It is noted that the ratings of Ukraine reflect its credible macroeconomic policy framework that had lowered inflation and narrowed fiscal deficits prior to the coronavirus shock, and a record of multilateral support.
“The coronavirus shock has at least temporarily reversed Ukraine's improvements made in recent years in terms of a declining debt burden, normalisation of growth prospects after the 2014-2015 geopolitical and economic crises, and reduced growth volatility,” reads Fitch Ratings’ report.
Fitch estimates that Ukraine has met close to 68% of its 2020 fiscal financing needs of USD 23.5 billion.
Also, Fitch forecasts that Ukraine’s international reserves will total USD 27.4 billion at the end of 2020 compared with UAH 29 billion at the beginning of September.
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