Republika e Kosovës. Republika Kosova Republic of Kosovo. Qeveria Vlada Government

Transcription

1 Republika e Kosovës Republika Kosova Republic of Kosovo Qeveria Vlada Government Ministria e Financave - Ministarstvo za Finansija - Ministry of Finance Thesari i Kosovës Trezor Kosova - Treasury of Kosova QUARTERLY DATA ON TOTAL DEBT Fourth Quarter January

2 Contents ABBREVIATIONS... 3 TOTAL DEBT... 4 Debt portfolio by currency type... 5 Debt portfolio by type of interest... 5 INTERNATIONAL DEBT... 6 DOMESTIC DEBT... 7 RISK INDICATORS

3 ABBREVIATIONS GDP IMF IBRD IDA KfW SDR - Gross Domestic Product - International Monetary Fund - International Bank for Reconstruction and Development within World Bank - International Development Association within World Bank - Development Bank within the Federal Republic of Germany - Special Drawing Rights 3

4 TOTAL DEBT Pursuant to Law on Public Debt no. 03/L-175 and Regulation GRK - no. 22/2013 on Procedures for Issuance and Management of State Debt, State Guarantees and Municipal Debt, the Treasury publishes the report Quarterly Data on Total Debt. The Law on Public Debt defines the Total Debt as a total of State Debt and Municipal Debt. State Debt may be direct debt or on-lend debt 1. Whereas regarding whose jurisdiction is subject to, Total Debt may be International Debt, and Domestic Debt. Domestic Debt is subject to the local jurisdiction, while International Debt is subject to the laws of a legal jurisdiction other than the Republic of Kosovo. At the end of December 2014, the total debt outstanding reached the amount of EUR million or 10.63% of GDP 2, of which International Debt is EUR million and Domestic Debt is EUR million. Table 1 shows the total debt, broken down per type. Table 1. Total Debt (amounts are in millions of Euros) International Debt Central Level On-Lending Municipalities Domestic Debt Central Level Municipalities Total Debt State Guarantees Total Debt (% of GDP) 5.51% 8.44% 9.10% 10.63% Millions of Euros Chart 1. Total debt outstanding and as a percentage of GDP 10.63% 8.44% 9.10% % International Debt Domestic Debt Total Debt (% of GDP) 12% 10% 8% 6% 4% 2% 0% (%) 1 Debt which is contracted by Government, but it has the right with a tripartite agreement to on-lend to a public sector entity. 2 According to Article 5 of Public Debt Law no 03/L-175, the calculation of Debt to GDP ratio should include also Guarantees. 4

5 Debt portfolio by currency type At the end of 2014, about EUR million or 13% of debt portfolio was exposed to currency risk, since the loans borrowed from IMF and IDA are in the SDR 4 currency. Whereas the other part, 87 % of the debt portfolio is in the Euro currency, as shown in chart 2. Chart 2. Composition of Total Debt by currency 13% 87% Euro SDR Debt portfolio by type of interest The part of debt portfolio which was exposed to risk of interest is comprised of the debt owed to IMF. Therefore, at the end of 2014, 17% of our debt portfolio was exposed to interest rate risk, as can be seen below in chart 3. Chart 3. Composition of Total Debt by type of interest 17% 83% Fix Variable 3 It is net value exposed, which means the amount exposed excluding Euro component. 4 The SDR is a pool of currencies which consists of the following currencies: EUR, USD, GBP, and JPY. The value of SDR is determined based on an average which is drawn from the values of the above mentioned currencies. 5

6 INTERNATIONAL DEBT At the end of the fourth quarter of 2014, the International Debt was EUR million, which at the same time comprises 56% of debt portfolio. The majority part of debt continues to be towards IBRD, whilst the other considerable part of International Debt is owed to the IMF. The composition of International Debt according to creditors can be seen in chart 4. Chart 4. International Debt divided by creditors 3% 1% 6% 31% 59% IDA IBRD IMF KfW UniCredit At the end of the fourth quarter of 2014, the majority of International Debt was mainly in the Euro currency, while the rest in SDR. Loans borrowed from IDA and IMF are mainly in the SDR currency, whereas the loans from IBRD, KfW 5 and UniCredit Austria are in the Euro currency. Chart 5. International Debt by currency 24% 76% SDR Euro 5 Kreditanstalt für Wiederaufbau 6

7 DOMESTIC DEBT At the end of the fourth quarter of 2014, the Domestic Debt was EUR million or 44% of the debt portfolio. The composition of Domestic Debt by instrument is seen below in chart 6. Chart 6. Domestic Debt divided by type of instrument 4% 22% 20% 54% T-Bond 2 yrs T-Bill 6 months T-Bill 12 months T-Bill 3 months RISK INDICATORS Table 2. Risk Indicators Total Debt/GDP % 9.1% 10.63% International Debt 6.93% 6.17% 5.85% Domestic Debt 1.51% 2.91% 4.59% Average Time to Maturity (years) * International Debt (years) Domestic Debt (months) % Total Debt 100% 100% 100% International Debt 82.12% 68% 56.00% Domestic Debt 17.88% 32% 44.00% 6 Includes Guarantees. * Change in Methodology Previous calculations have been done based on the date of the last installment. From now on, the base for calculation will be actual cash flows of every installment. 7