Slaviuk N. External government borrowings to provide the ecomomic competitiveness of the country

The thesis is devoted to do research on theoretical and methodical policy regarding evaluation of external government borrowings under providing the economic competitiveness of the country. Definitions of terms "external government borrowings" and "economic competitiveness of the country" are proposed. The forms of external government borrowings, their classifications and usage patterns are characterized. Domestic and foreign scientists' views on importance of the external government borrowings in the countries' economy are examined. The external government borrowings tools usage which can influence both in a positive and a negative way on economic competitiveness of the country was proved. Scientific and methodical approaches to the evaluation of external government borrowings and estimation of their limited amount to implement are revealed. It was underlined that the existence of the positive influence of external government borrowings is possible only if limited amount is considered. The system indicators analysis of the external government debt in dynamics and carrying out the evaluation of the economy's overall status of the country being researched is important to evaluate needed limited amount of the external government debt. The external government borrowings influence on countries' economy under current conditions is estimated. It is marked out the world financial instability caused the external government debt increase in the European Union countries make a negative impact on economical and political sovereignty of the countries, their international competitiveness. It was pointed out that external government borrowings can be a key investment resource to develop economies of countries and increase their competitiveness. Besides, it should be mentioned, nowadays the fact of its ineffective use for state governments' current issues and excessive amount involvement for government borrowings, which is a threat to debt and financial security of the country, is widespread. Correspondingly the list of factors that influence the level of effectiveness of external government borrowings usage to provide the competitiveness of the economy of the country is justified. The list of causes that influence amount, structure, periodicity, conditions of attraction of external government borrowings is defined. The situation and key problems of external government debt in Ukraine are analyzed. The high pace of external government debt increase in Ukraine in the course of last years is pointed out. The fact that the existing amount of external government debt in Ukraine can negatively influence financial security of the country is determined. The shortcomings of World Bank credits usage in Ukraine that negatively influences the economic competitiveness of the country are revealed. The main areas to improve the external government borrowings management with the purpose to create competitive advantages of the country are discovered. As a result of the analysis conducted a set of measures which can provide the improvement of external government borrowings management process in Ukraine is distinguished, in particular such as: regulatory and legal framework improving, estimation of real demand of government borrowings, strategy development of external government borrowings attraction, directing borrowed resources to finance the competitive branches of economy, mutual approval of government borrowings policy with budget, monetary and fiscal policy; the effectiveness improvement of projects implementation. The existence of correlation between enlargement external government borrowings increasing and growth of gross government debt in Ukraine and other countries is identified. To increase Ukraine's economic competitiveness as a goal, the key directions to be used for the external government borrowings in order to provide the macroeconomic stability, business environment optimization, industry modernization, resources usage effectiveness increase, infrastructure modernization are proposed.