Budgetary system of Ukraine: a new reality and global challenges

Introduction. In the context of a structural crisis, the budgetary system is an effective instrument for regulating social and economic processes and forming socially-oriented society. Under the conditions of global challenges, assistance from international financial institutions cannot solve the problem of execution of the revenue side of the budget. Thus, it is important to undertake significant economic reforms are needed, which will be a basis to improve and strengthen the budgetary system. The purpose of the article is to suggest an algorithm of necessary changes based on a new industrialisation and new social society. Results. The budgetary system must develop in unity with the economic system, which is required for it to be sustai-nable, effective and balanced. In the nearest time the economic system must be technologically reequipped, and upgraded. New institutions and new socially developed society should be the basis of such reforms. Conclusions. To meet the challenges in the context of the structural crises of the developed countries' economies, the budgetary system of Ukraine should form new institutions of economic development, be focused on economic growth rather than on assistance from international financial institutions.