MANAGEMENT OF THE PUBLIC DEBT OF UKRAINE: STATUS AND PROSPECTS

Abstract

The article is devoted to the study of the management of the public debt of Ukraine. The main approaches to the interpretation of the concepts of “public debt” and “public debt management” are considered. It was found that the economic essence of the state debt consists in determining the economic relations of the country as such, to whom it is lent to those who lend, that is, its creditors, for the redistribution of part of the value of GDP on the terms of return, repayment and maturity. The dynamics and structure of the state debt of Ukraine for 2009–2023 as an important component of state finances were studied, trends and specific features of the formation of the state debt were revealed, and the conceptual principles for improving the mechanism of state debt management and its maintenance under martial law conditions were substantiated. The dynamics of the state debt in relation to GDP for 2009–2023 were analyzed. The trend towards an increase in Ukraine’s debt obligations in the period 2022–2023 was revealed. It was established that state borrowing is considered a source of investment, a means of reducing the impact of the negative consequences of the budget deficit, as well as is an effective tool that contributes to the acceleration of the growth of the country’s economic potential. It was established that despite the support of Ukraine from Western countries, the country’s government still needs international financial assistance. The international experience of settling debt problems in other countries is summarized. The expediency of using specific tools in the process of public debt management at the current stage of the functioning of the Ukrainian economy, as well as in the post-war period, based on international experience, is substantiated. It was determined that the state’s debt policy is of great importance for ensuring the economic stability and development of the country. Effective public debt management helps prevent crises and ensure financial stability, and also gives the government more leverage to respond to economic challenges, which is especially relevant for Ukraine’s war-torn economy. Forecasting of the levels of the country’s public debt for the future has been carried out.