Ukraine aggregate state debt increases 1.6% in November

Ukraine’s state and state-guaranteed debt increased
1.6% m/m to USD 94.15 bln as of Nov. 30, the Finance Ministry reported on Dec.
24. State foreign debt increased 1.4% m/m to USD 45.4 bln, while state domestic
debt inched up 0.4% m/m to USD 37.3 bln. State guaranteed debt increased 7.0%
m/m to USD 11.2 bln.

In UAH terms, the overall state debt jumped 4.9% m/m
in September to UAH 2,559 bln, or 58.1% of Ukraine’s GDP in 2020.

Evgeniya Akhtyrko: The increase
of state foreign debt was mostly due to the disbursement of a USD 700 mln
tranche from the IMF under the Stand-By Arrangement. The jump in state
guaranteed debt reflected the issue of USD 825 mln of green/sustainable bonds by Ukrenergo.
The higher increase of debt in UAH terms was a result of 3.1% hryvnia
appreciation in November.

We expect Ukraine’s debt to increase in December due
to intensified domestic borrowing.