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by $288mn - to $116.290bn, the National Bank of Ukraine (NBU) has announced. However, in the general government sector, the debt increased from $38.886bn to $39.153bn.
Ukraine's state debt declined 1.0%, or $800mn, to $76.3bn in May due to a decline in foreign debt, the Finance Ministry reported on June 25.
Foreign debt decreased 1.6%, while domestic debt inched up 0.5%. State debt was 66.8% of Ukraine’s 2017 GDP.
"The decline in foreign debt was due to debt repayments to IFIs and foreign governments," Evgeniya Akhtyrko at Kyiv-based brokerage Concorde Capital wrote in a note on June 26. "The growth of domestic debt in May was due to the placement of local bonds for UAH10.6bn (including local Eurobonds for $272.3mn and €64.6mn), which exceeded the redemption of local bonds by UAH3.7bn.
Concorde projects the state debt will rise to $78.2bn (67.6% of GDP),
assuming International Monetary Fund (IMF) cooperation is maintained.
Ukraine has received $8.4bn from the IMF so far under the lender's programme. The establishing of the anti-corruption court is a crucial condition for a new tranche from a $17.5bn support package agreed by Kyiv with the multinational lender.
37 UKRAINE Country Report July 2018 www.intellinews.com