Dependence of a country’s investment attractiveness on the level of debt security: Methodology for the quantitative assessment

The study is aimed at analyzing methods of country’s debt security evaluation, developing methodic approach towards estimating the level of debt security based on the calculation of the integral index, and assessing the level of debt security of CEE countries on the basis of the proposed approach. A method of calculating the integral debt security index of the country is developed, taking into account generally accepted thresholds of indebtedness and solvency indicators and the trend of countries’ increasing dependence on external borrowing. The proposed approach is practically tested in assessing the level of debt security of CEE countries. It is determined that the group of CEE countries is differentiated by the state of indebtedness and solvency. The highest level of debt security is demonstrated by Bulgaria, the Czech Republic and Estonia, the worst situation with the debt security is formed in Slovakia and Slovenia. Based on the analysis of the dynamics of integral debt security indices for 2007–2019, the grouping of CEE countries by the level and zones of debt security, the trends of deterioration of the region’s debt security in 2010–2015 and its improvement in 2016–2019 has been found out. The proposed approach is universal one; it can be used to calculate debt security indices and to provide comparative studies of the debt sector of any country or region. It can also help to identify weaknesses in country’s debt security that is critically important for reasoning the public policy measures to ensure a proper level of debt security.

The purpose of the article is consider in research of statistical methodology for studying regions of the Russian Federation in terms of investment attractiveness. The world practice shows that investment growth ensure the economy growth both at national level and regional level. The maxim is proved by the experience of most countries which have committed in the past decade a sharp spurt in its economic development. This realization has led to the fact that both developed and emerging economies try to attract investment in the economy on a national and regional scale and it is considered as one of the priorities of economic policy In the context of geopolitical instability, deteriorating economic conditions, the weakening of the Russian Federation in the global market need to pay more attention to the investment policy and the attractiveness of the regions. Investment activity and attractiveness of territories today – a reserve of development and real way to achieve strategic objectives. An important factor in the development of regions is their investment attractiveness. Meanwhile, at present there is no method of statistical research of investment attractiveness adapted to regional features. Regions of the Russian Federation have significant differences in investment attractiveness by various factors. The article analyzes factors which influence the inflow of investments in the regions of Russia and identifies groups of regions with similar characteristics of investment attractiveness. Materials and methods. The methods of evaluation of investment attractiveness of territories (regions and cities) are discussed. The reasons for the investment is proposed to be assessed by the production potential of the regional economy, the domestic market of the region, sectoral types of economy (agriculture, extraction of natural resources), and the infrastructure of the region. The methodological basis of the study consists of works on regional statistics, mathematical modeling, and econometrics. Graphic and tabular methods of visualization of research results, statistical methods of analysis of economic phenomena were used. To solve the tasks of the study, application packages SPSS, Statistica were used. Results. This paper provides an analysis of Russia’s investment attractiveness and demonstrates current investment situation in the country. In conclusion, this report addresses key challenges of attracting investment in Russia, clarified the essence of investment attractiveness as an object of statistical research; revealed features of the regions; recommendations on the formation of a system of statistical indicators characterizing the investment attractiveness of the region; identified groups of regions with similar characteristics of investment attractiveness. Conclusion. The article discusses differentiation of Russian regions in their investment activity, analyses the factors led to this differentiation. The heterogeneity of investment space in Russia is one of the features of its economy. High investment attractiveness is a key factor in improving the competitiveness of the country, a significant and sustained financial growth. Identification of regions with similar characteristics of investment attractiveness allows us to develop management solutions adapted to regional characteristics.

The article indicates the impact of investments on the economy of Ukraine and investigates the investment potential in the conditions of a protracted war and the investment attractiveness of Ukraine in the conditions of a prolonged war. The important mechanism for stimulating investment activity, namely state support of the authorities in the form of compensation of a part of the interest rate and provision of state guarantees for loans is considered. Negative factors that significantly affected the process of attracting investments in the development of the economy, namely the development of the country and its economy in the conditions of war, are also presented; lack of protection and state guarantee mechanisms for foreign investments. Nevertheless, the main problems that concern investors when investing in the military economy have been revealed. The article describes why Ukraine remains attractive for investment in the face of a full-scale invasion and its potential in the face of a protracted war. It indicates how to ensure the stable development of investment attractiveness. The platform for potential foreign investors is mentioned, which collects more than 500 investment projects and opportunities in 10 sectors of the economy that have significant investment potential, namely: the defense industry, metallurgy and metal processing, energy, natural resources, agricultural sector, transport infrastructure, manufacturing, woodworking and furniture manufacturing, pharmaceuticals, advanced technologies. It also indicates which sector suffered the least losses from the war and retained 95% of contract volumes. This paper describes what is necessary to ensure the stable development of investment attractiveness. It is stated that Ukraine should reform its economy and improve the business environment by improving the legal system, fighting corruption, ensuring intellectual property rights and promoting entrepreneurship and innovation. Possible ways to attract investments in the conditions of a long-term war are indicated. It analyzes how Ukrainians invest during the war and which investment strategy they choose. It is noted that the agreement with the G7 and the EU on investment guarantees provides for the receipt of long-term and economically beneficial loans from international financial organizations, such as the World Bank, the European Bank for Reconstruction and Development, and the European Investment Bank.

The article deals with the public debt security in accordance with the realities of fiscal policy in Ukraine. There were identified the main disadvantages of the Ukrainian public debt risk assessment system. There was investigated world experience the debt security estimation indicators. Recently the debt security estimation in the conditions of and economic stagnation shows the rapid growth of debt burden, its indicators exceeded the maximum allowable parameters, primarily, due to externalities under the influence of budgetary and currency risksexacerbation. There were offered the main direction of improving the debtmanagement in Ukraine, in particular, to extend and legislate debt security indicators; to develop a unified methodology for assessing debt risk by systematizing a list of debt risk indicators for weighting coefficients, a ball scale, such as a temperature matrix; to use indicators of elasticity in calculating the level of debt security, debt risks; to develop а unified methodology for evaluating and implementing a medium- and long-term risk strategy for managing sovereign debt with the targeting of and debt sustainability determinants and the possible to use the model of financial suppression.

The article deals with the main theoretical approaches to the definition of direct investment. The key advantages and disadvantages of the processes of foreign direct investment movement and the general determinants of attraction of foreign direct investment in the region's economy are determined. In order to analyze the investment climate in the region and make a decision on direct investment in the region's economy, the article analyzes the investment attractiveness of the region, which will determine the effectiveness of investment activity and investment activity in the region, which reflects the intensity of investment activity. It is noted that it is investment activity that determines the level of development of the region. Therefore, the state of production, the level of technical equipment, the possibility of solving social, economic, environmental and other problems at the regional level depends on the efficiency of its factor - regional investment policy. The analysis of the methods of investment attractiveness assessment of the region was carried out and the main objectives of attraction of direct foreign investments in the region were determined. The formation and integrity of domestic normative-legal regulation of the sphere of attraction of foreign investments in the regions is considered. The factors of investment activity of the region are determined and the innovative component of investment activity of the region is allocated. The factors of the investment activity of the region include the magnitude, innovative component of investment activity and the competitiveness of enterprises in the region. The necessary conditions for the scale of investment activity in the region are determined by the expansion of the object base for investment, an increase in the share of investments in the development of drivers, growth points, hubs of the region's economy, an increase in the share of investments that ensure the development and efficient use of human capital in the region; system work on attraction of investments and realization of investment projects. In addition, the conditions of the scale of investment activity of the region are considered in the article.

The circular economy is a prerequisite for the new industrial revolution, because it contributes to achieving maximum economic efficiency in industry and reducing the negative impact on the environment. Its implementation involves a set of measures aimed at the sustainable development of enterprises, the country and society. Introducing the concept of circular economy is an important and necessary step for the development of our country, its integration into the European Union and post-war recovery. The purpose of the study is to identify problems on the path of reorientation of Ukrainian enterprises to the principles of circularity and sustainable development and to develop methods for their rapid adaptation, in particular, taking into account the consequences of European integration and full-scale war. The goals of the research: analysis of the current state of waste management in Ukraine, clarification of the essence and key principles of circularity and sustainable development, identification of the main strategies for the implementation of the circular economy, analysis of the peculiarities of the implementation of circular business models in Ukraine, taking into account the experience of the EU, development of recommendations for rapid adaptation circular business models in conditions of war. The peculiarities of waste management in Ukraine, in particular in the conditions of war, the readiness of companies and resource provision for the introduction of new circular business models are analyzed. The advantages and weaknesses of the implementation of circular principles, the opportunities that open up to enterprises, the positive impact on the economic, social, technological spheres, etc. are characterized. Before the full-scale invasion into Ukraine, most of the factors of the external environment were generally favorable for the implementation of circular economy business models by Ukrainian enterprises: accelerated accession to the EU, commitment to Ukrainian business in the world market, attraction of foreign investments, development of innovative technologies in Ukraine, gradual change in the culture of consumption , increasing consumer trust in "green" brands, increasing the level of social responsibility of enterprises. The amount of waste in Ukraine as a result of military operations as of June 2023 was 12 million tons (excluding temporarily occupied territories): destruction of administrative buildings, private houses, agricultural lands, etc. At the same time, it was stated that the pre-war methods of waste management, which were already ineffective, cannot be used in principle today. Therefore, now more than ever, it is important to promptly and effectively eliminate its consequences, which, on the other hand, is also a potential for the development of the circular economy and the post-war reconstruction of Ukraine.

The circular economy is a prerequisite for the new industrial revolution, because it contributes to achieving maximum economic efficiency in industry and reducing the negative impact on the environment. Its implementation involves a set of measures aimed at the sustainable development of enterprises, the country and society. Introducing the concept of circular economy is an important and necessary step for the development of our country, its integration into the European Union and post-war recovery. The purpose of the study is to identify problems on the path of reorientation of Ukrainian enterprises to the principles of circularity and sustainable development and to develop methods for their rapid adaptation, in particular, taking into account the consequences of European integration and full- scale war. The goals of the research: analysis of the current state of waste management in Ukraine, clarification of the essence and key principles of circularity and sustainable development, identification of the main strategies for the implementation of the circular economy, analysis of the peculiarities of the implementation of circular business models in Ukraine, taking into account the experience of the EU, development of recommendations for rapid adaptation circular business models in conditions of war. The peculiarities of waste management in Ukraine, in particular in the conditions of war, the readiness of companies and resource provision for the introduction of new circular business models are analyzed. The advantages and weaknesses of the implementation of circular principles, the opportunities that open up to enterprises, the positive impact on the economic, social, technological spheres, etc. are characterized. Before the full-scale invasion into Ukraine, most of the factors of the external environment were generally favorable for the implementation of circular economy business models by Ukrainian enterprises: accelerated accession to the EU, commitment to Ukrainian business in the world market, attraction of foreign investments, development of innovative technologies in Ukraine, gradual change in the culture of consumption, increasing consumer trust in “green” brands, increasing the level of social responsibility of enterprises. The amount of waste in Ukraine as a result of military operations as of June 2023 was 12 million tons (excluding temporarily occupied territories): destruction of admini- strative buildings, private houses, agricultural lands, etc. At the same time, it was stated that the pre- war methods of waste management, which were already ineffective, cannot be used in principle today. Therefore, now more than ever, it is important to promptly and effectively eliminate its consequences, which, on the other hand, is also a potential for the development of the circular economy and the post-war reconstruction of Ukraine.

Problem setting. Studying the impact of public debt on economic security is particularly important, as debt burden directly affects a country’s ability to ensure macroeconomic stability, creditworthiness, and social obligations. The global increase in public debt, especially after the global crises – financial, pandemic, and energy – creates additional risks for the stability of national economies. For Ukraine, this problem is exacerbated by the ongoing war, the destruction of economic infrastructure, and significant external borrowing, which are creating critical levels of debt pressure. Studying debt risks in conditions of geopolitical instability is necessary for developing an effective financial security strategy and maintaining investor and donor confidence. Therefore, this study is important at both the national and international levels. Analyses of recent researches and publications. Various aspects of debt policy and financial security of the state have been studied by many economists and lawyers. Romanovskaya Yu. A. analyzed Ukraine’s public debt in wartime. Kirov B. S. studied aspects of public debt formation and debt security. The management of Ukraine’s public debt in special conditions was studied by Krupyak I. Y. and Krupyak L. B. The analysis of the impact of external debt on the financial stability and national economic security of Ukraine was carried out by Pikulina O. V., Ogdansky K. M., and Pikulina N. Y. The purpose of this article is to study the impact of external and internal public debt on the financial security of the state and to identify areas for optimizing debt policy in order to strengthen financial stability. Article’s main body. The article examines the relationship between the level of public debt and the financial security of the state, which is one of the key components of national economic security. It is argued that the growth of public debt, especially external debt, increases the risks of losing economic sovereignty, intensifies fiscal pressure, and limits the possibilities of budgetary policy. It is determined that for Ukraine, which is in a state of war, ensuring debt security through transparency, control over borrowing, and compliance with international standards of responsible debt management is of particular importance. The impact of external debt dependence, in particular the conditions of IMF programs, on domestic economic policy and social parameters of the state is analyzed. It is noted that effective debt policy should be aimed at balancing domestic and external borrowing, optimizing the debt structure, and increasing the state’s ability to service its obligations without creating threats to financial stability. The role of the Stockholm Principles as an international ethical standard for preventing debt pyramids and a tool for increasing creditor confidence is highlighted. Conclusions and prospects for the development. Debt security is a component of a state’s financial security, according to which the state is obliged to ensure not only formal solvency, but also a balanced structure of debt obligations that does not pose a threat to sovereignty, macroeconomic stability, and social stability. External debt dependence, which is formed as a result of Ukraine’s participation in programs of the IMF and other creditors, has legally significant consequences for state sovereignty. Responsible debt policy is an element of economic sovereignty. Ukrainian legislation needs to be improved in terms of the regulatory definition of debt security limits and the introduction of a debt risk monitoring system.

Problem setting. Studying the impact of public debt on economic security is particularly important, as debt burden directly affects a country’s ability to ensure macroeconomic stability, creditworthiness, and social obligations. The global increase in public debt, especially after the global crises – financial, pandemic, and energy – creates additional risks for the stability of national economies. For Ukraine, this problem is exacerbated by the ongoing war, the destruction of economic infrastructure, and significant external borrowing, which are creating critical levels of debt pressure. Studying debt risks in conditions of geopolitical instability is necessary for developing an effective financial security strategy and maintaining investor and donor confidence. Therefore, this study is important at both the national and international levels. Analyses of recent researches and publications. Various aspects of debt policy and financial security of the state have been studied by many economists and lawyers. Romanovskaya Yu. A. analyzed Ukraine’s public debt in wartime. Kirov B. S. studied aspects of public debt formation and debt security. The management of Ukraine’s public debt in special conditions was studied by Krupyak I. Y. and Krupyak L. B. The analysis of the impact of external debt on the financial stability and national economic security of Ukraine was carried out by Pikulina O. V., Ogdansky K. M., and Pikulina N. Y. The purpose of this article is to study the impact of external and internal public debt on the financial security of the state and to identify areas for optimizing debt policy in order to strengthen financial stability. Article’s main body. The article examines the relationship between the level of public debt and the financial security of the state, which is one of the key components of national economic security. It is argued that the growth of public debt, especially external debt, increases the risks of losing economic sovereignty, intensifies fiscal pressure, and limits the possibilities of budgetary policy. It is determined that for Ukraine, which is in a state of war, ensuring debt security through transparency, control over borrowing, and compliance with international standards of responsible debt management is of particular importance. The impact of external debt dependence, in particular the conditions of IMF programs, on domestic economic policy and social parameters of the state is analyzed. It is noted that effective debt policy should be aimed at balancing domestic and external borrowing, optimizing the debt structure, and increasing the state’s ability to service its obligations without creating threats to financial stability. The role of the Stockholm Principles as an international ethical standard for preventing debt pyramids and a tool for increasing creditor confidence is highlighted. Conclusions and prospects for the development. Debt security is a component of a state’s financial security, according to which the state is obliged to ensure not only formal solvency, but also a balanced structure of debt obligations that does not pose a threat to sovereignty, macroeconomic stability, and social stability. External debt dependence, which is formed as a result of Ukraine’s participation in programs of the IMF and other creditors, has legally significant consequences for state sovereignty. Responsible debt policy is an element of economic sovereignty. Ukrainian legislation needs to be improved in terms of the regulatory definition of debt security limits and the introduction of a debt risk monitoring system.

Анотація. Інвестиції насьогодні є вагомою основою розвитку багатьох рівнів економічної системи та можуть бути розглянутими як драйвер активізації економічного розвитку країни. Вони є необхідними для нарощування темпів виробництва, модернізації економічного комплексу, диверсифікації економіки. Оцінка інвестиційної привабливості розглядається як важливий засобів оптимального досягнення цілей інвестування, який забезпечує виконання функції механізму управління інвестиціями. Інвестиційна привабливість окремої країни, регіону, галузі чи підприємства є вагомим орієнтиром для інвестора при прийнятті рішення стосовно вкладення капіталу. В сучасних умовах глобалізації економіки при оцінці інвестиційної привабливості країни все більшої актуальності набуває імідж країни на міжнародній арені, її позиція у провідних рейтингових ранжуваннях, досвід інших інвесторів ведення діяльності у країні. В статті розглянуто сутність поняття «інвестиційна привабливість» та запропоновано власне авторське визначення цього поняття. Охарактеризувати методичні підходи до оцінки інвестиційної привабливості на різних рівнях економічної ієрархії. Вивчено питання взаємозв’язку між дефініціями інвестиційної привабливості, клімату, потенціалу, ризику та активності. Проведено макроекономічний аналіз динаміки позицій України в призмі міжнародних рейтингів та індексів. Представлено організації та рейтинги, які оцінюють інвестиційну привабливість держави. Обґрунтовано методики рейтингів інвестиційної привабливості країн. Здійснено комплексну оцінку інвестиційної привабливості України протягом останніх років. Розглянуто фактори, які призводять до змін трансформаційних процесів у державі, загостренню загальноекономічної ситуації, дефіциту внутрішніх фінансових ресурсів та проблемі зі залученням іноземних інвестицій, що в свою чергу перешкоджають підвищенню інвестиційної привабливості України. Надано рекомендації щодо покращення інвестиційної привабливості України в сучасних умовах. Ключові слова: інвестиції, інвестиційна привабливість, міжнародні рейтинги та індекси, інвестиційна активність, інвестиційний клімат, інвестиційний потенціал, інвестиційний ризик. Формул: 0; рис.: 1; табл.: 2; бібл.:31.

Active development of the region's economy is impossible without attracting investment. Investment activity is the most important determinant of effective social and economic development of the regional economy. It is important for potential investors to correctly assess the investment attractiveness of the region and determine the level of investment risk. The article examines the main factors of investment attractiveness of the regions of the Russian Federation. The analysis of the main methods of assessing the investment attractiveness of regions used in Russian practice is carried out. The article draws attention to the tendency of refusal from simple calculation of financial indicators towards in-depth economic analysis when assessing the investment attractiveness of regions. The conclusion is drawn about the relationship between the level of investment attractiveness and the presence of a strong regional management team capable of creating a favorable investment climate. On the example of the Kaluga region, which implements the cluster approach in the development strategy, an analysis of investment attractiveness is carried out using the rating methods of the Agency for Strategic Initiatives and the Rating Agency “Expert”. The role of the automotive, pharmaceutical and transport and logistics clusters in attracting direct investment to the region in 2017-2019 has been determined. The volume of investments in the regional economy and the change in the gross regional product of the Kaluga region for the analyzed period are analyzed. The study used a comparative method, analytical, method of economic and statistical analysis (use of statistical data). The main result of the study was to identify the reasons for the dynamics of factors of investment attractiveness. Recommendations are given for the optimal methodology for assessing investment attractiveness, in particular, on the need to provide open access to the rating results, to be adaptive, to realistically assess the regional gap and to take into account the investment and innovation activity.

At the current stage of economic development, which is characterized by high speed of change, instability and uncertainty, to ensure a continuous process of economic development of enterprises encourages all businesses to strengthen their position in the market environment. They need to accelerate investment processes to become more competitive. Investment attractiveness plays an important role in this, as it is a driving force to increase the company’s capabilities. The presence of a high level of investment attractiveness has a positive effect on the market value of enterprises and is a guarantee of obtaining the necessary amount of investment resources for further economic development. However, enterprises in a state of financial and economic crisis are often characterized by a low degree of their investment attractiveness. The high level of investment attractiveness provides a stable inflow of investments into the country, additional revenues to the state budget, a better social environment in the country. The investment attractiveness of the company plays one of the main roles in the development of the company and increase its competitiveness in the market. In order for an investor to decide which company to invest in, he needs information about the strengths and weaknesses of the company, prospects for its further development and the ability to ensure the highest efficiency of investment. Investment attractiveness is an integral indicator that characterizes the feasibility of investing in a particular object from the standpoint of a particular investor. Existing methods of assessing investment attractiveness involve the calculation of an integrated indicator based on the coefficients of property status, liquidity and solvency, financial stability, business activity, taking into account their relative importance and the level of compliance with regulatory values and dynamics. In modern conditions, research in this area does not lose its relevance, as the correct choice of investment object is one of the prerequisites for obtaining the desired effect in the future. That is why the main objectives of assessing investment attractiveness are: determining the current state of the enterprise and prospects for its development; development of measures to increase investment attractiveness; attracting investments in the amounts corresponding to investment attractiveness and obtaining a comprehensive positive effect from the development of borrowed capital. The main requirement for any method of determining the level of investment attractiveness is the ability to interpret the information obtained and make effective and appropriate management decisions based on certain indicators, both by the investor to invest and by the recipient company to increase its investment rating. Thus, taking into account the management of investment attractiveness of internal and external factors will allow the company to effectively manage them to increase its investment attractiveness, and the investor – to assess investment attractiveness in order to carry out investment activities. The article reveals the concept of investment attractiveness of the enterprise. Factors influencing the investment attractiveness of the enterprise are highlighted. A number of problems have been identified that cause a low level of investment attractiveness of enterprises. The main methods of assessing investment attractiveness at the enterprise level are considered.

The article discusses the key aspects of analyzing the state of Ukraine’s debt security in the context of increased debt burden, chronic budget deficits, and the full-scale war. The aim of the study is to assess the state of Ukraine’s debt security, analyze the dynamics of debt indicators, and develop a forecasting model to identify risks to debt security. The research employs a structural-logical approach, statistical analysis, standardization of indicators according to methodological recommendations for economic security, as well as ARIMA modeling and forecasting in an Excel environment. This approach enables tracking the dynamics of changes in the debt structure, identifying critical points of declining security, and determining which indicators shape the overall trend. Based on the standardization according to the Methodological recommendations, an integrated indicator of debt security was calculated, which visually reflects the changes in the level of debt security from 2018 to 2024. A trend has been identified towards a decrease in the indicator value in 2022–2024, indicating an escalation of debt vulnerability, despite some signals of stabilization. In particular, the decrease in the yield on government bonds and the increase in international reserves positively impact the level of debt security. Also, the indicator is negatively affected by exceeding the critical debt-to-GDP ratio, the high share of external liabilities in the debt structure, and the growth of debt servicing costs. Analyzing these factors allows for a more accurate understanding of the current state of debt security and the development of practical recommendations for its strengthening, including optimizing the structure of liabilities, developing the domestic borrowing market, and enhancing control over debt risks. The results of the study can be used for management decisions aimed at improving the level of debt security in Ukraine.

The article discusses theoretical approaches to revealing the essence of the definition of «investment security». Investment security considered as a state of investment support of the country's economy, its resource capacity for expanded reproduction and modernization, attractiveness for investment in real and potential risks, threats and dangers. Investment security is a component of financial security, which in turn is an important component of the country's economic security. The main task of investment security is the formation of investment resources for the development of the country's economy, taking into account risks and threats. To assess the country's investment security, it is advisable to apply a comprehensive approach that would take into account its various aspects. Methodological tools have been developed and the level of investment security of Ukraine has been assessed and based on indicators that reflect: 1) ability to reproduce; 2) economic growth; 3) sources of investment. The quantitative value of these indicators allowed calculating the integrated indicator of investment security of Ukraine and noting that its level can be low, medium and high. On the authors position the low level of investment security signals the low investment attractiveness of the country's economy, significant imbalances in investment sources and lack of investment for expanded reproduction of fixed assets on an innovative basis. The average level of investment security reflects the satisfactory pace of investment in the country's economy and low use of the potential of financial intermediaries in investment activities. A high level of investment security, which guarantees expanded reproduction, economic growth and attracting the potential of the financial system in the investment process. The value of the integrated indicator of investment security of Ukraine for 2015-2019 is calculated. Testified to significant threats to economic growth and low rates of investment in the economy. The proposed methodology is comprehensive and allows assessing the level of investment security at the macro level.

The subject of research there is conceptual principles of issuing government securities to ensure debt security in conditions of full-scale war. The purpose of the article is to clarify the economic essence of the debt security category through the definition of its structural elements, as well as the features, advantages and reasons for issuing government securities in conditions of full-scale war. Method or methodology of the study. During the research, historical, analytical-empirical, inductive-deductive, comparative research methods were used to implement the principle of objectivity of scientific presentation; the method of analysis and synthesis - when evaluating indicators of debt security; graphical presentation of research results - when calculating the weighted average yield of military bonds. Results of the article. The article examines the issue of the essence, reasons for the issue and profitability of government securities in the conditions of martial law in Ukraine, considers the need for the management of government securities as the only tool in subordinating the government from the standpoint of ensuring Ukraine's debt security in the conditions of a full-scale war. It is considered that a full-fledged and liquid internal market of government securities will allow to reduce the cost of state borrowing and reduce the risks of default. Attention is paid to the matter of the issue and profitability of a new financial instrument for Ukraine - military OVDP. Debt security is studied as a dynamic process taking into account the positive effects of the use of borrowed external and internal funds. It was determined that the full-scale war reversed the positive trend towards a decrease in the share of public debt in GDP and forced a departure from the strategy of strengthening debt security, and the growth of governamental debt during the state of war is a forced phenomenon. Field of application of results. The results of the research can be used in the theory and practice of public debt management in conditions of full-scale war. The assessment of debt indicators and their analysis will be a relevant source of information for developing ways to strengthen Ukraine's debt security in peacetime. Conclusions. The growth of the public debt during martial law is a forced phenomenon: tax revenues allow to finance expenditures by only one third. Having analyzed the structure of the public debt from the standpoint of instruments for attracting funds, we can come to the conclusion that government securities are the only state-controlled instrument for ensuring debt security in conditions of forced and uncontrolled growth, primarily of external state debt. Military bonds have a specific purpose, and the economic risks caused by a military invasion do not allow the use of OZDP and Eurobonds as debt refinancing instruments.