Transformation of Public Finance of the Eurasian Economic Union Member States in the Context of the COVID-19 Pandemic

N.G. Vovchenko, O.B. Ivanova, A.F. Khapilin, S.A. Khapilin, E.D. Kostoglodova, A.I. Borlakova
International Journal of Economics and Business Administration, Volume VIII, Issue 4, 796-806, 2020
DOI: 10.35808/ijeba/629


Purpose: The article sets the following objectives: considering the economic nature of the current crisis, its differences from the economic crises observed in the past few decades, the measures taken by the member states of the Eurasian Economic Union to fight coronavirus infection and the directions for improving financial, budgetary, tax , customs regulation in crisis conditions. Design/Methodology/Approach: Right after the start of the coronavirus pandemic, most countries of the world have implemented a similar set of measures to minimize its negative consequences. The article examines the financial and credit instruments used in world practice to stabilize the socio-economic situation and eliminate the consequences of the COVID-19 pandemic, the possibilities and limitations of their use by the Eurasian Economic Union (EAEU) member states. Findings: Overcoming the consequences of the economic crisis caused by the coronavirus pandemic and ensuring the economic growth of the EAEU member states is possible through the deepening of integration processes within the EAEU and the Shanghai Cooperation Organization (SCO), the creation of the necessary conditions for the digitalization of foreign and mutual trade of the EAEU member states, changes in the current monetary policy its close coordination within the framework of resolving the issue of developing the internal financial market of the EAEU. Practical Implications: The practical implementation of the proposed approaches will minimize the negative consequences of the economic crisis caused by the COVID-19 pandemic for the EEU member states. Originality/Value: The rapidly changing macroeconomic and financial situation has a negative impact on the state of public finances around the world, which requires taking newly emerging fiscal risks into account and developing economic and financial measures to eliminate the consequences of the COVID-19 pandemic. Coronavirus infection has led to a disruption in the activity of certain sectors of the economy, a decrease in the final demand for manufactured products and / or services, a disruption of inter-industry relationships and production chains.

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