APPROACH TO EVALUATION OF TOOLS FOR THE FORMATION OF GROSS EXTERNAL DEBT

Abstract

In modern conditions, it is necessary to implement an effective state policy of debt management in order to obtain the highest effect from borrowed funds and avoid the problems of deterioration of macroeconomic stability.  Accelerating the pace of initiated reforms, as well as improving the state debt policy should ensure economic growth and a high level of social living standards. The article examines the approach to evaluating instruments for the formation of gross external debt with the aim of diversifying the level of economic security of the state component of borrowing. The data on the structure of the total foreign debt of Ukraine were analyzed. The results of the analysis of the dynamics of the volume of the external debt burden and the determination of the level of its servicing indicate that most of the trends identified are those inherent in most countries of the world that were affected by global factors - economic crises, pandemics or military conflicts. Measurement of the existing properties of external public debt was carried out using indicators of the country's debt security. In the process of component analysis, implicit, not directly measurable, but objectively existing regularities caused by the action of both internal and external factors were revealed. The expediency of introducing an effective public debt management policy was emphasized. The main reasons for the unstable debt situation in Ukraine are the chronic deficit of the state budget and the inefficient use of borrowed funds. In today's conditions of active military operations and the decline of economic processes, the declared goals can be achieved not only by the verified application of traditional methods of managing external public debt. To reduce the created and optimize the new debt load, Ukraine should turn to non-traditional forms and methods of interaction with foreign creditors, as well as use non-standard instruments of financial and credit relations at the intergovernmental level.