Features of solicitation of borrowed financial resources by the state are considered in the context of maintaining economic potential and ensuring financial capacity to be able to perform all the functions assigned to it under conditions of deepening economic crisis, the spread of the coronavirus epidemic and actions of quarantine restrictions in Ukraine and in the world. The dynamics of the size of the state budget deficit of Ukraine and volumes and structure of the general public debt, costs to service and repay the principal amount of debt are analyzed. It is marked, that outpacing growth of state budget expenditures comparatively with the amount of tax revenues, and, therefore, forced growth of government borrowing in the domestic and foreign financial markets, caused by the need to timely repay government obligations to creditors and financing current expenses in full. In the absence of established cooperation with international financial institutions the main mechanisms for soliciting financial resources were domestic government bonds and external government bonds. Mainly, domestic banks invest in government bonds; foreign and domestic private investors so far, unfortunately, are not interested in investing their savings in government securities, despite even a significant increase in their profitability (now the yield on government bonds exceeds the interest rate on deposit rates of banking institutions). Ensuring debt security and effective management of financial resources, available to the state, primarily borrowed, are identified as a priority in the implementation of financial policy of the state. Deepening of crisis phenomena in the domestic economic system forced the executive authorities urgently solicit additional financial resources, working with potential lenders often on unfavorable terms for Ukraine, however, the risks of losing financial and subsequent political independence, forced to reconsider the structure of sources of financing public expenditures, and to attract domestic investment in the development of the national economy. It was emphasized, that the effectiveness of investing borrowed financial resources are conditioned exclusively by their investment direction, financial incentives for the real sector of the economy and needs well-established mechanisms for regulating and stimulating the development of financial and stock markets.

The article reviews the peculiarities of the financial resources of the home industries. The defining characteristic here is not quantitative but qualitative indicators that reflect the availability of financial resources of the business entities. To solve this problem, the relations between the main characteristics of the financial resources of the entity and its financial condition indicators as criteria for financial security were investigated. It was found that the value of financial resources and their structure do not have explicit dependence. Under the present circumstances, regardless of the existing capital structure, a business entity is unable to attract additional financial resources, despite their cost, and vice versa – opportunity to borrow on the capital market new resources at market value does not depend on the value of the shoulder leverage of the business unit. The limiting factors here are the imperfection of the home competitive environment and the psychological motives of the market participants. There is also a conflict situation when due to the reduction of the profitability, the business entities tend to borrow at higher interest rates. The reason for this is primarily in the needs of the production sector, namely the need for ongoing business proper funding, especially in the crisis situations that affects the financial and industrial status. Ensuring an adequate logistics of the business entity (the degree of amortization of the equipment) requires an appropriate level of funding, but does not affect its structure. Research of the resources of the business entities in Ukraine’s economy showed that their ability to attract cheap long-term financial resources for today is quite limited.

Purpose. The purpose of the scientific work is to determine directions for improving the state's fiscal policy in the context of digitalization of the financial system and strengthening of European integration processes in Ukraine. Methodology of research. To achieve the defined goal, a complex of modern scientific research methods was used, in particular: logical – to gradually systematize the theoretical and practical principles of research; induction and deduction – for formulating well-founded conclusions and proposals; analysis and synthesis – to identify the factors that determine the fiscal policy of the state; statistical methods (grouping, comparison, series of dynamics) – for forming a data array and conducting an analysis of the effectiveness of fiscal policy; tabular and graphical methods, structural analysis – for analyzing the structure and dynamics of budget revenues and expenditures and determining the effectiveness of the fiscal policy. Findings. The article examines the fiscal policy from the point of view of the complex of financial actions of the government to ensure the possibility of financing a certain amount and ratio of budget expenditures, the organization of an optimal system of inter-budgetary relations, and the creation of an effective mechanism for taxation of economic entities and the country's population. The dual nature of fiscal policy, which includes two components: tax policy and budget expenditure policy, is revealed. The need to coordinate the government's activities in the direction of mobilizing tax revenues of the budget system and implementing budget expenditures to ensure the social and economic development of the national economy is emphasized. Fiscal policy tools are highlighted from the point of view of the set of means used in the process of withdrawing part of the funds from business entities and the population to ensure the mobilization of a sufficient amount of financial resources in the country's budget system. The fiscal mechanism is presented in terms of tax and budget components, which interact with each other, help to redistribute GDP, and have the appropriate tools. Its purpose is well-founded - attracting sufficient amounts of financial resources into the budget system to fulfill the functions and tasks assigned to it by the state. A close correlation between the volume of mobilized taxes and the number of budget expenditures is argued. It is emphasized that the implementation of an effective budget and tax policy can improve the investment climate in the country and accelerates the rate of economic growth. The effectiveness of the domestic tax policy was assessed using the analysis of the dynamics and structure of tax revenues to the budget system during 2010-2021. The negative impact on the development of the economy of Ukraine was revealed by the following factors, which caused the emergence of many constructive problems: the conduct of military operations on the territory of the country, the far from the optimal situation of the national market of goods and services, the drop in household incomes, the imbalance of the economy, etc. The areas of improvement of the tax policy in Ukraine in the conditions of the strengthening of the European integration processes are defined, and the necessity of introducing a program-target method in the management of budget expenditures is argued. The dynamics and structure of expenditures of the state and local budgets of Ukraine according to functional and economic classification are analyzed, and the need to improve inter-budgetary relations to increase the financial base of local self-government is emphasized. Directions for improving the domestic budget policy to turn it into a tool for ensuring the country's economic development are proposed. The main problems of implementation are outlined and ways to improve the state's debt policy from the point of view of its relationship with the tax and expenditure component of the budget system are determined. The main areas of improvement of the fiscal policy of the state are determined to increase its transparency with the help of participatory budgeting, the introduction of a system of electronic services, and the use of innovative digital technologies in public finances. Originality. The negative fiscal factors restraining the development of the national economy were determined using an analysis of the structure and dynamics of revenues and expenditures of the budget system; directions for improving the domestic tax policy and the policy of budget expenditures to stimulate economic growth are proposed; the main problems are identified and the ways of improving the debt policy of Ukraine in the conditions of European integration are substantiated; the expediency of using modern digital technologies to improve the fiscal policy of Ukraine is argued. Practical value. The results of the conducted research on the formation and implementation of fiscal policy in the conditions of the expansion of digital technologies will help the government of Ukraine to transform the policy in the field of taxes, budget expenditures, and public debt into the main tool for ensuring the country's development in the conditions of strengthening the processes of European integration. Key words: fiscal policy, taxes, budget expenditures, public debt, participatory budget, electronic services, Prozoro, public procurement, digital economy.

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The article reveals the essence of innovative blockchain technology and the features of its application in the management of financial processes in the country. The positive effects of the introduction of this technology in the field of public finance have been determined, in particular: it allows to improve the quality of control over monetary transactions, ensures information transparency and security of financial relations, reduces or eliminates transaction costs, creates a high level of trust in the participants of agreements, provides quick access to the database on financial transactions, etc. The following promising areas of application of blockchain technology in the public finance system are substantiated: the mechanism of public procurement, management of state investments and assets, improvement of state registers, public administration, state financial control, payment of certain taxes and fees, increase in the level of financial security of the country. The use of blockchain technology in public administration for the organization of electronic document flow and the formation of various registers to overcome corruption is argued. The prospects for the introduction of this platform in the field of state financial control are outlined to increase its transparency, and effectiveness and increase public trust in government institutions. It is proposed to expand the application of blockchain technology in the domestic taxation system, in particular, to improve the mechanism of value-added tax, which will increase the effectiveness of the fight against the use of various schemes for evading its payment. To create a favorable investment climate and attract capital investments in the country's strategic industries, the expediency of introducing the blockchain platform into the system of protection of foreign direct investments in the national economy has been substantiated.