MANAGEMENT OF UKRAINE’S PUBLIC DEBT IN MODERN CONDITIONS AS THE BASIS OF THE STATE'S FISCAL POLICY

The article provides a detailed analysis of the state of Ukraine’s public and state-guaranteed debt and the effectiveness of its management in today's difficult conditions. The concept of “Public Debt” is considered in accordance with the current legislation of Ukraine and an explanation of its general structure is provided, namely the internal and external components of the debt. The interpretation of the concept of “Public Debt Management” is highlighted. The main reasons for the growth of public debt in Ukraine are summarized. The activities of the Ministry of Finance of Ukraine regarding public and state-guaranteed debt are analyzed and the medium-term public debt management strategy developed by it for 2024–2026, which is being implemented in the context of Russia’s full-scale invasion of the territory of Ukraine, is considered. The structure and dynamics of Ukraine’s public debt over the past 5 years, namely 2020–2024, are studied and analyzed. As part of the analysis, both public and state-guaranteed debt, as well as indicators of external and internal debt separately, were analyzed. The shares of domestic and external debt in the total amount of Ukraine’s public debt were determined. The types of international financial assistance that have the greatest impact on Ukraine's external public debt were summarized. In addition, during the work, the growth rate of Ukraine’s public debt was analyzed, and at the same time, the growth rates of domestic and external public debt were analyzed. The public and state-guaranteed debt of Ukraine was also characterized by currency as of the end of 2024. As one of the main indicators in the analysis of public debt, data on the comparison of the principal amount of public debt to the actual annual volume of GDP were provided. As part of the analysis, a number of problems were identified that the Ukrainian economy is currently facing due to the constant growth of public debt. The measures that the public debt management policy should implement to stabilize the economic situation in Ukraine for both domestic and external debt were summarized.