Management of guaranteed debt: shortcomings and ways for improvement[La gestion de la dette garantie : insuffisances et perspectives d’amélioration]

State-guaranteed debt arises from borrowings by economic entities for the implementation of infrastructure projects under state guarantees, offering potential advantages provided that effective control mechanisms are in place and corruption risks are minimized. However, shortcomings in Ukraine's practice of managing guaranteed debt contribute to the growth of residents' indebtedness, which subsequently transforms into guaranteed debt, while a significant share of projects remains unimplemented, underscoring the need to improve the monitoring system. This study assesses the role of state-guaranteed debt within Ukraine's system of obligations, with particular attention to the challenges associated with its management and the provision of state guarantees. The research is grounded in a normative analysis of the legislative framework, the application of statistical methods to evaluate trends in guaranteed debt, and theoretical generalization of the fundamental principles underlying guaranteed debt management and the guarantee-granting process. The findings demonstrate that state-guaranteed debt constitutes a contingent liability arising from the inability of residents to meet debt obligations obtained under state guarantees. The lack of a clear methodology for assessing the creditworthiness of economic entities, the absence of a specialized management body, and non-transparent project selection procedures heighten corruption risks and pose threats to debt security. International experience indicates that ineffective management of guaranteed debt may generate a crowding-out effect on investment, thereby constraining economic development, while insufficient oversight of loan utilization intensifies pressure on the state budget. These circumstances call for a reassessment of existing approaches to the provision of state guarantees in order to ensure their effectiveness. Overall, deficiencies in the management of guaranteed debt in Ukraine, particularly limited transparency and inadequate creditworthiness assessment, create substantial fiscal risks. Addressing these issues requires improvements in the legislative framework, refinement of project selection procedures, and the establishment of a specialized management body to enhance efficiency and strengthen debt security. Further research should concentrate on developing clear criteria for assessing borrowers' solvency and designing an institutional framework for managing guaranteed debt aimed at reducing corruption risks and improving the effectiveness of state guarantees.