3 August 2010
Ukraine’s Cabinet of Ministers postponed the planned issuance of special UAH sovereign bonds to cover VAT arrears to corporate exporters by one week, Deutsche Welle reported this morning. Prime Minister Mykola Azarov had stated in late July that the issue was planned for August 1. The delay was attributed to procedural issues. Deputy Prime Minister Sergiy Tigipko said in mid-July the volume of the bond issue would be UAH 16.4 bln (USD 2.1 bln), down from an earlier estimate of UAH 17.7 bln. For more details on the VAT bond issue, see our flash note of July 7.