ЗАБЕЗПЕЧЕННЯ БОРГОВОЇ СТІЙКОТІ ДЕРЖАВИ В СУЧАСНИХ УМОВАХ

Abstract

The paper aimed at researching the state's debt sustainability, assessing its condition and developing ways to improve it in current conditions characterized by a significant level of uncertainty and risk. The study emphasizes that the state's debt sustainability largely depends on the level of its debt and budget security. Emphasis was placed on the necessity and importance of ensuring the debt sustainability of the state in the modern conditions of uncertainty and risk caused by the war of the Russian Federation against Ukraine and the global economic recession. Such threats significantly affect the lowering of the country's debt sustainability level and contribute to the formation of serious threats to national security. Moreover, Ukraine had a significant amount of public debt before the start of armed aggression, and after the start of the active phase of the war, this level only increased at a very fast pace which is a significant threat to the financial and national security of Ukraine. Accordingly, the assessment of the state's debt sustainability level will allow for an assessment of the main threats to the country in the future. Therefore, it was proposed to carry out an analysis of the state's debt sustainability by assessing the state of debt and budget security. The expediency of using the selected methodology for calculating debt and budget security indicators is substantiated. This technique involves the calculation of individual indicators and the overall indicator of budget security and the calculation of individual indicators and the overall indicator of debt security. As a result of the use of this methodology, an assessment of the state of the state's budget security and state debt security was made. Corresponding conclusions have been made, which provide for the identification of the main threats to ensure the budgetary and debt security of the state. Based on the results of the analysis, the paper developed proposals to strengthen the state's debt and budget security, which will contribute to ensuring its debt sustainability in current conditions characterized by a significant level of uncertainty and risk.