Ukraine aggregate state debt increased 0.5% in July

Ukraine’s state and state-guaranteed debt increased
0.5% m/m to USD 92.96 bln as of July 31, the Finance Ministry reported on Aug.
30. State foreign debt increased 1.1% m/m to USD 45.5 bln, while state domestic
debt stayed flat at USD 36.8 bln. State-guaranteed debt slid 0.4% m/m to USD
10.6 bln.

In UAH terms, the overall state debt slid 0.6% m/m in
July to UAH 2,499 bln, or 59.6% of Ukraine’s GDP in 2020.

Evgeniya Akhtyrko: An
additional issue of 8-year international bonds in July for USD 500 mln resulted
in an increase of state foreign debt. The state domestic debt didn’t undergo
statistically significant changes as the receipts from local bond placement
were close to the redemption of local bonds during the month.

In UAH terms, the overall state debt slid mostly as a
result of a 1.1% m/m hryvnia appreciation during the month.

We expect the state debt to slide in August as the
redemption of local bonds exceeded the receipts from newly placed bonds during
the month by UAH 9.3 bln (USD 0.34 bln).