Public debt up 37.3% yoy in 2008

According to the Ministry of Finance, in 2008 Ukraine’s total public debt (incl. debt guaranteed by the state) rose 37.3% yoy and made up USD 24.1 bln. In terms its ratio to GDP, debt increased from 12.4% of GDP in 2007 to 13.5% in 2008. Andrii Parkhomenko: We expect outstanding public debt to almost double to USD 40.5 bln (34.3% of GDP) by end-2009. This forecast assumes the attraction of the entire amount of debt available under the IMF standby facility in 2009 (USD 9.8 bln), and the issuance of bonds or attraction of loans to cover the entire 2009 budget deficit (UAH 41.2 bln, by our estimates).