Delegation of authority in the field of financial activity as a factor of socio-economic development

Abstract

The article substantiates the application of the system of delegation of authority in the field of financial activity. Delegation of powers of public authorities to private entities is a common practice in a number of foreign countries, and has long been practiced in the field of business management. Delegation of authority can successfully develop those areas of the economy that are currently most affected by bureaucracy and related negative processes (formalism, corruption, complex and lengthy approval processes, obtaining permits, etc.). It seems that the delegation of certain powers in the budget sphere can significantly increase the efficiency, effectiveness and speed of achieving results by budget recipients, as well as provide a number of other advantages. Two main ways of implementing the delegation of powers in the field of financial activity, which can be carried out both jointly and independently of each other, are proposed: the conclusion of public contracts, as well as the establishment of the institute of parapublic organizations.