Public debt flat mom in November

Ukraine’s public debt (direct and guaranteed combined) increased a mere 0.5% mom to USD 59.4 bln (37.1% of 2011E GDP) in November, the Finance Ministry reported this week. Direct public debt increased 0.5% mom and 10% YTD to USD 44.7 bln or 27.9% of 2011E GDP.

Svetlana Rekrut: We estimate end-2011 public debt at 37% of GDP, virtually unchanged from end-November, as government borrowings in December (c. USD 0.7 bln) roughly matched redemptions (USD 600 mln in Eurobonds and USD 175 mln in local bonds). We project Ukraine’s public debt to raise 8% yoy to USD 64 bln in 2012, but decline in relation to GDP to 35.6%.