15:18 18.09.2017

Ukrainian govt seeks to borrow UAH 215 bln in 2018

Ukrainian govt seeks to borrow UAH 215 bln in 2018

The Cabinet of Ministers of Ukraine seeks to borrow UAH 214.961 billion in 2018 to finance the general fund of the national budget, including UAH 91.2 billion on the foreign market.

The relevant indicators are outlined in the attachment to the bill on the national budget of Ukraine for 2018 published on the website of the Verkhovna Rada on Monday.

According to the document, the national budget for 2017 provides for attracting UAH 174.787 billion at the year-end, including UAH 70.88 billion in the external market.

The government projects an average rate for domestic borrowings at 12% per annum, and external - about 9% per annum. At the same time, the terms of state borrowing may vary depending on the influence of external political, economic and military factors.

No above-target volumes of state borrowings in 2018 are announced.

In 2018, it is also planned to attract UAH 17 billion from international organizations to the special fund to finance projects in the economy and the budget sphere.

"The use of these funds will be reflected in the special fund of the national budget in the context of the main administrators - recipients of these loans," the document says.

The repayment of the public debt next year is estimated at UAH 175.725 billion, including UAH 61.701 billion for external debt. The payments for servicing the public debt is projected at UAH 130.200 billion, including UAH 50.86 billion for external one.

As it is specified in the document, the increase in expenses for servicing the internal state debt was due to above-target borrowing aimed at capitalizing state-owned banks, providing loans to the Individuals' Deposits Guarantee Fund and financing the state budget deficit through domestic government borrowings, as well as the cost of debt instruments on the domestic financial market. The increase in expenses for servicing the external public debt is due to the growth of the forecast official exchange rate of the hryvnia against the U.S. dollar.

According to the document, the calculations were carried out taking into account a debt operation with government domestic loan bonds owned by the National Bank of Ukraine in October 2017.

According to calculations, the total amount of national debt in the national currency by the end of 2018 will be UAH 1.999 trillion, or 61.5% of GDP. Guaranteed debt, calculated in the national currency, will amount to UAH 747.551 billion. State and guaranteed debt will amount to 84.6% of GDP.

Given the structure of government borrowings in 2017 and the projected borrowings at the end of 2018, the share of internal debt will be 37.6% of the national debt, and the share of the external debt - 62.4%. The calculations were made using the forecast rate at the end of the year of UAH 30.10/$1.

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