Ukraine borrows nearly $9 bln in foreign currency loans this year

15:50, 01 December 2014
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Government borrowing for the general fund of the state budget of Ukraine in foreign currency in January-November 2014 totalled $8.941 billion, the Ministry of Finance of Ukraine said in a posting on its Web site on Monday.

REUTERS

According to the ministry, the lion’s share of foreign currency funds - $6.631 billion - was attracted on the foreign markets. The largest individual creditors are the International Monetary Fund, having granted foreign currency loans of $2.978 billion from January-November, the International Bank for Reconstruction and Development (World Bank Group) providing $1.247 billion in loans, and the European Union - $1.131 billion.

An additional $1 billion has been raised during the period by issuing government bonds.

In the domestic market, $713.4 million in loans were raised from January-November by means of the placement of government bonds.

As UNIAN reported earlier, based on the planned payments schedule of the Ministry of Finance, Ukraine will fully pay off its internal and external loans after 26 years, by 2040. The largest share, or 75% of all payments, falls due during the first five years, from 2014 to 2018.

According to experts, in 2014 Ukraine was expecting to get $7.4 billion from the International Monetary Fund and $6.3 billion from other creditors, however, by mid-November only two-thirds of the amount has been received.

According to the ppermanent representative of the International Monetary Fund in Ukraine Jerome Vacher, the fund will resume discussions with the Ukrainian authorities on further funding after the formation of the new government.

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