World Economy

Ukraine Debt Reaches $65b

Ukraine Debt Reaches $65bUkraine Debt Reaches $65b

Ukraine’s total direct and guaranteed state debt in October-November 2015 fell by $5.52 billion or 7.8%, reaching $65.15 billion, the Finance Ministry of Ukraine reported on its website on Tuesday, Interfax reported. In hryvnias, state debt fell by 2.3% or UAH 34.714 billion, to UAH 1.521 trillion. This is linked to devaluation of the hryvnia over the period from UAH 21.53/$1 to UAH 23.88/$1. The debt reduced also thanks to the restructuring of eurobonds when 20% of bonds were exchanged to government warrants conventionally worth $2.916 billion, payments on which in 2021-2040 depend on the pace of Ukraine’s GDP growth. The finance ministry did not include these liabilities into the state debt, although at present they are listed on the market at 41.66% of their face value. The ministry said that total foreign debt in October-November 2015, not taking into account government warrants, fell by 7.7% or $3.57 billion, to $42.91 billion.