STRUCTURE, DYNAMICS AND CURRENT TRENDS OF UKRAINE'S EXTERNAL GOVERNMENT DEBT
Abstract
The public debt management is an important element of sustainable economic growth. The purpose of the paper is to analyze current trends in public and state-guaranteed debt of Ukraine and identify the main shortcomings of the country's debt policy. Particular attention is paid to the study of the current state and trends of external debt, as it forms the basis of Ukraine's public debt in all years. Its structure includes loans from international financial organizations, foreign governments, foreign government bonds, commercial loans. The article is devoted to assessing the pressure of public external debt on the economy of Ukraine. The subject of the study is the external public debt and its characteristics in the context of ensuring financial stability and economic development in Ukraine. The following methods were used in the study: analytical, statistical and logical, structural-factorial and comparative. The main risks that may arise from inefficient management of external debt are described. The tendencies of its share in the gross domestic product are determined, the structure of the external public debt of Ukraine during 2016 - 2020 by types of creditors and borrowers, by types of repayment currencies, by forty repayments is analyzed. External debt is compared with other macroeconomic indicators to assess the debt burden on the economy. The main trends of Ukraine's debt security are described, for example: the ratio of debt service payments to revenues and GDP, the ratio of debt to exports, the ratio of debt to budget revenues, the ratio of debt to GDP, the ratio of short-term debt to total public debt. The degree of Ukraine's dependence on loans from international financial and credit organizations has been studied. The main weaknesses of the government's debt policy that negatively affect Ukraine's credit rating have been identified, as a result of which further growth of the external public debt may significantly slow down the growth rate of Ukraine's economy. The analysis shows the presence of both positive and negative trends in public debt management. However, Ukraine still has a low level of debt security, which requires finding effective methods of public debt management.
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