The growing internal debt can depreciate hryvnia in the fall to 8-10 UAH/1 dollars
The decision of Cabinet of Ministers on increase in an authorized capital of NAK "Neftegaz of Ukraine" on 18,6 billion UAH by issue of the state securities and repayment by their National bank of Ukraine was apprehended very ambiguously both politicians, and experts. The share of the bonds of a domestic state loan (BDSL) in a portfolio of NBU and so grows. From January to June OVGZ volume in reserves of NBU increased from 8,6 billion UAH to 28,6 billion UAH. Now can happen so that the total amount of an internal debt (for today - over 50 billion UAH) will grow by a third.
Consequences for budgets of future periods at preservation of this approach will be very deplorable. And it is a little reasons for optimism: such behavior of Cabinet of Ministers relies on the Ukrainian tradition - constantly to live on credit.
Except directly plain internal duty, grows and the internal debt guaranteed by the state. About it reports Ukrrudprom. It, as a rule, a debt of the State Banks and corporations for which the government was charged.
Except direct debts of the government, in Ukraine at present there is rather large volume of municipal debts - both external, and internal. Debts of the cities and areas are estimated in tens and hundred millions hryvnias.
For example, the Lvov City Council in 2007-2008 made the decision on issue of bonds of a domestic loan for total amount of 292 million UAH, the Kiev and Kharkov City Councils - for the sum of 100 million UAH each, Donetsk City Council - on 45 million UAH in 2005 and on 50 million UAH in 2006, the Zaporozhye City Council - on 75 million UAH, the Lugansk City Council - on 29,3 million UAH
We will remind that there was a conversation on issue of bonds of a municipal loan and in Nikolaev. It was planned to let out bonds under guarantees of the Nikolaev city council on 50 million hryvnias.
Practically all these securities have a maturity date of 5 years, and it is necessary to redeem them since 2010. Whether there will be in local budgets such sums - it isn't known. Probably, they should restructure loans or to ask for the help the Ministry of Finance. It, in turn, unconditionally, will be reflected in the size of an internal debt.
It isn't necessary to forget also and about an external municipal debt.According to the Ministry of Finance, only at Kiev the total external debt exceeds $1,1 billion. At Kharkov of debts on $100 million, at Odessa the sum of external debt exceeds 335 million UAH, Nikolaev has 13 million UAH. About it, with reference to the Kiev telegraph, reports Ukrrudprom. Which debt - external or internal - will be repaid first of all, now difficult to tell, but it is possible to assume that if the maturity date will fall on the same period, a priority, naturally, will be given to an external debt.