Public debt rises 16% mom in July

Ukraine’s Finance Ministry reported on Friday that the country’s public debt increased 16% mom to USD 33.3 bln in July. Since the beginning of the year, the public debt load is up 35%. The Finance Ministry attributed the bulk of the increase to the receipt of the third USD 3.3 bln tranche of the International Monetary Fund’s loan, the placement of local sovereign bonds and the extension of state guarantees. Mykyta Mykhaylychenko: This level of debt constitutes some 20% of GDP, a relatively low level of government debt. Notably, at the beginning of August, the government demonstrated its desire and ability to repay its debts, with the full and timely redemption of its 2004 Eurobonds, which had a par value of USD 500 mln.