Public debt rises to 36% of GDP in 2011
7 February 2012
Ukraine’s public debt (direct and guaranteed) increased 9.1% yoy in 2011 to USD 59.2 bln, translating into 36% of GDP (vs. 39% at end-2010), the Finance Ministry reported yesterday. Direct public debt rose USD 4.1 bln or 10.1% yoy to USD 44.7 bln and equaled 27% of GDP.
Svetlana Rekrut: In 2012, the government plans to borrow USD 7.6 bln domestically and USD 4.7 bln on external markets. We believe debt raising/rollover, both domestically and externally, will be a challenge for the government given difficult global debt markets and insufficient liquidity in the domestic banking sector. We think public debt is unlikely to increase considerably this year and project USD 64.2 bln or 34% of GDP at end-2012.
