Inna A. Shubenko

The intensification of climate challenges and the need to transition to a low-carbon economy are driving the growing role of green financial instruments. In the European Union countries, a developed system of sustainable finance has been formed, in which green bonds and other financial mechanisms supporting environmentally oriented investments play an important role. For Ukraine, especially in the context of postwar recovery, studying European experience in the use of such instruments is relevant. The aim of the study is to examine the main green financial instruments in the European Union, in particular green bonds, and to substantiate the prospects for their use in the process of Ukraine’s postwar recovery. The study used general scientific and specialized methods: analysis and synthesis – to generalize theoretical approaches to green financing; comparative analysis – to compare the practice of applying sustainable financial instruments in EU countries and in Ukraine; economic-statistical method – to analyze the dynamics of green bond issuance in the EU; method of systematization and generalization – to classify green financial instruments. The article examines the main sustainable financial instruments, including: green loans, environmental taxes, green insurance, green leasing, and green bonds. The article analyzes the development dynamics of the green bond market in EU countries, identifies the role of the regulatory framework, in particular the EU Taxonomy and the European Green Bond Standard. The significance of these instruments for mobilizing investments in energy efficiency projects, renewable energy, and ecological modernization of the economy is substantiated. It has been found that green finance instruments are an important mechanism for ensuring sustainable economic development and can become an efficient source of financing for the postwar reconstruction of Ukraine. The implementation of European standards and the development of the national market of green financial instruments will contribute to attracting investments and integrating Ukraine into the European financial space.

The purpose of the article is to examine the problematic aspects of lending to small and medium-sized enterprises (SMEs) in our country and to determine ways to improve it. It is found that the main creditors of SMEs are deposit corporations (excluding the National Bank of Ukraine): in 2024, the share of SME loans in the total volume of loans to business entities was 63.6%. It is determined that between 2019 and 2024, SME debt steadily increased, except in 2022, which was primarily due to a reduction in the issuance of new loans to entrepreneurs in the first year of the full-scale war. During the analyzed period, a positive trend was observed in issuing SME loans predominantly in the national currency, which minimizes currency risks and ensures the stability of the domestic financial system, especially under martial law conditions. It is further found that interest rates on loans for SMEs remain fairly high, although they are lower than the weighted average interest rate on new loans in the real sector of the economy. The necessity of State financial support for domestic small and medium-sized enterprises, particularly during wartime, has been substantiated. It has been determined that among the State business support programs, the most successful is the State program “Affordable Loans 5–7–9%,” due to its transparent procedures, the participation of nearly all domestic banks, and entrepreneurs’ willingness to work and grow under extremely challenging wartime conditions. It is determined that the program “Affordable Financial Leasing 5–7–9%” is primarily aimed at supporting micro and small enterprises. The important role of international financial institutions in financing domestic small and medium-sized businesses has been emphasized. Alternative models of lending to small and medium-sized enterprises (crowdfunding, P2P lending, microfinance, trade credit, rating platforms, opening a credit line) have been examined, taking into account their advantages and disadvantages. A SWOT analysis of SME lending in Ukraine under martial law has been conducted, considering the strengths and weaknesses of lending to entrepreneurs, potential opportunities, and real threats in the context of the Russian-Ukrainian war. Recommendations for improving the lending system for small and medium-sized enterprises in Ukraine have been proposed.

The aim of the research is to determine the influence of economic and other crises that occurred in Ukraine from 2003 to 2023 on the insurance market by identifying and describing the main crises, analyzing key indicators of the insurance market development. The research objectives include identifying and describing the main economic and other crises that took place in Ukraine during the period from 2003 to 2023. The impact of the crises on the insurance market is examined, taking into account the analysis of the following indicators: gross insurance premiums, gross insurance payouts, and the share of gross insurance premiums in GDP as the main indicators of the state of development of the insurance market. It is outlined how each of the identified crises influenced the insurance market as a whole. To achieve the set objectives, methods of analysis and synthesis, induction and deduction were used in the research, supplemented by methods of economic analysis and specific techniques – both graphical and tabular. It has been surveyed that insurance companies, like other enterprises, are influenced by crisis phenomena, which are reflected in the development of the entire insurance market. Insurance is not a universal means to mitigate crisis situations on a global scale, but rather serves as a tool to address specific problems of individual enterprises or individuals. It is defined that crises have a significant impact on the Ukrainian insurance market, as they reflect issues from both the banking sector and the real economy sector. Over the twenty-year long research period (from 2003 to 2023), the insurance market experienced the global financial crisis of 2008, the national crisis of 2014–2015, the global crisis caused by the world pandemic, and a new crisis related to the russian-Ukrainian war. The most significant decline in the insurance market in Ukraine was observed in 2022–2023, during the first year of the full-scale invasion of the territory of Ukraine by the russian federation. It is found that the penetration rate of insurance into GDP was only 0.5%, while gross premiums were lower than the figures of 2003. In 2023, a slight increase in gross insurance premiums was observed, reaching USD 1249.7 million, but this figure also remained below the level of 2003. It is noteworthy that record payout levels were observed in 2022 and 2023: nearly 37% in 2022 and about 38% in 2023. Thus, we believe that the economic crisis related to the ongoing war has caused the greatest losses for the development of the insurance market in Ukraine, as evidenced by the trend line of gross insurance premiums. It will take a considerable amount of time to recover these indicators, and this will only be possible under the condition of establishing peace in Ukraine.

The main suppliers of credit resources to the today’s market are commercial banks, which for a long time act as the main creditors of both legal entities and individuals. The formation of credit relations occurs in the external environment, which can give rise to completely new risks that the developed credit market has not previously faced. The purpose of the study is to complement the essence of credit risk and consider it not only from the standpoint of the lender, but also the borrower, as well as outline methods for managing it. The main research methods in this publication are methods of scientific abstraction, induction and deduction for a comprehensive consideration of credit risk on the part of both the borrower and the lender; some provisions of the study are supplemented by the method of economic analysis. As a result, it is determined that credit risk is not only a risk of a banking institution, but also a risk of an enterprise, institution, individual who has borrowed a certain amount of funds from a financial institution and has an obligation to repay not only the principal amount of the debt, but also interest for using the borrowed value. It is found that credit risk should be considered as a unity of two concepts: creditor’s risk and borrower’s risk. After all, the borrower as a participant in the credit agreement is significantly influenced by the external environment, which must be taken into account when obtaining a loan. It is determined that in accordance with modern political and economic conditions, a closed system of protection against credit risk should be formed, first of all at the level of the borrower, then at the State level. It has been examined that at the creditor level, banking institutions have a wide range of methods to minimize this risk, while the borrower’s protection against credit risk is just beginning to take shape. Further research in the field of credit risk management of the borrower will concern an in-depth study of the methods of its management and improvement of methods of credit risk management at the State level.

The article aims at studying the current state of Ukraine's national debt and developing directions for its optimization. It is established that the currency component in the structure of Ukraine's national debt is slightly lower than the threshold level for the currency component in the debt structure set by the IMF for developing countries. This structure of Ukraine’s national debt indicates the dependence of the domestic financial system on currency exchange rate fluctuations and the need to increase foreign exchange costs for servicing debt obligations. The amount of debt on loans from international financial organizations and government agencies of foreign countries comprises about a third of the total amount of national and guaranteed debt, indicating significant support Ukraine receives from its international partners, especially from the International Monetary Fund. The currency component in Ukraine’s national and state-guaranteed debt indicates high vulnerability of its financial system to currency shocks. It is established that the structure of Ukraine’s national and state-guaranteed debt by types of interest rates is quite optimistic and indicates a low vulnerability of public finances to interest rate risks. The size of Ukraine’s national and state-guaranteed debt in hryvnia equivalent increased during 2013–2020 by more than 4.4 times, and its growth in USD was quite moderate. It is determined that during 2020 the size of Ukraine’s national and state-guaranteed debt increased by 27.7% in hryvnia equivalent, due to the following situations: financing the state budget deficit; the allocation of funds to combat COVID-19; national currency devaluation, etc. The ratio of national and state-guaranteed debt to GDP, reaching a maximum of 81.0% at the end of 2016, gradually decreased to 50.3% at the end of 2019, which corresponds to the norm established by the national legislation. However, the values of this index for the period under review exceed the threshold level of national debt set by international standards for countries with emerging markets (30-50% of GDP). It is shown that the 2013 2019 period saw a tendency to increase the total cost of repayment and servicing of Ukraine’s national debt, which creates the risk of refinancing national debt, causes additional pressure on the state budget and GDP, and limits Ukraine’s ability to finance its social and economic goals of social development. The main risks for Ukraine’s debt obligations are highlighted, and ways to optimize them are outlined. The need to establish a National Debt Management Agency, the activity of which would help reduce both the debt burden and the cost of public debt servicing, is substantiated.

Однією з перешкод ефективному розвитку банківської діяльності є фінансове шахрайство, що являє собою систему відносин у сфері грошового обігу та фінансових зобов’язань, метою яких є недобросовісне заволодіння фінансовими ресурсами банків і/або їхніх клієнтів шляхом обману або зловживання довірою чи службовим становищем громадян і працівників банківських установ. До того ж недосконала правова система сприяє тому, що в державі продовжують доволі активно реалізовувати різноманітні шахрайські схеми. Забезпечення ефективного функціонування комерційних банків, належного рівня їхньої фінансової безпеки неможливе без формування і впровадження дієвої системи виявлення і запобігання фінансовому шахрайству у банківських установах. Аналізуючи сучасну систему безпеки, необхідно дотримуватися простих правил користування програмним забезпеченням та електронними платіжними системами, які застосовуються в усьому світі. Також визначено способи щодо протидії фінансовому шахрайству загалом та операцій із банківськими картками зокрема, що позитивно позначиться на підвищенні рівня фінансової безпеки комерційних банків.

The publication is aimed at defining problems and directions for improving the program-target method in the healthcare during the reform of this industry sector. The article analyzes the program-target method and its use in the planning of expenditures in the field of healthcare, the process of implementation of budget programs in this sphere in the Zhytomyr region. It is determined that the program-target method is important in the formation of healthcare expenditures, but it can potentially further increase the effectiveness of the distribution of budget funds. Despite the actual reduction of healthcare expenditures in the structure of consolidated budget expenditures, the introduction of the target method has inluenced the rational use of budget funds in the field of healthcare. This indicates the feasibility of this method in the budget process. The problems of the program-target method in the formation of healthcare expenditures are substantiated, the main of which are: the lack of medium- and long-term budget planning, a large number of budget programs, the lack of financial indicators in the system of effective indicators, reducing the level of healthcare expenditures. It is proposed: to introduce medium- and long-term budget planning, which will allow to clearly form the targets and results of budget programs in the field of healthcare for several years and consolidate financial resources for the specified targets; to develop a system of financial indicators within the system of effective indicators, which will be based on the expenditures of budget funds for the patient, to form the prerequisites for saving budget funds.