QUARTELY DATA ON TOTAL DEBT

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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 QUARTELY DATA ON TOTAL DEBT Third Quarter Debt Management Division October 1

2 Content Abbreviations... 3 INTRODUCTION TOTAL DEBT... 5 Total Debt Stock... 5 Total Debt trend... 5 Debt portfolio by currency... 6 Debt portfolio by interest type... 6 Debt portfolio by currency and interest type Q INTERNATIONAL DEBT... 7 International Debt Stock... 7 International Debt by creditors... 7 Withdrawals by creditors... 7 International Debt Service by creditors... 8 Composition of International Debt by creditors Q Composition of International Debt by currency and interest Q International Loan Agreements Ratified in Q DOMESTIC DEBT Domestic Debt Stock Government Securities Issued Q Domestic Debt by instruments Domestic Debt by Holders Q Domestic Debt Service STATE GUARANTEES RISK INDICATORS

3 Abbreviations CBK DIFK EBRD EIB GDP GS IBRD IDA IMF Imp. BO KfW MDE MEST MH MI Q R SDR UniCredit Central Bank of Kosovo Deposit Insurance Fund of Kosovo European Bank for Reconstruction and Development European Investment Bank Gross Domestic Product Government Securities International Bank for Reconstruction and Development International Development Association International Monetary Fund Project Implementing Budget Organization German Agency for Reconstruction Ministry of Economic Development Ministry of Education, Science and Technology Ministry of Health Ministry of Infrastructure Quarter(ly) Revised Data Special Drawing Rights UniCredit Bank in Austria 3

4 INTRODUCTION 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 onlend 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. Report is composed of five parts, the first part includes data on the Total Debt, the second part present data on International Debt, and the third part presents data on Domestic Debt, in the fourth part are presented data on State Guarantees, and in the last part are presented risk indicators. 1 Debt which is contracted by Government, but it has the right with a tripartite agreement to on-lend to a public sector entity. 4

5 Million EUR (% of GDP) 1. TOTAL DEBT Total Debt Stock Q1 Q2 Q3 International Debt Central Level On-Lending Municipalities Domestic Debt Central Level Municipalities Total Debt State Guarantees Total Debt (% of GDP) 8.44% 9.10% 10.63% 12.98% 13.40% 13.78% 14.27% Notes: International Debt also changes over the years and quarters as a result of exchange rate fluctuations. Amounts are in million EUR. Total Debt trend Q1 Q2 Q3 16% 14% 12% 10% 8% 6% 4% 2% 0% Total Debt Total Debt (% of GDP) 5

6 Debt portfolio by currency Q1 Q2 Q3 Total Debt EUR SDR* International Debt EUR SDR* Domestic Debt EUR Notes: Amounts are in million EUR. *It is net value exposed, which means the amount exposed excluding Euro component. Debt portfolio by interest type Q1 Q2 Q3 Total Debt Fix Variable International Debt Fix Variable Domestic Debt Fix Debt portfolio by currency and interest type Q3 12% 15% 88% 85% EUR SDR Fix Variable 6

7 2. INTERNATIONAL DEBT International Debt Stock Q1 Q2 Q3 International Debt Central Government On-lent Debt International Debt (% of GDP) 6.93% 6.17% 5.85% 6.35% 6.45% 6.35% 6.10% International Debt by creditors Creditor Q1 Q2 Q3 IBRD IDA IMF UniCredit KfW Total Withdrawals by creditors Creditor Q1 Q2 Q3 IDA IMF UniCredit KfW Total

8 International Debt Service by creditors Creditor Debt Service Q1 Q2 Q3 IBRD Principal Interest IDA Principal Interest IMF Principal Interest UniCredit Principal Interest KfW Principal Interest Total Composition of International Debt by creditors Q3 1% 9% 11% 46% 33% IBRD IMF IDA KfW UniCredit 8

9 Composition of International Debt by currency and interest Q3 26% 34% 74% 66% SDR EUR Fix Variable International Loan Agreements Ratified in Q3 Loan Creditor Imp. BO Kosovo Regional Roads Energy Efficency Measures in Public Buildings at the Municipality Level in Kosovo Route 10 Rail Rehabilition Modernisation of the invasive cardiology services at the University Clinical Center of Kosovo Direct Loan/ On-lent Loan Agreement Date Agreement Currency Agreement Amount Status EBRD MI Direct Loan EUR Ratified KfW Municip alities* On-Lent EUR 2.50 Ratified EIB MI Direct Loan EUR Ratified Uni- Credit Note: Amounts are in million. *Mun. of Ferizaj, Mun. of Prishtina, Mun. of Gjalova, Mun. of Gjilan. MH Direct Loan EUR 2.60 Ratified 9

10 3. DOMESTIC DEBT Domestic Debt (net) Domestic Debt Stock Q1 Q2 Q3 New Issuances Debt Stock Domestic Debt (% of GDP) 1.51% 2.91% 4.59% 6.46% 6.78% 7.26% 7.84% Government Securities Issued Q3 Auction Instrument Auction Date Maturity Date Weighted average yield (%) Coupon Rate (%) Amount Issued Nominal Net KV months % KV months % KV years % 1.40% KV years % 0.50% Notes: Rates are annually. Amounts are in million EUR. 10

11 Domestic Debt by instruments Q1 Q2 Q3 3 months 6 months 12 months 2 years 3 years 5 years Note: Securities - nominal value Domestic Debt by Holders Q3 4% 4% 24% 44% 24% Banks Pension Funds Public Instit. Insurance Comp. Others Domestic Debt Service Domestic Debt Q1 Q2 Q3 Interest Payments Principal Payments Interest/Total Revenues (%)

12 4. STATE GUARANTEES Q1 Q2 Q3 State Guarantees EBRD Guarantee for Credit Line to DIFK EBRD Guarantee for Pristina Urban Transport State Guarantees (% of GDP) 0.18% 0.17% 0.17% 0.17% 0.33% Note: Amounts are in million EUR 5. RISK INDICATORS Q1 Q2 Q3 Total Debt/GDP 8.44% 9.10% 10.63% 12.98% 13.40% 13.78% 14.27% International Debt 6.93% 6.17% 5.85% 6.35% 6.45% 6.35% 6.10% Domestic Debt 1.51% 2.91% 4.59% 6.46% 6.78% 7.26% 7.84% Weighted Average Interest Rate 2.97% 2.62% 2.64% 2.58% 2.47% 2.29% 2.16% International Debt 3.21% 3.15% 3.20% 2.97% 2.85% 2.89% 2.93% Domestic Debt 1.89% 1.50% 1.92% 2.19% 2.10% 1.76% 1.56% Average Time to Maturity (years) * International Debt (years) Domestic Debt (months) % Total Debt 100% 100% 100% 100% 100% 100% 100% International Debt 82.12% 67.98% 56.00% 49.55% 48.73% 46.67% 43.75% Domestic Debt 17.88% 32.02% 44.00% 50.44% 51.27% 53.33% 56.25% Notes: Debt/GDP indicator also includes State 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. 12