Практика та проблематика здійснення місцевих запозичень в Україні

Abstract

Розглянуто практику здійснення місцевих запозичень. Проаналізовано стан ринку муніципальних цінних паперів в Україні. Наголошено на ключових проблемах, пов’язаних із забезпеченням ефективності використання муніципальних запозичень та запропоновано рекомендації щодо активізації розвитку ринку муніципальних цінних паперів в Україні. Зазначено переваги та визначено ризики здійснення місцевих запозичень. Окреслено шляхи оптимізації ринку муніципальних цінних паперів. Introduction. To date, Ukrainian local budgets don’t have sufficient funds to finance capital expenditures, particularly in areas of housing and communal services, housing, engineering and transport infrastructure, costly repairs and reconstruction of social infrastructure. Local borrowing is an important source of financing costs in the developed countries of the world. Local borrowings should be a source of additional financial resources to the city treasury, allowing municipalities to form the fi nancial basis for the significant investment projects implementation which should be important for socio-economic development of regions. Purpose. The article’s aim is to study current practices and problems of local borrowings as an alternative source of solution the fi nancial needs of the regions. Results. Municipal borrowing is an important source of financial security of local government development and a powerful financial tool that helps to solve current and long-term problems connected with the financing of budget expenditures. Analysis of the condition development of the municipal securities market in Ukraine showed that there are several reasons for the very low activity of issuers and investors in this sector of the financial market. Besides the reasons of general economic nature, negative impact on the development of local sector borrowing has the lack of clear government programs of appropriate level and the tool of the indebtedness elimination to creditors. Note that there are some other problems to which include the cost of borrowing and the presence of high risks associated with liquidity, opacity the adoption of decisions on municipal borrowing, usually ignoring the interests of local communities, on whose lays down the debt burden, inefficiency and opacity the using of borrowed funds. Conclusion. Having carried out monitoring of municipal borrowing market worth noting that Ukraine has significant potential for its development. The practice of investing local budgets shows that raising funds in the form of municipal borrowing in the budget of the city gives specific monetary returns. However, the actual result from such type of investment should be based on socio-economic development of the region and improving monetary and spiritual quality of life. Summarizing it should be noted that the implementation of mutually agreed set of measures to improve both the regulatory and organizational and technical support system of municipal loans will allow local authorities to use effectively municipal borrowing as a source of additional funding under conditions of lack of funds.