Sofiienko A. External public debt in financial stabilization of Ukraine.

The thesis is dedicated to investigating the ways to improve the management of external public debt for the practical possibility of maintaining a high level of financial stability of the state and further use of external government borrowing as a basis for economic growth of Ukraine. The thesis deepens the theoretical approaches to understanding the essence of the concept of "external public debt". It determines the role and place of external public debt in the financial system of the state. The influence of external public debt on macro-financial stability is investigated. The mechanism for managing external public debt, based on a hierarchical representation of its components (policy, strategy, goal, objectives, objects, subjects and a set of methods for managing external public debt), is structured. Emphasis is put on the definition and characterization of preconditions, risks and factors of influence (external, internal), which is the basis of the developed mechanism of external public debt management of Ukraine. The thesis proposes the mechanism of coordination of external state borrowing with the strategy of financial stabilization of the country, which harmonizes the financial, fiscal, monetary and debt policy of the state through external borrowing through the implementation of five chronological stages: 1) forecasting the need for additional financing; 2) determining the strategy for monitoring, analysis and management of external public debt; 3) direct raising of funds; 4) implementation of previously planned state reforms or projects; 5) assessment of the effectiveness of the use of borrowed funds. The main aspects of the formation of external public debt are determined; the stages, sources, conditions for external public borrowing are investigated. The modern practice of external public debt management in Ukraine and foreign countries is researched. External government borrowings are analyzed through the prism of their perception as the main threat to the financial stability of countries. It is proposed to use indicators of debt security, financial stability and solvency to assess financial stability.