Ukraine’s debt security in the context of military conflict

In the context of military conflict, security issues come to the fore in all spheres of state life. As the combat capability of the army largely depends on the financing of its needs, the problem of finding additional financial resources is becoming more acute. However, the economy is currently unab...

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Main Author: N. V. Pavlenko
Format: Article
Language:English
Published: Kharkiv National University of Internal Affairs 2023-09-01
Series:Law and Safety
Subjects:
Online Access:http://pb.univd.edu.ua/index.php/PB/article/view/769
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author N. V. Pavlenko
author_facet N. V. Pavlenko
author_sort N. V. Pavlenko
collection DOAJ
description In the context of military conflict, security issues come to the fore in all spheres of state life. As the combat capability of the army largely depends on the financing of its needs, the problem of finding additional financial resources is becoming more acute. However, the economy is currently unable to cope with this task due to the destruction of the material and technical base and logistics routes, military mobilisation of some employees, the outflow of labour resources abroad and other factors resulting from the armed aggression. Therefore, the search for ways to improve debt security in the context of a military conflict is of utmost importance. The purpose of the article is to identify the ways to increase the level of debt security of Ukraine's economy. To achieve this goal, the state, dynamics and structure of public and publicly guaranteed debt for 2013–2022 have been analysed. It has been established that over the past ten years, the volume of total public debt has been steadily increasing. This was mainly due to an increase in such components as direct public and external debt. The fastest growth in total public and publicly guaranteed debt was in the years of military operations. The analysis of the state debt security indicators has shown a deterioration in the state of debt security and the approach of a debt crisis. Due to the significant complication of the conditions in which Ukraine's economy has been operating over the past year, it is proposed to revise the Medium-Term Public Debt Management Strategy for 2021–2024 to define new targets and approaches in this area. Currently, the Ministry of Finance's main task is to restructure domestic and external debt. In order to increase the level of debt security of Ukraine, it has been proposed to initiate the development of an international protocol for debt cancellation for countries affected by armed aggression. In the course of domestic debt restructuring, it has been suggested that the yield on domestic government bonds should be reduced, but this can only be done if monetary policy is changed.
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spelling doaj-art-09d5fad5de294f8b86d656701f18791e2025-02-03T04:28:21ZengKharkiv National University of Internal AffairsLaw and Safety1727-15842617-29332023-09-0190315416810.32631/pb.2023.3.13769Ukraine’s debt security in the context of military conflictN. V. Pavlenko0Kharkiv National University of Internal AffairsIn the context of military conflict, security issues come to the fore in all spheres of state life. As the combat capability of the army largely depends on the financing of its needs, the problem of finding additional financial resources is becoming more acute. However, the economy is currently unable to cope with this task due to the destruction of the material and technical base and logistics routes, military mobilisation of some employees, the outflow of labour resources abroad and other factors resulting from the armed aggression. Therefore, the search for ways to improve debt security in the context of a military conflict is of utmost importance. The purpose of the article is to identify the ways to increase the level of debt security of Ukraine's economy. To achieve this goal, the state, dynamics and structure of public and publicly guaranteed debt for 2013–2022 have been analysed. It has been established that over the past ten years, the volume of total public debt has been steadily increasing. This was mainly due to an increase in such components as direct public and external debt. The fastest growth in total public and publicly guaranteed debt was in the years of military operations. The analysis of the state debt security indicators has shown a deterioration in the state of debt security and the approach of a debt crisis. Due to the significant complication of the conditions in which Ukraine's economy has been operating over the past year, it is proposed to revise the Medium-Term Public Debt Management Strategy for 2021–2024 to define new targets and approaches in this area. Currently, the Ministry of Finance's main task is to restructure domestic and external debt. In order to increase the level of debt security of Ukraine, it has been proposed to initiate the development of an international protocol for debt cancellation for countries affected by armed aggression. In the course of domestic debt restructuring, it has been suggested that the yield on domestic government bonds should be reduced, but this can only be done if monetary policy is changed.http://pb.univd.edu.ua/index.php/PB/article/view/769state debt securityindicators of state debt securitystate and state-guaranteed debtexternal state debtinternal state debtstate debt restructuringdebt obligationsstate debt management.
spellingShingle N. V. Pavlenko
Ukraine’s debt security in the context of military conflict
Law and Safety
state debt security
indicators of state debt security
state and state-guaranteed debt
external state debt
internal state debt
state debt restructuring
debt obligations
state debt management.
title Ukraine’s debt security in the context of military conflict
title_full Ukraine’s debt security in the context of military conflict
title_fullStr Ukraine’s debt security in the context of military conflict
title_full_unstemmed Ukraine’s debt security in the context of military conflict
title_short Ukraine’s debt security in the context of military conflict
title_sort ukraine s debt security in the context of military conflict
topic state debt security
indicators of state debt security
state and state-guaranteed debt
external state debt
internal state debt
state debt restructuring
debt obligations
state debt management.
url http://pb.univd.edu.ua/index.php/PB/article/view/769
work_keys_str_mv AT nvpavlenko ukrainesdebtsecurityinthecontextofmilitaryconflict