The enhancement of Ukraine's public debt management instruments within the context of a war economy

Анотація

Abstract. Assessing the current state of public debt is the basis for forming an effective debt policy, which should be focused on ensuring macroeconomic stability and promoting the social welfare of the population. The relevance of the issue of public debt growth goes beyond theoretical discourse, also covering the practical dimension—the sphere of economic management. The use of analytical instruments for the evaluation of public debt constitutes a pivotal element in enhancing the efficacy of debt management, ensuring the sustainability of public finances, and forming a long-term economic development strategy within a war economy. The study, conducted between 2019 and 2024, confirms the prevailing trend of augmented debt and budget deficit to GDP in the context of armed conflict. In such circumstances, the systematic analysis of debt obligations assumes particular importance during wartime, when the economy is operating under extreme stress. This analysis facilitates not only the timely identification and minimization of fiscal risks, but also the rational use of available financial resources to stimulate economic growth. The purpose of the present article is to assess the current state of public debt and the tools for managing it in a state of martial law. The object of the study is the process of assessing public debt. The following general scientific theoretical methods were used in the course of the study: system analysis – to identify the main criteria for the study; the method of induction – at the stage of collecting, systematizing, and processing information for the study; the method of deduction – in the process of studying theoretical problems; abstract-logical method – to make theoretical generalizations and conclusions regarding the problems of Ukraine's public debt management in wartime. The practical value of the results obtained lies in establishing the main directions of public debt management, which will minimize risks and maximize the use of available resources and opportunities for post-war economic development and improving the standard of living of the population.

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