Page 45 - UKRRptMay19

secured by a guarantee from the World Bank.
Initially, the ministry planned to raise funds in January. But instead, it reported that it replaced it with $587mn and €33mn from the placement of local Eurobonds in January. Of the raised amount, the biggest portion was drawn from bonds maturing on February 21 ($287mn in par value).
"Meanwhile, state domestic debt increased in March as newly attracted government debt from the placement of local bonds exceeded redemptions," Akhtyrko added in a note on April 26.
In particular, the newly placed domestic debt reached UAH27.2bn, while repayments amounted to UAH15bn (in the equivalent). Meanwhile, the state- guaranteed debt declined mostly due to reduced positions with several foreign banks.
Concorde projects state and state-guaranteed debt will increase to $80.8bn in 2019, or around 62% of GDP (vs. $70.3bn, or 60.9% of GDP in 2018).
7.0 FX
Source: CEIC
Exchange rate 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
Official UAH/USD (eop) 7.7 7.99 7.96 7.99 7.99 7.99 15.77 23.41 26.20 27.52
Official UAH/USD (avg) 5.27 7.79 7.94 7.97 7.99 7.99 11.89 21.84 22.55 26.60
The World Bank reports that Ukrainians sent home last year $14.4bn in wages, almost one third more than the $10.9bn figure reported by the National Bank of Ukraine. Ukraine is now the largest recipient of wage remittances in Europe and Central Asia, says the World Bank. For comparison, $14.4bn is 11% of the nation’s GDP and 10 times the $1.4bn disbursed by the IMF to Ukraine last year.
45 UKRAINE Country Report May 2019 www.intellinews.com