ADMINISTRATION AS A COMPONENT OF EFFECTIVE PUBLIC DEBT MANAGEMENT
DOI:
https://doi.org/10.35774/Keywords:
state debt policy, public debt management, public debt administration, debt operations, debt sustainability.Abstract
Introduction. Public debt administration today is critically important for ensuring the smooth fulfillment of debt obligations, transparency of financial transactions, and minimizing risks. The complexity of debt instruments, increased requirements for the institutional capacity of the state and the growing importance of creditor trust turn it into an independent and relevant component of effective public debt management.
The purpose of the article is to theoretically substantiate the essence of administration as a component of public debt management and determine its role in ensuring the effectiveness of debt policy through the distinction between the strategic and operational levels and the systematization of the components of administration.
Results. It is argued that public debt administration should be considered as a functionally autonomous component of public debt management, which ensures the practical implementation of strategic and tactical decisions of the state. It encompasses a set of regulated procedures, accounting, control, planning and legal actions aimed at timely servicing, repayment and monitoring of debt obligations, maintaining debt discipline and ensuring debt security. It is established that public debt administration includes accounting and registration, forecasting and planning, settlement and payment, information and analytical, control and monitoring and legal work. These components ensure timely servicing of debt obligations, risk reduction, increased transparency and maintenance of financial discipline, acting as an operational and functional mechanism for implementing strategic decisions of debt policy.
Conclusions. It is substantiated that public debt administration is a functionally autonomous component of management, which ensures the practical implementation of strategic and tactical decisions. Its effectiveness determines the level of debt sustainability of the state, the quality of risk management and the transparency of debt policy, which creates the basis for macro-financial stability and increased investor confidence.
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