Комунальний кредит як джерело фінансового забезпечення розвитку територіальних громад

Abstract

У статті розглянуто теоретичні аспекти комунального кредиту як джерела фінансового забезпечення розвитку територіальних громад. Досліджено основні трактування терміну «комунального кредиту». Проаналізовано основні форми комунального кредиту в Україні. Доведено, що ринок муніципальних запозичень в Україні нестійкий. Досліджено динаміку кількості випусків облігації місцевої позики, яка мала тенденцію до зменшення за останні роки. Розглянуто структуру та динаміку місцевих запозичень у розрізі зовнішніх та внутрішніх кредитів та випуску облігацій. Установлено, на які цілі були взяті кредити органами місцевого самоврядування та хто виступав кредиторами. Досліджено динаміку місцевих гарантій за останні роки, яка мала тенденцію до збільшення. Виявлено основні проблеми комунального кредиту в Україні та запропоновано шляхи їх вирішення

Decentralization is characterized by the transfer of a large amount of powers and budgetary resources to local governments. At the same time, the financial and organizational capacity of local self-government bodies and the enterprises created by them is increasing. Budget decentralization creates new opportunities for borrowing through the placement of local government bonds by city councils. A utility loan is one of the instruments of local governments. Municipal credit, as one of the main financial institutions in the local finance system, is important in the financial support of local needs and the activities of local governments. Purpose. The purpose of the study is to analyze the utility loan in the system of financial support of local self-government bodies, identify borrowing funds main problems by local authorities and proposals on the optimization of the local borrowing market in Ukraine. Results. The municipal loan is a form of mobilization of the financial resources of local self-government bodies and the basis of municipal investment programs. The main forms of local borrowing in Ukraine are: issuance of domestic local loan bonds; obtaining loans, credit lines in financial institutions, so the article explores the main forms of municipal credit in recent years. The dynamics of local bond issues has been investigated, which in 2014-2018 did not have a stable tendency, due to the economic situation, the weakness of the securities market in Ukraine. It was determined that during the analyzed period the local authorities received quite a lot of external loans from the EBRD and NEFCO, these funds were directed to the replacement of pipelines, modernization of boiler houses, installation of individual thermal substations and heat meters. The volume of local guarantees that tended to increase and aimed at the implementation of investment projects has been investigated. Conclusion. Financial decentralization and the needs for innovation and investment development of local communities in Ukraine create conditions for the use of municipal credit by public authorities as a source of financial support. However, there are a number of problems that hinder the development of municipal credit and its most important component - the municipal borrowing market, namely: an inadequate regulatory framework for local loans; lack of transparent information on the activity of issuers and use of attracted funds; low volume, low liquidity and investment attractiveness of municipal bonds compared to other debt financial instruments; low solvency of municipalities. In order for the municipal borrowing market in Ukraine to gain more development, it is advisable to: improve the regulatory framework for the issuance of local loan bonds; increase revenue sources of local budgets, including development budgets; to place temporarily free budget funds in the revenue part of the development budget; to create a communal bank, through which the priority directions of socio-economic development of territorial communities will be financed, which will solve certain problems of the communal sector; to provide complete information on the amount of local debt and guarantees provided by the municipality, statistical information on the socio-economic development of the city, provide a credit rating of the municipality.