JPM - Ukraine Public Debt Mangement April 12 2023
JPM - Ukraine Public Debt Mangement April 12 2023
1
State Budget Law 2023: key highlights
2021A 2022F
A 2023F
Nominal GDP, UAHbn 5,460 4,728 6,279
Real GDP growth, % 3.4% (32.0%) 3.2%
CPI (eop), % (actual) 10.0% 26.0% 28.0%
Unemployment rate, % 9.9% 17.5% 18.7%
Trade balance, USDbn (actual) (2,671) (24,341) (15,293)
3,076
2,705
1,586 1,678
1,721
1,491 1,396
1,107 1,196
950
302 200
50.0
45.0
20.0
19.5
15.0
Grants
10.0
5.0
EU US IMF Japan Canada World Bank UK Portugal To be identified Total funding needs
(2023)
u Ukraine’s budget financing needs are totaling US$ 42.6bn in 2023 and will be predominantly covered by the EU’s MFA package (US$ 19.5bn), grant
assistance from the US (US$ 10.9bn) the IMF (US$ 4.5bn) as well as Japan (US$ 3.5bn)
Note 1 As of 11.04.2023
Source Ministry of Finance of Ukraine
3
Received budget financing in 2022
US$ m UAH m
NBU 12,477 400,000
USA 11,9902 409,147
EU 7,9613 280,806
Warbonds
Domestic bonds 7,692 250,771
IMF 2,693 88,181
Canada 1,889 60,503
Germany 1,584 4 47,855
World Bank 1,385 33,635
UK 1,076 5 35,109
EIB 720 21,062
Japan 581 17,006
France 437 13,558
3
Italy 330 11,199
Netherlands 318 5 11,003
Denmark 53 3 1,780
Sweden 49 6 1,438
Lithuania 22 5 761
Norway 22 2 629
5
Latvia 16 530
2
Austria 11 307
Belgium 5 2 182
Albania 12 37
2
Note 1 As of 30.12.2022 Iceland 0.5 14
Note 2 Grant
Note 3 Including grant of EUR 698m (EU), EUR 110m (Italy);
EUR 22m (Denmark)
Total 51,312 1,696,395
Note 4 Grant Including grant of EUR 1.2bn
Note 5 Guarantee, incl. grant of USD 128m (UK), EUR 80m loan (Netherlands),
EUR 11m grant (Lithuania); EUR 5m grant (Latvia)
Note 6 Guarantee IFIs Bilateral and grants Domestic government bonds 4
Source Ministry of Finance of Ukraine
Received budget financing in 2023
US$ m UAH m
EU 4,851 177,397
Domestic
Warbonds
bonds 4,097 149,816
2
USA 3,500 127,990
IMF 2,706 98,972
Canada 1,757 64,235
UK 498 3 18,211
World Bank 163 5,968
2
Germany 52 1,883
2
Spain 50 1,832
2
Finland 21 779
2
Ireland 21 772
2
Switzerland 10 377
2
Belgium 3 113
2
Iceland 2 59
2
Estonia 0.1 2