THE POLICY OF PUBLIC DEBT MANAGEMENT IN UKRAINE AND ITS EFFECTIVENESS

. Introduction. Modern globalization of economic processes and financial crises highlight the importance of public debt management as a key aspect of macroeconomic stability and financial security of the state. In the context of increasing public debt and military conflicts, the relevance of developing effective debt management strategies becomes particularly acute. Ensuring the stability of the country's financial system and optimizing state borrowings are necessary to reduce vulnerability to external shocks and enhance economic efficiency. The integration of the latest financial tools and analytical methods allows the government to implement policies that promote sustainable development and reduce dependency on external borrowings. It is essential to consider changes in the global economy and adapt public debt management to current conditions to ensure stability and progressive development of the state economy. Purpose. The purpose of the study is to examine the dynamics and structure of Ukraine's public debt, as well as to analyze the effectiveness of public debt management policy in Ukraine under conditions of martial law and external economic shocks. Materials and methods. The study was based on the use of the following methods: analysis, synthesis, classification, systematization, induction, specification, and generalization (in identifying features, strategies, and methods of public debt management); statistics (in processing statistical data for the study period and analyzing changes in debt structure); comparative analysis (in comparing indicators dynamically, analyzing trends, and comparing with international practices); graphical (for visually displaying the research results and trends in debt dynamics); and expert evaluation (to determine the effectiveness of existing debt service strategies and the potential of proposed optimization measures). Results. The article presents data on the structure and dynamics of the public debt, the ratio of public debt to GDP, and analyzes Ukraine's dependency on external borrowings. Particular attention is given to the impact of martial law on the increase in debt burden. Various debt management strategies such as restructuring, refinancing, and the introduction of new financial instruments, including green bonds for financing environmental projects, are thoroughly examined. The importance of diversifying funding sources and reducing dependency on external borrowings is described, along with proposals for enhancing transparency and accountability in debt management processes. The analysis of the debt crisis's impact on the socio-economic situation of the country forms the basis for developing new policy recommendations for public debt management. The research found that current debt management strategies need to be adapted to changing conditions of the global economy and internal challenges. The results of the work can be used to optimize the public debt management policy, which will reduce financial risks and ensure stable economic growth in Ukraine. The work provides valuable recommendations for government structures and international organizations involved in financial consulting and lending, promoting the development of effective financial management strategies in a context of global uncertainty and economic shocks. Discussion. Future research may focus on developing new financial tools to optimize public debt management and reduce its impact on the economy. Special attention should be given to studying the interaction of debt policy with macroeconomic factors to enhance the effectiveness of debt management strategies during and after wartime.