Modern financial science pays considerable attention to the study of the impact of fiscal policy on social development. The quality and timeliness of decision-making on the formation and implementation of budget policy affect the balance of public finances, the level of effectiveness of state regulation of socio-economic processes. Budgetary policy affects the effectiveness of financial and economic transformations in the public finance system, provides financing for the structural restructuring of the economy, stimulating the development of its priority sectors, accelerating the intensification of production and the level of development of society.

The article focuses on the importance of public finance in a market economy, reflects the essence of the reforms carried out by the government of developed foreign countries in the field of improving the efficiency of public finance management at the current stage of the economy, analyzes the results of the rating conducted by international financial organizations in the field of openness of budget indicators. The analysis showed that the promising foreign experience in public finance management is the active introduction of results-based budgeting, the development of a model for evaluating the effectiveness of public finance management, the formation of fiscal rules, improving budget planning, increasing budget transparency, etc.