Proceedings of the International scientific and practical conference ―Education and Scientific Progress‖ (April 24-26, 2026) / Publisher website: www.naukainfo.com. – Manchester, United Kingdom, 2026. - 218 p.

21 To clearly understand this issue, we analyzed the current budget legislation for its completeness and compliance with modern requirements and feasibility in terms of forming the principles of effective public debt management. Thus, the main provisions of the Budget Code of Ukraine define that state debt is the total amount of debt obligations of the state to repay received and outstanding credits (loans) as of the reporting date, arising from state borrowing and/or from the implementation of transactions with contingent liabilities in the event of circumstances arising under the terms of such transactions, under which creditors may exercise a limited right to demand from the state the repayment of credits (loans) that were provided as a result of such transactions [3]. State-guaranteed debt - the total amount of debt obligations of business entities - residents of Ukraine regarding the repayment of credits (loans) received and outstanding as of the reporting date, the performance of which is secured by state guarantees [3]. In accordance with Part One of Article 15 1 of the Budget Code of Ukraine, the management of public debt and state-guaranteed debt is carried out by the central executive body, namely the Debt Agency of Ukraine, which implements the state budget policy in the field of management of public debt and state-guaranteed debt. The specified agency was established in accordance with the adopted resolution of the Cabinet of Ministers of Ukraine dated 12.02.2020 No. 127 ―On the Establishment of the Public Debt Management Agency of Ukraine‖ [4]. The newly created institute is the central executive body that implements the state budget policy in the field of management of state debt and state-guaranteed debt. However, currently the Debt Agency is not functioning , and therefore its functions, in accordance with paragraph 3 5 of Section VI of the ―Final and Transitional Provisions of the Budget Code of Ukraine‖ regarding the management of state debt and state-guaranteed debt, are performed by the Ministry of Finance of Ukraine, including the implementation of transactions with state derivatives. To ensure effective management of the public debt, the Ministry of Finance of Ukraine, within the limits of its powers, issues, purchases, exchanges, sells, and redeems public debt obligations in compliance with the conditions of the maximum