Striking a balance between justice and efficiency is an urgent problem of modern social and economic policy. Thus, the aim of this research is to determine the interrelation of categories “justice”, “efficiency” and economic development government ensuring and to suggest ways of their application in the system of public finance management improvement. The paper analyses the main concepts of justice, their development key trends and reveals various points of view on the “justice-efficiency” correlation in different social systems. The hypothesis of unidirectional positive intercorrelation of these categories and economic development is confirmed with the help of classification methods. Within the framework of the “Value for money” concept, an interpretation of efficiency criteria is suggested. The prospectives of introducing dual “equity” criterion and its indicators in the state program-targeted budget planning are observed. Authors also conclude that fair and productive government spending shares can be a criterion for identifying the type of country’s economic development along with financial system efficiency indicators. The article highlights the limitations, such as inflation risk and fiscal dominance long-term negative consequences, which should be taken into account when the efficiency of fair budget policy for sustainable economic development is estimated.