You're reading: Ukraine’s state debt in November hits record high of over Hr 1 trillion

Ukraine's total (direct and guaranteed) state debt in November, in dollar equivalent fell by 5 percent, or $3.66 billion, to $69.34 billion, mostly due to the hryvnia's devaluation, the Ukrainian Finance Ministry reported on its website.

According to the report, in hryvnia, the aggregate state debt last month grew by 9.8 percent, or by Hr 92.57 billion, to a record high of UAH 1.379 trillion.

The correlation of state debt denominated in U.S. dollars and hryvnia gives an estimate forex rate of Hr 14.97 per $1 as of the end of November against Hr 12.951 per $1 as of the end of October and Hr 7.993 per $1 as of end of 2013

In January-November the aggregate state debt decreased in dollar equivalent by 5.2 percent, or $3.77 billion, but in hryvnia it grew by 77.6 percent or by Hr 453.53 billion.

Total domestic debt in November shrank by 10.8 percent, or by $3.58 billion, to $29.58 billion, whereas total foreign debt fell by 0.2 percent, or $80 million to $39.76 billion, the Foreign Ministry said.

Since the beginning of the year, total domestic state debt fell by 16.8 percent, or $5.96 billion, whereas foreign debt grew by 5.8 percent, or $2.19 billion.

As reported, Ukraine’s public debt in 2013 in U.S. dollar terms grew by 13 percent, or $8.434 billion, and in relation to GDP – from 37.4 percent of GDP to 40.9 percent of GDP.

According to government estimates, the fall of real GDP in Ukraine in 2014 will be 7 percent, however, due to the acceleration of inflation to 25.3 percent, nominal GDP will increase to Hr 1.525 trillion.

The International Monetary Fund in the updated Stand-By Arrangement forecasts the increase in Ukraine’s gross public debt in this year from 40.9 percent of GDP to 67.6 percent of GDP due to the devaluation of the national currency and the need for further government support for Naftogaz Ukrainy and banks.