Page 40 - UKRRptAug18

yield benchmarks under the new central bank key policy interest rate of 17.5%.
6.2 Debt
DEBT 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E*
External debt (US$bn, 80 101.7 103.4 117.3 126.2 134.6 142.1 126.3 118.7 113.6 124.2 eop)
External debt (% of 55.8 55.3 91 86.1 77.4 77.3 79.1 96.2 130.4 121.7 126.6 ann'd GDP, eop)
FX reserves (US$bn, 32.5 31.5 26.5 34.6 31.8 24.5 20.4 7.5 12.4 11.9 15.6 eop)
FX reserves (% of 22.6 17.2 23.3 25.4 19.5 14.1 11.4 5.7 13.6 12.8 13.3 ann'd GDP, eop)
External debt / FX 2.5 3.2 3.9 3.4 4 5.5 7 17.7 9.6 9.5 8.0 reserves (x, eop)
FX reserves imports 5.6 3.9 5.9 6 4.1 2.9 2.5 1.3 3.3 3.6 3.3 cov (months)
Source: ICU
Ukraine’s state debt amounted to $76.3bn in June , showing no statistically significant change from the previous month, the finance ministry reported on July 26. Foreign debt slid 0.3% to $37.5bn, while domestic debt inched up 0.1% to $28.6bn. In June, state debt amounted to 67% of Ukraine’s 2017 GDP. Evgeniya Akhtyrko at Kyiv-based brokerage Concorde Capital wrote in a note on July 27 that the decline in foreign debt was due to debt repayments to international financial institutions (IFIs) and foreign governments. The growth of domestic debt in June was due to the placement of local bonds for UAH18.7bn ($160mn), including local Eurobonds for $539.4mn, which exceeded the redemption of local bonds by UAH5.5bn. "The lower percentage decrease of foreign debt in UAH terms is explained by a slight devaluation of local currency in June," she added. Concorde projects that the state debt will rise to $78.2bn in 2018 (67.6% of GDP), assuming Kyiv's cooperation with the International Monetary Fund (IMF) is maintained.
40 UKRAINE Country Report August 2018 www.intellinews.com