Specific features of Ukraine’s public debt management in conditions of war


  • Mykhailo Trofimchuk Academician Stepan Demianchuk International University of Economics and Humanities
  • Oleksandr Trofimchuk Rivne State University of the Humanities




debt management, government debt, government bonds, borrowings, guaranteed debt


Introduction. The debt policy of the state is essential for ensuring economic sustainability and development of the country. Effective public debt management helps to prevent crises and ensure financial stability, and gives the government more leverage to respond to economic challenges, which is especially important for the Ukrainian economy that is operating in a war time.

Purpose. The purpose of the article is to study the peculiarities of public debt management, directly in the context of war, based on a comprehensive analysis of the debt policy instruments used by Ukraine’s government in the current circumstances.

Methods. The analysis of cause and effect relationships was used to identify the features that determine the debt policy of our country in the conditions of war. Methods of economic and statistical analysis, such as dynamic analysis, structural analysis, comparison and correlation, were used to analyze and evaluate the main trends related to the public debt management in Ukraine.

Results. The article examines the impact of the main factors that have impact on the formation of the state’s debt policy and, accordingly, determine the peculiarities of public debt management in modern conditions. The tendency of Ukraine’s debt obligations growth in the period of 2022-2023 is revealed. It is established that in the structure of debt, external public borrowings prevail over internal ones. It is found that the main debt instrument in the domestic market is government bonds, and in the external market - loans received from international financial organizations. The author substantiates the expediency of using specific instruments in the process of public debt management at the current stage of functioning of the Ukrainian economy, as well as in the post-war period, based on international experience.

Prospects for further research include the need to develop an effective strategy for managing public debt in the postwar period in order to create favorable conditions for the reconstruction of the country and further sustainable economic growth.

Author Biographies

  • Mykhailo Trofimchuk, Academician Stepan Demianchuk International University of Economics and Humanities
    PhD (Economics), Associate Professor Department of Management
  • Oleksandr Trofimchuk, Rivne State University of the Humanities
    PhD (Economics), Associate Professor, Department of Economics and Business Management


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How to Cite

Trofimchuk, Mykhailo, and Oleksandr Trofimchuk. “Specific Features of Ukraine’s Public Debt Management in Conditions of War”. Herald of Economics, no. 3, Nov. 2023, pp. 198-11, https://doi.org/10.35774/visnyk2023.03.204.

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