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Where there is no law, but every man does what is right in his own eyes, there is the least of real liberty
Henry M. Robert

Whom Does Ukraine Owe?

10 September, 2002 - 00:00

The World Bank remains the biggest foreign creditor for Ukraine whose debt to it, being reduced by $42.1 million in the first six months of 2002, now totals $2,305 million, or 29.2% in the whole structure of our country’s direct foreign debt. On September 3 the Ministry of Finance announced that the debt in foreign state loan bond takes second place, totaling $2,204 million, or 27.9%. The third place among Ukraine’s creditors is occupied by Russia, the debt to which has reduced by $97.7 million in the period from January to June in the framework of annual offset procedures for the Black Sea Navy military bases and on June 30 made up $1,778,900,000 (22.5%). Ukraine also owes Germany $408.2 million, the European Union $320.3 million, the United States $289.6 million, and Turkmenistan $281.7 million, while the debt to other creditors comes to for $310.3 million. Moreover, the National Bank of Ukraine’s debt to the IMF, included into the relative state debt as of June 30 was $1,921.5 million. The Interfax Ukraine News Agency recalls that direct state debt in the first six months of this year has declined by $197.7 million, totaling $11.74 billion, while foreign debt declined by $80.42 billion (to $7.9 billion). According to the data by the Ministry of Finance, Ukraine’s relative state debt increased by $22.53 million and as of June 30 was $2.16 billion.

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