Hanna Kotina

The challenges of crisis phenomena can lead to a radical transformation in the stance of public finance and affect the opportunities for economic development. Since the instruments of fiscal adjustment directly determine the solvency and stability of public finances, in these conditions they require special attention. The purpose of the paper is to investigate and assess the correspondence between fiscal solvency, fiscal limitations, and socioeconomic development of Ukraine in a crisis and recovery policy based on compliance with fiscal rules. Empirical studies have not revealed a strong direct correspondence between fiscal solvency, debt security, and socioeconomic development. But at the same time, the implementation or approaching the implementation of fiscal rules has a positive effect on the level of socio-economic development only in conditions of macroeconomic stability, therefore, in a crisis, it is very important not to tighten fiscal rules too early. However, data from the post-crisis policy of Ukraine (2011, 2015, 2021) indicate that incentive measures were prematurely curtailed.

Type of the article: Research Article

Abstract
The relevance of this study derives from the strategic role of international public procurement in Ukraine’s public finance system and its critical importance for post-war reconstruction. The purpose is to assess how the transformation of Ukraine’s procurement through institutional convergence with the EU acquis, a shift toward public-value creation, and readiness for value-oriented recovery affects its effectiveness under wartime conditions. The methodology combines a systemic and comparative approach with historical-institutional analysis and regulatory examination, drawing on more than forty Ukrainian legal acts, EU directives, OECD and Transparency International reports, and procurement data from ProZorro and TED for 2019–2025. Quantitative evidence indicates a marked increase in international donor financing, rising from €1.1 million in 2019 to €20.2 million in 2025, signaling intensified support for reconstruction and institutional alignment. The results indicate that institutional convergence, public value creation, and recovery readiness operate as mutually reinforcing processes. The findings partially confirm all three hypotheses: convergence enhances transparency, competition, and public trust; value transformation is reflected in procurement’s evolution from a procedural function to a mechanism integrating economic, social, and innovation objectives; and readiness for value-driven reconstruction depends on combining accelerated procedures with legality, integrity, and digital oversight. The study concludes that further advancement requires sustained digitalization, professionalization, and continued adherence to EU standards.