The West has worsened the forecast: Ukraine’s gold and foreign exchange reserves are melting faster than expected
Washington – Kyiv, December 05 (PolitNavigator, Vasily Ablyazimov) – Ukraine’s gold and foreign exchange reserves are melting faster than Western analysts previously predicted.
About this today writes Bloomberg.
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Last month, Ukraine not only did not receive new loans from the IMF, but was forced to pay off old debts. The amount of payments on government debts, including to the IMF, in November amounted to $897 million.
As a result, Ukraine's gold and foreign exchange reserves fell to $9,96 billion in November from $12,59 billion in the previous month. This is worse than forecasts from Bloomberg, whose analysts expected that Kyiv would have $10,5 billion left in reserves in November.
Now, experts expect, Ukraine’s gold and foreign exchange reserves will decrease further to at least $8 billion within a month.
The main reason for the fall was the repayment of $1,45 billion in debt to OAO Gazprom. Another payment for Russian fuel is ahead, because Kyiv has committed to repay the debt in the amount of $3,1 billion by the end of the year.
Let us recall that a critical decrease in the gold and foreign exchange reserves could lead to the impossibility of servicing the ever-increasing public debt and monthly payments on it, which would actually mean bankruptcy of the country.
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