Ukraine's gross foreign debt in 2014 fell by $15.77 billion, or 11.1%, to $126.31 billion, according to the National Bank of Ukraine (NBU).
However, due to the devaluation of the hryvnia and the economic downturn, the gross external debt to GDP ratio worsened last year, from 75.4% of GDP to 96.5% of GDP.
"The financial and corporate sectors of the economy reduced liabilities to non-residents by $19.1 billion, while the public sector debt increased by $3.4 billion (to $35.1 billion) as a result of borrowing from international financial organizations," the NBU said.
The NBU said that the external debt of the Ukrainian banking sector as of late 2014 was $18.7 billion, and that the debt had fallen over the year by $3.8 billion, or 16.9%, due to the fall in long-term liabilities, in particular those on loans - by $1.7 billion, bonds – by $700 million, deposits and non-residents' accounts balance – by $1.3 billion.
The foreign debt of other sectors of the economy (including intercompany debt) fell by $15.3 billion, to $72.5 billion as a result of the reduction in long-term liabilities on loans – by $7 billion and bonds – by $1.6 billion, as well as creditor indebtedness on foreign trade operations - by $10 billion, while overdue indebtedness on unsecured loans rose by $2.7 billion.
The intercompany debt of enterprises in direct investment relations in 2014 fell by $1.9 billion, to $9.2 billion, the NBU said.
Short-term foreign debt in late 2014 was $55.1 billion, falling by $3 billion compared with the beginning of the year.
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