GENESIS OF LEGAL REGULATION OF PUBLIC DEBT MANAGEMENT IN UKRAINE

Abstract

The subject of the study is public relations in the field of public debt management in Ukraine during the independence of our country, regulated by law. The purpose of the study is to conduct a retrospective study of the formation and development of legal regulation of public debt management from the time of Ukraine's independence to the present, to reflect the gradual changes in legislation that ensure the construction of an effective public debt management system, as well as establishing the legal consequences of formation of the Debt Collection Agency of Ukraine as a public debt management body. In the course of the research was used general scientific and special methods of cognition of legal phenomena and processes: dialectical, system approach, formal logical, generalization, historical and legal. It has been investigated the practice of realizing more important state bodies in the sphere of governing the state debt in Ukraine. The stage of the genesis of the legal regulation of the public debt management was designated taking into account the gradual concretization of the powers of public authorities in the specified area and the construction of an effective system of public debt management in Ukraine. It is proposed to distinguish five stages of formation and development of public debt management: Stage I: 1991-2001 - formation of Ukrainian legislation in the field of public debt; Phase II: 2002-April 2010 - further development of legislation in the field of public debt; Stage III: May 2010-2015: definition of “public debt management“ appeared in Ukrainian legislation; Stage IV: 2015-2019 – beginning of European integration processes, the emergence of a new entity called the Government Commissioner for Public Debt Management, whose powers were not fixed at the level of law; introduction of the annual approval by the Government of the medium-term public debt management strategy developed by the Ministry of Finance; inclusion of norms that are typical for EU budget law, in particular, on the prohibition of exceeding 3% of the State budget deficit based on the nominal volume of gross domestic product of Ukraine. Stage V: from 2020 to the present - introduction of a new model of public debt management: the emergence of a new entity called the Debt Collection Agency of Ukraine, whose powers are defined in the Budget Code; involvement of the Verkhovna Rada Committee of Ukraine on Budget Affairs in the issues of public debt management; control in the field of public debt management is exercised by the Ministry of Finance of Ukraine and the Accounting Chamber. Considering the European experience, it was changed the provisions on state participation in the capital market. It is determined that the positive results achieved by Ukraine in the field of public debt management reform are not possible without taking into account Ukraine's cooperation with the IMF and the World Bank, European community, due to European integration processes, reorientation of public loan from foreign to domestic one. Proposals for improving the legislation in this area have been developed.