THE ROLE OF STATE EXTERNAL DEBT IN THE FORMATION OF THE STATE BUDGET OF UKRAINE UNDER THE CONDITIONS OF THE MARITAL STATE
Abstract
The purpose of the article is to determine the peculiarities of using the external public debt in the budget policy of Ukraine under martial law. The relevance of the research topic is related to the fact that effective management of external public debt will ensure optimisation of its size and reduce the negative consequences of its growth for the state budget and the economy as a whole. The publication is devoted to the topical issues of attracting the resources necessary to cover the deficit of the State Budget of Ukraine under martial law. The paper identifies the positive and negative consequences of the accumulation of public debt. It reveals the main directions of implementation of the state debt policy. It also considers the current state of the State Budget of Ukraine, the level of its deficit and the sources of coverage, which can be used to compensate for it. The study pays attention to the impact of the level of public debt on the state budget of the country in 2022-2023. The analysis of the state external debt and debt burden is carried out, which revealed trends in the growth of these indicators during the war. The analysis of Ukraine's international reserves showed that their amount is increasing, which is a positive development in terms of ensuring the country's financial stability. The expected further increase in external borrowing in the coming years, driven both by the need to finance the war effort and the country's further recovery, necessitates improvements in the country's debt policy. Further steps to improve the efficiency of the country's external debt management, taking into account the need to ensure the stability of the state budget, have been identified. These steps include: expanding the tax base, improving the efficiency of certain categories of state budget expenditures, restructuring foreign debt; ensuring the effective operation of the State Debt Management Agency of Ukraine; and securing funds from the aggressor as part of reparations and seized assets through cooperation with international institutions and foreign countries.
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