THE SYSTEM OF PUBLIC DEBT MANAGEMENT IN CONDITIONS OF INSTITUTIONAL TRANSFORMATIONS

The priority tasks of the debt policy in the context of institutional transformations are substantiated. The field of application of results. The results of this study can be applied in the process of formation and implementation of Ukraine's debt policy, reforming the system of public finances. Conclusions according to the article. Ensuring macroeconomic stability in the country involves the development of an effective strategy for managing the public debt, justifying the strategic priorities of debt policy, based on realistic forecast indicators of the country's economic development. The improvement of the mechanism for managing public debt should be based on a clear combination of legally defined budgetary and debt policy instruments. The use of indicators of a structured, cyclically-adjusted balance can increase the validity of fiscal and debt policies. The high level of government debt and significant budget deficits create risks for financial and macroeconomic stability, their potential negative impact on economic development is far more devastating than the pro-cyclical nature of fiscal policies that only affect the economic dynamics in the short term. Accordingly, the important task of fiscal policy is to prevent the growth of public debt and budget deficit while limiting the negative impact of further fiscal consolidation on aggregate demand. The article defines the strategic priorities of debt policy in the context of institutional transformations.