SOURCES OF FUNDING FOR INNOVATIVE PROJECTS AND PROGRAMS IN THE BUDGETARY SPHERE

The subject of research is the theoretical and practical issues of financial support for innovative projects and programs in the budgetary sphere. The article purpose is to investigate the sources of funding for innovative projects and programs implemented in the budgetary sphere in Ukraine, their types, advantages and disadvantages, as well as their structure analysis by the example of «Public Finance Modernization Project.» Research methods. Methodological and theoretical basis of the research consists of the works of foreign and national scholars. It is used methods of analysis and synthesis, methods of generalization and comparison. Results of the work. Complex research and comparative description of the sources of financing for innovative projects and programs in the budgetary sphere in Ukraine are conducted in the article. The advantages and disadvantages of certain types of funding sources are identified. The sources of funding for «Public Finance Modernization Project» are analyzed. Scope of results. Fiscal policy. Budget management. Public financial management system. Innovation policy. Conclusions. Sources of funding for innovative projects and programs are divided into four main groups: budgetary sources of funding, credit financing, investment sources of funding, grant funding, having their advantages and disadvantages. In the Ukrainian practice, funding for innovative projects and programs most often occurs on cofinancing-terms (from the state or local budgets, as well as loans from international financial institutions and/or grants). But, nevertheless, in the present conditions of economic development, financing has become a major source of funding for innovative projects and programs in the budgetary sphere. The selection and rationalization of sources of funding have a significant impact on the success of projects and programs, and depends on many factors. Therefore, the selection of one or another source of funding, depending on the innovative project life cycle and the level of socio-economic development of the state is the prospect of further research.