Effective Public Debt Administration as a Tool for Ensuring Ukraine’s Sustainable Development

The article explores the current challenges of public debt management in Ukraine amid increasing global financial instability, transformations in the world economy, and intensifying geopolitical competition. It is substantiated that public debt management today holds not only fiscal but also strategic significance, as it determines the country’s ability to achieve sustainable development goals, maintain economic sovereignty, ensure budgetary balance, and promote social stability.The methodological foundation of the study is a systems approach, which enabled the consideration of public debt management as an integral part of the interconnected economic system. The historical-logical method facilitated the analysis of the evolution of theoretical approaches to public borrowing. The method of retrospective interpretation was applied to examine the development of public debt management approaches, allowing for a critical assessment of past practices and their impact on economic security, sovereignty, and Ukraine’s prospects for sustainable development. Comparative analysis made it possible to examine both the positive and negative experiences of various countries in attracting and servicing debt — from financing infrastructure and modernization projects to falling into debt traps and facing financial crises.Particular attention is given to the complexity of directly comparing debt indicators between reserve currency-issuing countries (such as the USA, Japan, and Eurozone countries), which possess significant monetary and institutional advantages, and underdeveloped economies that are more vulnerable to external pressure. Ukraine’s external debt problem is considered through the lens of Immanuel Wallerstein’s world-systems analysis, which interprets debt dependency as a mechanism for deepening global inequality.The study assesses the structure, sources, cost, and dynamics of Ukraine’s public debt and analyzes the main indicators of debt burden — the ratio of debt to GDP, budget revenues, and exports. Key risks of debt instability and related political and social consequences are identified, including increased external influence, limitations on financing essential public needs, and reduced investment attractiveness.The article proposes conceptual principles for enhancing the effectiveness of debt management as a tool for supporting an innovation- and investment-oriented model of economic reproduction. It emphasizes that, under conditions of adequate institutional capacity, transparency in borrowing, public oversight, and orientation toward strategic goals, public debt can serve not as a burden but as a resource for development. Such a model should be based on strategic planning, fiscal responsibility, professionalism, and accountability of public authorities.There is a pressing need for comprehensive reform of the current public debt management system, taking into account the current challenges and national priorities. Effective debt obligation management should become an integral part of a comprehensive national development strategy aimed at reducing external dependency, enhancing economic competitiveness, and ensuring its innovation-driven and self-sufficient character.