Page 44 - UKRRptNov19

Ukraine expects to pay $3.3bn worth of debt (UAH80.3bn) in the last quarter of 2019, according to the Finance Ministry, UNIAN reports. The figure is about 3% of Ukraine’s 2018 GDP.
Ukraine’s state and state-guaranteed debt rose 1.3% m/m to $83.0bn in September, the Finance Ministry reported on October 28. State domestic debt jumped 7.6% m/m to $34.3bn, while state foreign debt dropped 2.9% m/m to $38.7bn. State-guaranteed debt slid 2.4% to $10.0bn.
In UAH terms, overall state debt declined 3.4% m/m to UAH1,998bn (56% of 2018 GDP).
The decline in state foreign debt was mostly due to the redemption of $661mn in Eurobonds issued in 2015, as well as the repayment of $90mn to the IMF. State domestic debt rose as the amount of local bonds placed in September exceeded the amount of bonds redeemed during the month.
In particular, MinFin receipts from local bond placements in September amounted to UAH20.4bn and $547mn. Meanwhile, government outlays on redeeming local bonds amounted to UAH6.4bn.
Concorde Capital project state and state-guaranteed debt will reach $80.8bn in 2019, or around 53% of GDP (vs. $78.3bn, or 61% of GDP, in 2018).
Ukraine’s national bank forecasts a reduction in the debt to GDP ratio to 55%, Dmytro Sologub, deputy governor of the National Bank of Ukraine tells RBC-Ukraine. "Due to the strengthening of the hryvnia this year, the ratio of government debt to GDP will be less than 55%. In a country where it was more than 80%.”
Ukraine’s state and state-guaranteed debt declined 0.6% m/m to $81.9bn
in August, the Finance Ministry reported on September 27. State domestic debt declined 1.2% m/m to $31.9bn, while state foreign debt dropped 0.3% m/m to $39.8bn. State-guaranteed debt stayed flat at $10.2bn.
In UAH terms, overall state debt stayed flat at UAH2,067bn (58% of 2018 GDP).
State domestic debt declined in August as the amount of redeemed local bonds exceeded receipts from newly placed bonds. In particular, MinFin paid bondholders UAH12.6bn and $123.5mn. Meanwhile, receipts from new placements amounted to UAH7.5bn.
The state repayments on the loans from the commercial foreign banks, European Union, the European Investment Bank, and the IMF resulted in decline of state foreign debt.
Concorde Capital said in a note that it projects state and state-guaranteed debt will reach $80.8bn in 2019, or around 53% of GDP (vs. $78.3bn, or 61% of GDP, in 2018).
44 UKRAINE Country Report November 2019 www.intellinews.com