State Credit and its Role in the Formation of Budget Revenues Under Martial Law Conditions

The article examines the main approaches to defining the concept of «state credit». It analyses the latest trends in Ukraine's total debt to both domestic and external creditors. The sources of state debt coverage and the primary methods of its management are identified. The article highlights that in recent years, trends in budget lending in Ukraine have been shaped by a range of depressive factors, including the Anti-Terrorist Operation, the COVID-19 pandemic, the global crisis, and the full-scale Russian invasion in 2022. It concludes that the prospects for the development of budget lending after the end of hostilities will focus on microcredit for businesses, preferential loans for education, and housing for various categories of the population. The need for a balanced strategy and a transparent infrastructure for state borrowing is emphasised. Proposals are offered to stabilise the country's debt security.