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Direct government debt of Ukraine decreased, – Poroshenko

Прямой госдолг Украины сократился, - ПорошенкоDespite the war, Ukraine has managed to reduce the budget deficit.

The ratio of direct government debt to gross domestic product (GDP) in the first half of 2018 fell to 63%.

This was announced by the President of Ukraine Petro Poroshenko on the 15th of the YES forum in Kyiv organized by the Victor Pinchuk Foundation.

“We have a ratio of sovereign debt to GDP in 2016 was more than 82%, and in the middle of this year – 63%”, – said the President.

According to him, despite the war, Ukraine has managed to reduce the budget deficit, and the country’s GDP in the second quarter of 2018 increased by 3.6%, while capex for the first half rose by 26.5%.

In addition, Poroshenko said that the banking system was stable and efficient.

Recall that the aggregate state (direct) and guaranteed debt of Ukraine in dollar terms in 2017 increased by 7.5%, or $5.3 billion to $76.3 billion, in local currency by 11%, or 211,9 billion to 2.1 trillion UAH.

At the end of the first half of 2018 the public debt is $ 1.7 trillion UAH, or $66,1 billion, including a $37.5 billion and total almost 2 trillion UAH, or $76.3 billion

The government of Ukraine in late August of this year, the revised medium-term strategy of public debt management, setting more stringent objectives for the reduction of direct state debt in relation to GDP, in particular, on reducing it to 60% of GDP by the end of the current debt instead of the previously planned trims in 62% of GDP. The document envisages by the end of next year to reach 52% until the end of 2020 to have a debt of not more than 49% of GDP.

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