisis.For Ukraine, this share was 43% in 2014 and decreased to 17% in 2022 (according to preliminary data).
Thus, the war has a colossal destructive effect on the economy of Ukraine and the whole world, it is even important to trace the real losses.The damage affects investment, trade and the financial market, the level of GDP growth, external debt balances, the redistribution of exports and imports, and all these components are related to budget planning.However, in spite of everything, the budget of the legal regime of martial law should harmonize revenues and expenditures, focusing primarily on vital items for the preservation of the state, population, and economy.
In general, the financial system of Ukraine in a short time managed to organize financial flows in accordance with the needs of ensuring national security, form an optimal balance of resources, maintain the volume of financing of basic budget expenditures, attract donor resources and resist the inevitable decline of the economy during the war.This state was achieved thanks to the help of donor countries, in particular, Latvia.
Measures of financial regulation of national security in a state of martial law are reduced to promoting the preservation and stabilization of critical areas, primarily the defense sector and social spending.The state's ability to finance defense and other areas depends on the speed of economic recovery and Ukraine's integration into the European economic space.Among the sources of filling the budget, international aid prevails and, to a lesser extent, tax revenues.To this end, measures are being taken to stimulate the attraction of international borrowing and domestic demand for services, the resumption of entrepreneurship, and the promotion of doing business.
In the geostrategic perspective, the national security of Ukraine depends on the ability to balance between the world centers of power and finance and has the need to develop in accordance with the chosen guidelines of strategic partnership.
, Benton, Deininger & (2022), Glauben & (2022) -the subject of the consequences of the russian-Ukrainian war for global food security; Buti & Messori (2022) -as a central fiscal capacity in the combination of the EU domestic and global agenda; Wyrwa (2020) on the review of European Union financial instruments supporting the innovative activity of enterprises in the context of Industry 4.0 in 2021-2027; Grishchenko & Kovtun (2022), Shaleny and others.(2022), Tytarenko & Yatsenko (2022), Tulush etc. (2022) -the state of state support for business during the war; Demianyshyn & Lobodina (2020) -development of the financial mechanism in the context of reforming the financial system; Johnson, Luby, & Moldogaziev (2021) -State and Local Financial Instruments: Policy and Governance Changes; Dropa (2017) -financial instruments for the formation of resources in the context of globalization; Lakatos & Arsenopoulos (2019) -SWOT analysis of a study of EU financial instruments to address energy poverty in households; Mullins & Murphy (2009) -financial globalization, state autonomy and modern financial instruments; Nakamura (2014) long-term financial regulation: monitoring of financial instruments as a complement to the regulation of financial institutions; Wishlade & Michie (2014), Nyikos (2016) -EU financial instruments lessons learned 2007-2013 for the period 2014-2020; Petrukha, Petrukha, & Krupelnytska (2022)sustainable development goals and triggers for modernizing public finances; Khalatur and others.(2019)financial instruments and innovations in the business environment: countries of Europe and Ukraine; Essa & Jasim (2022) -A comparative study of the concept of financial instruments.

Fig. 1 .
Fig. 1.The impact of the introduction of martial law on the financial system of Ukraine, 2022 Source: Report on the financial stability of the NBU.

Fig. 2 .
Fig. 2. Funding of the State Budget of Ukraine since the beginning of the full-scale war (as of September 1, 2022) Source: Ministry of Finance of Ukraine, URL: https://www.me.gov.ua/?lang=uk-UA

Fig. 5 .
Fig. 5. Approximate structure of financing sources for the economic reconstruction of Ukraine USA billion Source: Danylyshyn (2022)

Table 3 .
Dynamics of financial market resources, budget and resources of Ukrainian corporations for 2018-2022, UAH bln Source: built by the authors on the basis of NBU data,Non-Banking Sector Review (2022)In 2018, the volume of financial resources of the market (including state budget resources) amounted to UAH 2,476 billion, in 2021 -UAH 3,629 billion, or 47% more.During the first quarter of 2022, resources decreased almost to the level of 2018, but already in the 2nd quarter of 2022 they increased by almost 30% against the level of 2018.At the same time, against the level of 2021, they are only 12% lower, and not 29%, as it was in the first quarter of 2022.

Table 4 .
Dynamics of functional expenses of the State Budget of Ukraine in 2014-2022, UAH million Source: Compiled according to NBU data.Available: https://bank.gov.ua/As the data in Table.4, funding for defense spending in 2022 increased by 23.67 p.p. against the level of 2021 and by 25.89 p.p. against the level of 2014

Table 5 .
Main macro-indicators of economic and social development of Ukraine for budget planning

Table 6 .
Effect of changes in budget indicators in 2022 in case of materialization of risks in the macroeconomic environment, UAH bln

Table 7 .
Selective indicators of financial security of Ukraine for 2013-2022, %

Table 8 .
Dynamics of the indicator of the share of the state in the economy 2014-2022, UAH billion, %