Ukraine’s total public debt in August 2023 increased by 3.1% to a new historic high: in dollar terms – by $4bn to $132.92bn, in hryvnia terms – by UAH 146.2bn to UAH 4 trillion 860.6bn, according to data on the website of the Ministry of Finance.
According to them, the direct state debt increased by 3.3% to $123.63 billion, or up to UAH 4 trillion 521.1 billion, and amounted to 93.0% of the total amount of public and state-guaranteed debt.
It is reported that external direct debt in August increased by 4.4%, or $3.52 billion, to $83.41 billion, while domestic direct debt increased by 1.1%, or UAH 15.8 billion, to UAH 1 trillion 470.75 billion (equivalent to $40.22 billion).
The total external public debt of Ukraine in August-2023 increased by 4.1%, or $3.58 billion, to $90.77 billion, while the total domestic debt increased by 1.0%, or UAH 15.2 billion, to UAH 1 trillion 541.4 billion.
As a result, the share of total external government debt increased to 68.3%.
As a result, the share of total external government debt rose to 68.3%.
According to the Ministry of Finance, the share of liabilities in euros at the end of August rose to 28.36%, in U.S. dollars – to 26.66%, while in hryvnia decreased to 28.87%, in SDR – to 12.89%, in Canadian dollars – to 2.48%, and in yen and British pounds remained at 0.72% and 0.02%, respectively.
The office also clarified that 64.86% of government debt has a fixed interest rate, while 12.89% is pegged to the IMF rate, 7.85% to SOFR, 3.88% to EURIBOR and 0.72% to TORF.
Another 2.99% of government debt is tied to the consumer price index, while 6.49% is tied to the NBU discount rate. We are talking about government bonds from the portfolio of the National Bank. The newest of them were securities linked to the discount rate, which were purchased by the NBU within the framework of emission financing of the budget.
Finally, 0.31% of government debt has a rate linked to the Ukrainian index of interest rates on individual deposits, used in portfolio guarantee programs.
As reported, Ukraine’s public and state-guaranteed debt increased by $13.4 billion to $111.45 billion in 2022. In the first eight months of this year, the state debt increased by $21.47 billion, or 19.3%.
In the framework of the first revision of the EFF extended financing program with Ukraine at the end of June, the IMF significantly improved the forecast of the government debt growth this year – from 98.3% of GDP to 88.1% of GDP, including by revising its estimate for the end of last year from 81.7% of GDP to 78.5% of GDP.
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Ukraine’s aggregate public debt in November 2022 rose by 4.2%: in dollar terms – by $4.34 billion, to $107.46 billion, in UAH – by UAH 158.7 billion, to UAH 3.930 trillion, according to the Ministry of Finance website.
According to them, direct government debt last month increased by 4.5% to $97.69 billion, or 3.572 trillion UAH, mainly due to a loan from the European Union ($2.95 billion) and placement of government bonds ($0.56 billion, or 20.44 billion UAH).
External direct debt, in particular, rose by 6.4% or $3.68 billion to $61.48 billion, while the domestic direct debt increased by 1.6% or 20.44 billion UAH to 1.324 trillion UAH (the equivalent of $36.21 billion).
According to the Ministry of Finance, the state-guaranteed debt in November increased by 1.1% in dollar terms, or $0.1 billion – to $9.77 billion, while in UAH – by 3.83 billion UAH, to 357.4 billion UAH.
The main share of state-guaranteed debt falls on the foreign debt, which rose in November by 1.6% or $0.12 billion to $7.83 billion.
Since the beginning of 2022, Ukraine’s aggregate national debt in dollar terms increased by 9.7%, or $ 9.51 billion, while in UAH it jumped by 47.1%, or 1.258 trillion UAH.
The total external public debt of Ukraine for 11 months of this year increased by 21.2%, or $12.1 billion – to $69.3 billion, while the total internal debt – by 25.5%, or UAH 283.7 billion – to UAH 1.395 trillion.
According to the Ministry of Finance, the share of obligations in dollars at the end of November was 31.22%, in euros – 21.03%, in SDR – 13.62%, in Canadian dollars – 1.00%, in yen – 0.90%, British pounds – 0.02%, while in hryvnia – 32.21%.
The Ministry also clarified that 67.14% of the national debt has a fixed interest rate, while 13.62% is linked to the IMF rate, 6.69% – to SOFR, 4.31% – to Libor, 0.43% – to EURIBOR.
Another 3.69% of the government debt is tied to the consumer price index, while 3.74% is tied to the NBU discount rate. We are talking about government bonds from the portfolio of the National Bank, the most recent are papers with a link to the discount rate, which the NBU buys within the framework of the emission financing of the budget.
Finally, 0.38% of the government debt has a rate linked to the Ukrainian index of interest rates on deposits of individuals, used in portfolio guarantee programs.
The total public debt of Ukraine in August 2021 in U.S. dollars decreased by 0.5%, or by $440 million, to $92.53 billion, the Ministry of Finance said on its website.
According to the ministry, in hryvnia terms, due to the slight strengthening of the hryvnia, the national debt decreased by 0.6%, or by UAH 14.28 billion, to UAH 2.485 trillion.
The Ministry of Finance specified that external debt in August also decreased by 0.5%, or by $290 million, to $54.49 billion, including direct – by 0.3%, or by $120 million, to $45.41 billion.
According to the ministry, in August, state guarantees on loans from Ukreximbank increased by UAH 4.58 billion, to UAH 10.85 billion, as a result of which the domestic state-guaranteed debt also increased by UAH 4.63 billion, to UAH 41.42 billion. However, due to the redemption of government bonds, as a whole the aggregate domestic public debt in the past month decreased by 0.5%, or by UAH 5.11 billion, to UAH 1.022 trillion.
In general, since the beginning of the year in dollar terms, the total state debt of Ukraine has increased by 2.5%, or by $2.3 billion, while thanks to the strengthening of the hryvnia to UAH 26.86/$1 from UAH 28.27/$1, in hryvnia terms it has decreased by 2.6%, or by UAH 66.5 billion.
The total public debt of Ukraine in July 2021 increased by 0.48% in U.S. dollars and amounted to $ 92.96 billion, while it decreased by 0.6% in hryvnias, to UAH 2.499 trillion, according to data on the website of the Ministry of Finance.
According to them, the direct national debt in July this year in dollar terms increased by 0.59%, to $ 82.35 billion, in hryvnias – decreased by 0.48%, to UAH 2.214 trillion. External direct debt in the past month in dollars increased by 1.1%, to $ 45.52 billion (in hryvnias – by 0.03%, to UAH 1.224 trillion).
The state-guaranteed debt in July in dollar terms decreased by 0.37%, to $ 10.61 billion, in hryvnias – by 1.47%, to UAH 285.29 billion, according to the ministry’s data.
Since the beginning of 2021, the total national debt of Ukraine has grown by 2.99% in dollar terms and by 16.7% in hryvnias.
According to the Ministry of Finance, the share of liabilities in dollars in the total structure of the state debt in July increased to 36.83%, in hryvnia – to 36.61%, but the share in SDR decreased to 12.99%, in euros – to 12.99%. At the same time, the share of liabilities in yen remained at the level of 0.58%.
The official hryvnia to dollar exchange rate, at which the Ministry of Finance calculates the debt, strengthened to UAH 26.89/$1 in July compared to UAH 27.18/$1 in June.
STATE AND STATE GUARANTEED DEBT OF UKRAINE FROM 2009 TILL 2021 (MLN UAH)
The total public debt of Ukraine in March 2021 decreased in hryvnia by UAH 38.68 billion, to UAH 2.514 trillion, in dollars – by $ 1.24 billion, to $ 90.17 billion, the Ministry of Finance said on the website.
“As of the end of March 2021, the total government and government-guaranteed debt in the national currency amounted to UAH 2.514 trillion ($ 90.17 billion in equivalent). Compared to the previous month, the state and publicly guaranteed debt of Ukraine decreased in hryvnia equivalent by UAH 38.68 billion, and by $ 1.24 billion in dollar terms,” the ministry said in a release.
At the same time, public debt decreased by UAH 28.91 billion ($ 906.4 million), to UAH 2.234 trillion ($ 80.14 billion), of which external debt is 54.2% (including 21.2% of the total amount are loans from international financial organizations, 28.9% – eurobonds).
The state-guaranteed debt fell by UAH 9.77 billion ($ 33.4 million), the Finance Ministry said.
“The share of public debt in hryvnia at the end of March 2021 increased to 39.8%,” the Finance Ministry said.
“In March 2021, the Ministry of Finance held 29 auctions for the placement of government bonds, attracted UAH 44.4 billion to finance the state budget,” the report says.
According to the ministry, payments for repayment of the state debt in January-March this year amounted to UAH 106.9 billion, for servicing – UAH 37.4 billion.
