Financial tools of public debt management in the context of ensuring the financial security of the state

The article studies the conceptual foundations and practical aspects of the application of financial instruments for public debt management in the context of ensuring the financial security of the state. It reveals current statistical indicators of the transformation of the volume of public and guaranteed debt of Ukraine by creditors and types of financial borrowing. It was established that according to the Ministry of Finance of Ukraine, as of September 30, 2024, the state and state-guaranteed debt of Ukraine amounted to UAH 6,409 billion, or USD 155.7 billion. At the same time, the external state and guaranteed debt amounted to UAH 4,613 billion (72 %), or USD 112.1 billion, and the internal debt - UAH 1,796 billion (28%), or USD 43.6 billion. The creditors of the largest share of the state and guaranteed debt are international financial organizations and governments of foreign countries - 58%, 27% is accounted for by securities issued on the domestic market, 12% - by foreign securities, and 3% - by loans from commercial banks and other financial institutions. Attention is paid to key indicators for determining the level of permissible public debt. It is proven that the primary task for ensuring the country's financial security is the development and implementation of strategies for optimizing, refinancing and restructuring debt in order to improve the debt portfolio and reduce debt servicing costs, and ensuring transparency and openness in the field of public debt management should become a priority, which will allow guaranteeing not only sustainable fiscal discipline, but also gaining trust from investors and civil society. The author's vision of using financial tools for public debt management in the context of ensuring the financial security of the state in accordance with the modern conditions of martial law and the experience of other countries is proposed. It is emphasized that the public debt management strategy should be aimed at finding the optimal ratio between the volume of borrowing and the rate of economic growth in order to ensure the proper level of solvency of the state. It is precisely ensuring the effective functioning of the economic system and sustainable economic growth that can ensure the formation of the necessary financial potential for effective public debt management.