IMPLEMENTATION OF FOREIGN EXPERIENCE OF FINANCIAL PLANNING OF UKRAINE'S PUBLIC SECTOR ENTITIES

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РОЗДІЛ 7. ГРОШІ, ФІНАНСИ І КРЕДИТThe article is devoted to pragmatic aspects of Ukraine's state debt policy at modern stage.It is argued that extremely high dependence of Ukrainian state on external debt financing is determined by outright "failures" of economic policy, inability to create conditions for business development and, as a consequence, problems in budgetary and fiscal policy.Many years of attempts to create effective mechanisms of capital accumulation in domestic market have been largely unsuccessful, which in times of crisis forces Ukraine to place financial instruments on the foreign market again.It is established that the problem of state debt policy in Ukrainian realities has a significant political component.This is especially true for our country's interaction with international financial institutions.It is this aspect of Ukraine's state borrowing that is the subject of intense debate and is not perceived by large portion of Ukraine's population.In terms of public finances, 2019-2021 is a period of extremely high pressure due to the need for significant payments.In such circumstances, the question arises of the possibility of the state to reduce its dependence on external borrowing.It is emphasized that the solution of the problems of the government debt policy depends not only on the effectiveness of debt management, but also to a great extent on the promotion of economic reforms in our country.Number of measures aimed at improving of the system of state debt management in Ukraine are justified.In particular, the state should pay particular attention to the currency structure of borrowings, which will avoid additional risks to the hryvnia exchange rate and other macro indicators оf Ukraine.Also worthy of note are proposals aimed at improving of mechanisms of funds' use raised in the debt market.A separate aspect of the problem is stimulation of demand for government securities in domestic market, including by households.In the context of debt risk management, particular attention should be paid to the possibility of using derivative financial instruments, which will influence the cost of borrowing.

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