INTERNATIONAL PRINCIPLES OF IMPLEMENTATION AND METHODOLOGICAL FRAMEWORK FOR EVALUATING THE EFFECTIVENESS OF STATE CREDIT PROGRAMS

Abstract

The purpose of the article is to develop international principles and methodological foundations for ensuring the effectiveness of state credit programmes, with a particular focus on financial and economic additionality as core performance criteria. The relevance of the topic is driven by the expanding role of public credit instruments in supporting economic activity under conditions of heightened macrofinancial uncertainty, fiscal constraints and structural market imperfections, which increase the risk of inefficient allocation of budgetary resources and long-term dependence on state support. The research methodology is based on a comprehensive analytical framework combining systemic and comparative analysis, logical generalisation and structural-functional modelling. These methods are applied to conceptualise state credit programmes as an integrated life-cycle system encompassing the stages of design, implementation, monitoring, evaluation and adjustment. Special attention is paid to identifying causal links between programme objectives, risk-sharing mechanisms, pricing conditions, governance arrangements and measurable outcomes.

The results of the study include the formulation of a set of generalised international principles that define the conditions for achieving both financial additionality, expressed through improved access to credit, risk mitigation and leverage of private financing, and economic additionality, reflected in increased investment, employment, productivity and business resilience. The article demonstrates that effectiveness of state credit programmes depends not on the scale of subsidisation, but on the consistency of their conceptual design throughout the entire life cycle, ensuring alignment between policy objectives, institutional incentives and market signals.

The practical value of the research lies in the proposed conceptual framework of state credit programmes, which can be used as an analytical and operational tool for the design, evaluation and restructuring of public credit schemes. The results provide a methodological basis for improving programme efficiency, limiting crowding-out effects, strengthening fiscal sustainability and embedding state credit instruments into a coherent long-term development policy.