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Introduction. Financial cooperation of the state with subjects of entrepreneurial activity is carried out with the help of appropriate tools that contribute to the creation of a favorable investment environment for the implementation of socially important infrastructure projects. At the same time, an important place is occupied by debt financial instruments, which make it possible to ensure the fulfillment of obligations undertaken by partners. The purpose of the paper is to highlight domestic and foreign practice and issues of using debt financial instruments in the process of implementing public-private partnership projects. Results. The results of the study show that when financing public-private partnership projects, partnership participants seek to attract cheap and long-term debt financial instruments. Therefore, the most accessible and profitable financial instrument used in the process of financing public-private partnership projects are bank credit resources. However, small banks do not have the ability to independently finance these projects. In such a case, an effective tool is syndicated lending, the participants of which can become not only large banks, but also small ones with a different share of lending. It was established that an alternative to bank lending is the issuance of debt securities - infrastructure bonds, the use of which makes it possible to reduce the burden on budgets of various levels and attract extra-budgetary sources of financial resources. Conclusion. Effectiveness of using debt financial instruments needs to solve problems on the debt capital market, in particular regarding the legislative regulation of their formation, circulation and use in the sphere of public-private partnership, ensuring investment attractiveness, transparency and openness. Prospects for further research in this direction are the search for ways to improve the financial tools for the development of public-private partnerships, taking into account the best achievements of world experience.

The article reveals the peculiarities of the use of bank project financing in the field of PPP. It is substantiated that the peculiarity of the application of  PPP project financing is the creation of a special project company, which is responsible for mobilizing financial resources for project implementation; the presence of a hierarchy of investment; more objective assessment of the borrower's solvency and reliability and evaluation of the project itself in terms of its efficiency, security and risk; significant transaction costs to settle the interests of all members of the partnership. It is proved that in modern conditions the role of project bank lending in the sources of project financing is growing rapidly, and the role of banks in this process is much wider than in traditional forms of lending. They not only provide financial support for the project, but also become direct participants in the implementation of the PPP project, performing management, settlement, consulting, guarantee and other functions. Given the specifics of PPP projects (large scale, long implementation time, cost), the participation of commercial banks in their financing is complicated. International development banks and international financial institutions play a leading role in the formation of project financing in the field of PPP, and the syndicated lending mechanism is also used in foreign practice. However, in Ukraine, bank project financing is practically underdeveloped, which is due to its institutional and legal irregularities. The use of syndicated lending mechanisms in Ukraine is unique, as well as the financing of PPP projects through credit and export agencies. PPP project financing with the support of international financial institutions, in particular the EBRD, has been the most developed, concentrating in such areas as infrastructure development, energy reform, and construction. In this regard, the problems of economic, legal and managerial nature, which hinder the development of bank project financing in the field of PPP in Ukraine in modern conditions, are outlined.

Розкрито наукові підходи до розуміння принципів функціювання фінансового механізму на макро-й мікрорівнях, а також принципів реалізації партнерських відносин держави і приватного сектору економіки. Виокремлено принципи формування та функціювання фінансового механізму державно-приватного партнерства. Обґрунтовано необхідність їх законодавчого закріплення задля забезпечення виконання фінансових зобов'язань учасниками партнерства, активізації розвитку партнерських відносин держави і бізнесу в перспективі. Ключові слова: фінансовий механізм, державно-приватне партнерство, принципи формування, принципи функціонування, законодавче регулювання. Шулюк Богдана Степановна, кандидат экономических наук, доцент, доцент кафедры финансов им. С.И. Юрия Тернопольского национального экономического университета ПРИНЦИПЫ ФОРМИРОВАНИЯ И ФУНКЦИОНИРОВАНИЯ ФИНАНСОВОГО МЕХАНИЗМА ГОСУДАРСТВЕННО-ЧАСТНОГО ПАРТНЕРСТВА Раскрыто научные подходы к пониманию принципов функционирования финансового механизма на макро-и микроуровне, а также принципов реализации партнерских отношений государства и частного сектора экономики. Выделены принципы формирования и функционирования финансового механизма государственно-частного партнерства. Обоснована необходимость их законодательного закрепления для обеспечения выполнения финансовых обязательств участниками партнерства, активизации развития партнерских отношений государства и бизнеса в перспективе. Ключевые слова: финансовый механизм, государственно-частное партнерство, принципы формирования, принципы функционирования, законодательное регулирование.

Urgency of the research. The importance of the study and improvement of public procurement system in Ukraine in the context of applying international principles of public procurement policy is determined by the unstable economic development of the country, ineffective activities of economic structures and inefficient use of financial resources.Target setting.