Purpose – to analyze the current state of risk management in Public Finance System of Ukraine and prefer recommendations for its improvement.

Research methodology – the structural-functional method (for revealing the influence mechanism of public finance risks on main indicators of Public Finance System), the comparison method (for comparing the main indicators of Public Finance System between Ukraine and other countries).

Findings – recommendations for reducing of public finance risks will provide the budget with reliable sources of in-comes, optimize the structure of government spending, and improve the budget process in order to create conditions for enhancing the quality and efficiency of budget decisions.

Research limitations – some risks are only of a qualitative nature and cannot be measured to analyze the impact of risks on the main indicators of Public Finance System.

Practical implications – improvement of a risk-oriented method in Public Finance System under global challenges is an effective method of developing the existing Public Finance Management in Ukraine.

Originality/Value – risk management in Public Finance system under global challenges is a new stage of comprehen-sive relations which opens the way for further progressive reforms. A great importance is to use the experience of risk management measures gained by EU states, but also taking into account the peculiarities of socio-economic situation in Ukraine.

https://doi.org/10.3846/cibmee.2021.622