Lupenko A. Management of External Public Debt in the Conditions of Economic Transformation

The basic principles of formation and implementation of external public debt management policy in the conditions of economic transformation based on integration of management subjects, coordination of financial policy components, set of interconnected principles, methods, tools of budget architecture and relevant institutional constraints, assessment of factors on dynamics of weight indicators of external debt. Approaches to assessing the state's debt policy have been developed by substantiating the need to harmonize international auditing standards and debt security indicators, sustainable development of the financial sector and external public debt financing, which will help improve the efficiency of external public debt management. The experience of external public debt management in countries with developed and transformational economies is systematized, which will contribute to the improvement of the institutional environment of budget regulation of socio-economic development of the country. Provisions have been developed for external government borrowing management tools in terms of the use of credit default swaps, which will allow indicatively determining the financial condition of the issuer, assessing the real yield of debt securities and hedging. The methodological approach to the diagnosis and monitoring of the state of the institutional capacity of the debt agency has been improved using a set of criteria and expert assessment of the functional limitations of the financial institution; provisions for strategic management of external public debt, which provide for the application of a process-oriented approach, taking into account endogenous and exogenous factors in the formation of the external debt portfolio of the state and the implementation of strategic and operational plans for relevant government borrowing; provisions on the institutional structuring of the country's gross external debt.