External debt makes USD 103.2 bln at end-2008

The National Bank of Ukraine reported that Ukraine’s total external debt amounted to USD 103.2 bln at end-2008. The debt grew 25.6% yoy, and decreased 1.5% compared to end-3Q08. Public debt came to USD 19.3 bln, and corporate debt to USD 83.9 bln. Notably, over 4Q08 corporate debt decreased USD 6.6 bln (-7.9% qoq), while public debt added USD 5.0 bln (+35.2% qoq), mainly because of the attraction of the IMF stabilization loan. Andrii Parkhomenko: We believe that deleveraging in corporate sector will continue over 2009 and expect corporate debt to fall to USD 68.4 bln by the end of the year. Meanwhile, public debt will keep rising to an estimated USD 32.7 bln by yearend (assuming Ukraine receives USD 9.6 bln from the IMF in 2009).