FEATURES OF THE PUBLIC DEBT MANAGEMENT OF UKRAINE BEFORE AND AFTER THE IMPLEMENTATION OF MARITAL STATUS

Abstract

Abstract. The article investigates the issue of strengthening the financial security of the state, in particular by improving the management of the state debt and the state budget deficit as one of its main components. The dynamics of attracting foreign and domestic debt capital over the past five years are analyzed with details for 2021 and 2022 (to demonstrate the difference in approaches in the periods before and after the full-scale invasion of the Russian Federation). The shortcomings of Ukraine’s public debt management are substantiated, regardless of the depth of the crisis situation, which permanently weakens the level of financial security of the state. The facts of violations of the current legislation during the planning of the annual indicators of the aggregate state debt and the state budget deficit were revealed, which creates precedents of «manual» (subjective) management and increases the likelihood of budgetary and fiscal risks. Measures are proposed to improve the implementation of the budget and debt policy of the state, in particular by ending the illegal practice of suspending the norms of the Budget Code of Ukraine by laws on the State Budget, developing mechanisms for the use of instruments of domestic state loan bonds and military bonds, technologies for establishing the priority of budget expenditures, methods of financing innovative developments, strengthening fulfilling the requirements of the largest financial partners and external creditors of the state budget (the International Monetary Fund, the World Bank, and others), as well as expanding the list of tools to prevent a decrease in the level of financial security of the state and territorial communities (including the introduction of municipal bonds).