Ukraine state debt falls 0.4% m/m in July

Ukraine state debt falls 0.4% m/m in July



26 серпня 2014 года
Конкорд Капитал

Ukraine’s USD-denominated state debt fell 0.4% m/m (USD 284 mln) in July to USD 69.2 bln, according to MinFin data released on Aug. 22. External debt decreased 1.0% (USD 400 mln) while internal debt grew 0.4% (USD 116 mln) through the month. The share of external debt declined to 58.9% from 59.2% in the prior month.



Alexander Paraschiy: A VAT bonds placement of UAH 5.8 bln, as well as more refunding for Naftogaz (UAH 1.1 bln), were the main reasons for internal liabilities growth in July. The ongoing government effort to raise funds to cover the deficit also contributed: in July, MinFin placed bonds for UAH 7.8 bln while paid back UAH 6.9 bln on internal liabilities, thus adding UAH 0.9 bln to the debt stock. With regard to the sliding external debt, a USD 648 mln redemption to the IMF was the main factor. Since more state refunding for Naftogaz is expected over the upcoming months (UAH 63.3 bln approved in budget amendments) and another wire from the IMF (USD 1.4 bln) is highly probable, we anticipate the state debt to resume growth in August and approach 59% of GDP by the end of the year.

Источник: Конкорд Капитал

Аналитик: Александр Паращий
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