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The article is devoted to the implementation of international standards of statistical reporting on public finances in terms of harmonization of methodological approaches to determining the fiscal balance. The presence of statistical reporting on public finances, harmonized with international standards, allows us to ensure the appropriate level of transparency in the fiscal sphere, to make relevant international comparisons, to ensure proper monitoring of compliance with balance and debt fiscal rules etc. The authors summarize the EU and the IMF recommendations on adjusting national indicators of revenue and expenditure of the general government sector to bring them to the requirements of the international statistical reporting standards ESA 2010 and GFSM 2014. National approaches to compiling statistical reports on public finances have been analyzed,and the problems of their harmonization with international standards, in particular regarding the integrity of reporting and the level of coverage of subjects of the general government sector have been also summarized . The article deals with the problematic issues of identifying the boundaries of the general government sector in the world and domestic practice. The authors present the results of comparing statistical indicators of public finances of Ukraine, compiled in accordance with the current system of statistical reporting and in accordance with the requirements of international standards. Proposals to adjust the revenues and expenditures of the consolidated budget of Ukraine in order to ensure the possibility of calculating the fiscal balance in accordance with the requirements of international standards are also presented by the authors in this article. The authors evaluated the harmonized with the international standards fiscal balance of Ukraine for the period 20122019. Based on the results of this assessment, it has been concluded that the size of the public finance deficit, which is determined by national approaches, is significantly higher than the size of the deficit determined by international standards rules. Such divergences may cause the errors in assessing the macroeconomic effects of fiscal policy and may result in insufficiently substantiated policy decisions. K e y w o r d s : general government sector , deficit, ESA 2010, GFSM 2014, budget classification . JEL classification: E62, H61, H83.

Estimation of Ukraine’s fiscal balance in compliance with ESA-2010 and GFSM-2014 international standards