Monday, June 22, 2015

Ukraine's gross external debt rises to 110.5% of GDP in Q1 - National Bank

Ukraine's external debt, both state and non-state debt, totaled $125.97 billion as of April 1, 2015, 0.3% less than at the beginning of the year, the National Bank of Ukraine (NBU) reported.

The debt increased markedly owing to the economic contraction and the devaluation of the hryvnia, to 110.5% of GDP from 95.1% of GDP at the beginning of the year.

The financial and corporate sectors saw debt to non- residents decline by $5.7 billion in January-March, while sovereign debt rose by $5.4 billion due to receipt of a $4.9 billion loan from the IMF. Swap operations with the People's Bank of China increased NBU liabilities by $1.6 billion, increasing overall external debt of the general government and monetary authorities to $40.4 billion, or to 35.5% of GDP, up from 26.4%.


External debt in the banking sector fell by $1.6 billion to $17.1 billion, including a reduction of $1.4 billion in long-term debt.

External debt in other economic sectors dropped by $4.4 billion to $58.8 billion (51.6% of GDP), including declines of $1.6 billion for long-term loans and obligations, $0.2 billion in short-term loans, and $2.7 billion in trade credits. Simultaneously, overdue long-term debt on long-term loans and obligations increased by $0.9 billion.

The volume of short-term external debt on a remaining maturity basis declined by $0.8 billion to $55.5 billion.

General government payments coming due in the course of 12 months dropped by $1.3 billion in the quarter to $6.6 billion. Payments on obligations totaled $5.4 billion, including $3 billion owed to Russia.

Obligations in the real sector of the economy coming due in the course of 12 months totaled $36.9 billion, down $0.7 billion in the three months. The figure for the banking sector was $10 billion, down $0.2 billion.

Ukraine's gross external debt fell by $15.77 billion or 11.1% in 2014, but due to the devaluation of the hryvni a and economic contraction, as a percentage of GDP the debt rose to 96.5% of GDP from 75.4% at the end of 2013.



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