Restrictions of Financing the Budget Deficit of Ukraine

The article deals with the need to minimize the impact of “withdrawal capital” to finance the budget deficit of Ukraine. It is proved that a large amount of “withdrawal capital” increases of the threat of inefficient provision of the balance of payments, does not encourage a close relationship of legal and illegal financial flows, does not allow to determine the actual destination of mobilized resources and their ability to finance the budget deficit. The fiscal policy as an instrument of redistribution of GDP in the short run is a macroeconomic stabilizer of counter inflation in the long period - stabilizer of legislative changes in the taxes and fiscal transfers to help vulnerable populations. The budget debt management policy should be seen as an activity of the state as the borrower and the guarantor of its obligations, including the coordination of objectives and methods to reduce the debt burden in the budget of Ukrain