Improving the methodology for assessing models of public debt management in Kazakhstan

Abstract

One of the macroeconomic instruments of state activity is the public debt. For the stable functioning of the state, the fulfillment of all strategic goals and the fulfillment of obligations assumed, the state attracts borrowed funds, distributing them to finance the relevant budget expenditure items. The state of public finances is influenced by numerous parameters of the country's macroeconomic policy, including, of course, the level of public debt, the policy of the state in terms of its management. In world practice, the use of government borrowing is widespread to ensure a balance of budget revenues and expenditures. State borrowing is inherent in all countries of the world, and this is the norm in current realities, and the Republic of Kazakhstan is no exception.

The amount of public debt varies significantly from country to country. In some states, this is a significant ratio of public debt to GDP, while in others it is low. In this regard, the question of effective management of public debt and the impact of public debt on the economic security of the country logically arises. Effective public debt management assumes that the state has the ability to control the volume of its debt obligations, the main parameters of financial stability, such as the stability of the stock and financial markets, regulate economic processes, as well as establish the necessary norms and rules for the functioning of public debt.