Ukraine's public debt shrinks to nearly 62.7% of GDP in 2018

Ukraine's public debt shrinks to nearly 62.7% of GDP in 2018

Ukrinform
Ukraine's public and publicly guaranteed declined declined to almost 62.7% of GDP in 2018 from 71.8% in 2017, the press service of the Ukrainian Finance Ministry has reported on its Facebook page.

"According to the latest assessment, public and publicly guaranteed guaranteed debt in relation to GDP declined from 71.8% in 2017 to about 62.7% in 2018," the report said.

It notes that as of December 31, 2018, Ukraine's public and publicly guaranteed debt reached nearly UAH 2.169 trillion, or $78.3 billion. Last year, public and publicly guaranteed debt grew by UAH 26.94 billion, or $2 billion in the U.S. dollar equivalent.

Ukraine's public debt amounted to UAH 1.86 trillion (85.8% of the total public and publicly guaranteed debt), or $67.219 billion.

Public foreign debt amounted to UAH 1.099 trillion (50.7% of the total public and publicly guaranteed debt), or $39.7 billion.

Public domestic debt amounted to UAH 761.1 billion (35.1% of the total public and publicly guaranteed debt), or $27.549 billion.

Ukraine's publicly guaranteed debt amounted to UAH 308.1 billion (14.2%), or $11.1 billion.

According to tentative forecasts made by the National Bank of Ukraine, GDP growth in 2018 amounted to 3.4%, the largest figure over the past seven years. Nominal GDP amounted to UAH 2.983 trillion in 2017.

At the same time, the NBU said that Ukraine should pay about $12 billion in foreign debt in 2019-2020, including interest. According to NBU Governor Yakiv Smolii, in 2019 it is planned to receive EUR 500 million from the European Commission and a $600 million guarantee from the World Bank. In addition, there may be two tranches from the IMF for a total of about $2.5 billion. The Finance Ministry also plans to raise funds from the placement of bonds in the domestic and foreign markets. Therefore, foreign debt payments will be covered partly at the expense of funds received last year and partly at the expense of those still to be attracted.

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