National debt of Ukraine: estimation and directions of management efficiency increase

The subject of research is the theoretical and practical issues of the national debt of Ukraine. The article purpose is to estimate the current state of national debt of Ukraine and to research the directions of increasing the management efficiency of the debt. Research methods. Methodological and theoretical basis of the research consists of the works of foreign and national scholars. It is used a number of scientific methods in the study, including methods of analysis and synthesis, methods of generalization and comparison. Results of the work. The state of national external and domestic debt, state guaranteed debt is analyzed in the article, share of debt in GDP and debt burden per one person. The study found the main trends of public debt management, found the main factors of public debt growth in Ukraine, methods of debt management. The main reasons that led to the critical state of public debt in Ukraine are considered in the article. It is shown, that the main factors that caused the increasing the debt burden is devaluation of the hryvnia, real GDP, lower domestic consumer demand as a result of inflation and unemployment, the negative impact of the real interest rate of NBU on the debt sphere and limitations of functioning of borrowed capital market and so on. The Poland experience of escape of the debt trap and approaches to debt management in European countries is considered. The current debt policy of Ukraine and possible directions of improvement and development of the debt policy are analyzed in the article. Scope of results. Budgetary policy. National debt management. The results might be used for management of national debt and analysis of debt policy in Ukraine. Conclusions. In 2017 Ukraine has excessive debt burden mainly through external borrowing, a critical measure of debt relative to GDP and uptrend of external debt, reducing possibilities of its service. All these indicating the urgent necessity for measures to improve debt policy, minimize debt and strengthen the economy of Ukraine. Government should create an effective system of debt management that would ensure financial stability at the same time. Important measures of improving debt policy is to develop a medium-term debt strategy, use of loans for development and diagnostics of debt structure, focus on the domestic market and stimulate business activity and so on. It is important to form an integrated system of legislative regulation of providing servicing costs and redemption of debt, to pay much attention to the development and permanent improvement of risk management, of the state ability to fulfill its debt obligations.