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Assessing the Current State of Public Debt of Ukraine
Shushkova Y. V., Baskova Y. S.

Shushkova, Yuliia V., and Baskova, Yuliia S. (2022) “Assessing the Current State of Public Debt of Ukraine.” Business Inform 11:177–183.
https://doi.org/10.32983/2222-4459-2022-11-177-183

Section: Finance, Money Circulation and Credit

UDC 336.2

Abstract:
The article is concerned with assessing the current state of public debt and the State-guaranteed debt of Ukraine, their essence is considered and the dynamics for the period 2017-2021 are analyzed. It is noted that public debt is the result of the movement of borrowed capital, which has a significant impact on the state of public finances, the investment climate, money circulation, and the development of international cooperation. It is determined that a significant amount of public debt, which was formed during the period of Ukrainian independence, negatively affects the economic situation in the country, and debt servicing creates a burden on the State budget. At the moment, the debt policy needs to find improved ways to attract credit funds and identify effective ways to use them to better the financial situation and strengthen Ukraine’s economy. The article defines the structure of the State debt of Ukraine in terms of foreign currencies. It is proved that the debt mostly consists of borrowings denominated in foreign currencies. An analysis of both the public and the State-guaranteed debt by type of interest rates during the analyzed period was carried out and it was noted that borrowings include a significant share of debt instruments with a fixed rate. The structure of the public debt by type of creditor during 2017-2021 is presented. It is proved that issued securities in the domestic and foreign markets occupy the largest share in the structure of the debt. The economic essence of domestic and foreign government bonds is defined. Domestic government bonds (OVDPs), which are in circulation at nominal depreciation value during 2017-2021, are considered in terms of foreign currencies and owners. Based on the carried out analysis, the main reasons that led to the growth of the volume of both the public and the State-guaranteed debt in Ukraine and the directions of their optimization in public debt management are identified.

Keywords: public debt, domestic debt, external debt, the State-guaranteed debt, domestic government bonds, foreign government bonds.

Fig.: 2. Tabl.: 4. Bibl.: 11.

Shushkova Yuliia V. – Doctor of Sciences (Economics), Professor, Professor, Department of Financial Management, Ivan Franko National University of Lviv (1 Unіversytetska Str., Lvіv, 79001, Ukraine)
Email: [email protected]
Baskova Yuliia S. – Master, Ivan Franko National University of Lviv (1 Unіversytetska Str., Lvіv, 79001, Ukraine)
Email: [email protected]

List of references in article

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Ofitsiinyi sait Natsionalnoho banku Ukrainy. https://bank.gov.ua/
Zarutska, O. P. “Oblihatsii vnutrishnikh derzhavnykh pozyk v Ukraini: osoblyvosti tsinoutvorennia v umovakh nedoskonaloho rynku“ [Bonds of Internal State Loan in Ukraine: Specifics of Pricing in Imperfect Market]. Ukrainskyi sotsium. 2018. https://ukr-socium.org.ua/wp-content/uploads/2018/01/74-94__no-1__vol-64__2018__UKR.pdf
[Legal Act of Ukraine] (2006). https://zakon.rada.gov.ua/laws/show/3480-15#Text
Vovk, O. M., and Mazur, A. M. “Analiz zdiisnennia derzhavnykh zapozychen v Ukraini“ [Analysis of the Implementation of Government Borrowing in Ukraine]. Ekonomichnyi analiz. 2015. https://www.econa.org.ua/index.php/econa/article/view/880

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