FOREIGN EXPERIENCE OF PUBLIC DEBT MANAGEMENT AND POSSIBILITIES OF ITS ADAPTATION IN UKRAINE

Abstract

Introduction At present, Ukraine has a significant external public debt and the tendency is for it to grow steadily. Therefore, the priority task for the authorities should be to implement an effective public debt management strategy based on international experience. The aim of this article is to examine foreign approaches to external public debt management, to study international experience in public debt management and to develop practical recommendations for the improvement of the country's public debt management. Methods. The theoretical and methodological basis of the article are theoretical developments of leading modern domestic and foreign scholars on the international experience of external public debt management. The paper uses both general and special research methods, namely: system analysis, dialectical cognition, comparison, synthesis, theoretical generalisation, the method of induction and deduction, and logical generalisation. Results. The article presents the results of a study of foreign experience in public debt management and notes that the modern world economy is debt-driven, which consists in increasing consumer demand through the use of various levers of a credit nature. The experience of various foreign countries shows that even a high debt burden may not be critical for the country and its economy. As the study shows, the experience of the United States and Japan is useful for Ukraine and shows that a high level of public debt can be transformed into certain incentives for the country's economy to develop its innovation and investment activities, as well as allow the country to develop priority areas. Russia's full-scale military aggression on the territory of Ukraine has led to an increase in the volume of domestic and foreign currency debt. The military actions affected the structure of guaranteed public debt. Conclusion. It is established that in order to secure the situation in the field of public debt management and servicing, it is necessary to define the main provisions of the State debt policy, namely: to ensure the creation of a new debt strategy clearly defining all elements; to apply a series of measures aimed at maintaining the optimal ratio between the volume of public debt and GDP; to optimise the structure of the country's public debt; to create a programme of debt restructuring: to review the terms of debt obligations, maturity and interest rates.