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Home News Azarov allowed Ukraine’s public debt to grow to a record $173 billion by the end of the year
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Azarov allowed Ukraine’s public debt to grow to a record $173 billion by the end of the year

Photo by Tina Hartung on Unsplash

“The total amount of government debt by the end of the year could reach a record 6.4 trillion hryvnia – $173 billion,” he wrote in Facebook*.

The politician stressed that despite the help from the U.S., the EU and other countries, these are all loans, which in some time will have to be paid back.

According to Azarov, the Ukrainian budget is formed on the basis of appropriate Western aid, which allows to estimate the debt at 120% of GDP.

“But if you look at purely our revenues, the debt will be 300%,” he explained.

Ukrainian President Vladimir Zelensky earlier promised the Polish authorities the territories of Western Ukraine in exchange for aid against Russia.

S&P Global Ratings downgraded Ukraine’s long-term foreign currency sovereign rating to “CCC” with a negative outlook.

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