QUARTELY DATA ON TOTAL DEBT

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 QUARTELY DATA ON TOTAL DEBT Third Quarter 2015 Debt Management Division October

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 Q INTERNATIOANL 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 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 DIFK EBRD GDP GS IBRD IDA IMF Imp. BO KfW MDE MH Q R SDR UniCredit Deposit Insurance Fund of Kosovo European Bank for Reconstruction and Development 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 Health 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 risk indicators, and in the last part are presented data on State Guarantees. 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 1. TOTAL DEBT Total Debt Stock Q R Q Q 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% 10.76% 11.21% 12.47% Notes: International Debt also changes over the years and quarters as a result of exchange rate fluctuations. R Presents revised data, which have changed from previous report. Amounts are in million EUR. Total Debt trend Million EUR Q R Q Q % 12% 10% 8% 6% 4% 2% 0% (% of GDP) Total Debt Total Debt (% of GDP) 5

6 Debt portfolio by currency Q R Q Q 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 Q Q R Q Q Total Debt Fix Variable International Debt Fix Variable Domestic Debt Fix Note: Amounts are in million EUR. Debt portfolio by currency and interest type Q % 18% 86% 82% EUR SDR Fix Variable 6

7 2. INTERNATIOANL DEBT International Debt Stock Q R Q Q International Debt Central Government On-lent Debt International Debt (% of GDP) 6.93% 6.17% 5.85% 5.60% 5.62% 6.27% Note: Amounts are in million EUR. International Debt by creditors Creditor Q R Q Q IBRD IDA IMF UniCredit KfW Total Note: Amounts are in million EUR. Withdrawals by creditors Creditor Q R Q Q IDA IMF UniCredit KfW Total Note: Amounts are in million EUR. 7

8 International Debt Service by creditors Creditor Debt Service Q Q Q IBRD Principal Interest IDA Principal Interest IMF Principal Interest UniCredit Principal Interest KfW Principal Interest Total Note: Amounts are in million EUR. Composition of International Debt by creditors Q % 7% 1% 36% 49% IBRD IMF IDA KfW UniCredit 8

9 Composition of International Debt by currency and interest Q % 36% 73% 64% SDR EUR Fix Variable International Loan Agreements Q Loan Creditor Imp. BO Direct Loan/ On-lent Loan Stand-By Direct IMF Government Arrangement Loan Kosovo Railway Route 10 MDE- On-lent EBRD Rehabilitation INFRAKOS Loan Project *According to exchange date of the Agreement date. Note: Amounts are in million. Agreement Date Agreemen t Currency Agreement Amount Amount in Euro Status SDR N/A EUR Not Ratified 9

10 3. DOMESTIC DEBT Domestic Debt Stock Domestic Debt (net) Q Q Q New Issuances Debt Stock Domestic Debt (% of GDP) 1.51% 2.91% 4.59% 4.99% 5.42% 6.02% Note: Amounts are in million EUR Auction Instrument Government Securities Issued Q Auction Date Maturity Date Weighted average yield (%) Coupon Rate (%) Amount Issued Nominal KV month % KV month % KV month % KV year % 4.90% KV year % 2.80% Notes: Rates presented in table are annually. Amounts are in million EUR. Net Domestic Debt by instruments Q Q Q month 6 month 12 month 2 year 3 year 5 year Note: Securities - nominal value 10

11 Domestic Debt by Holders Q % 3% 22% 71% Banks Pension Funds Insurance Companies Others Domestic Debt Service Domestic Debt Q Q Q Interest Payments Principal Payments Interest/Total Revenues (%) Note: Amounts are in million EUR 11

12 4. STATE GUARANTEES 2014 Q Q Q State Guarantees EBRD Guarantee for Credit Line to DIFK State Guarantees (% of GDP) 0.18% 0.17% 0.17% 0.17% Note: Amounts are in million EUR 5. RISK INDICATORS Q R Q Q Total Debt/GDP 8.44% 9.10% 10.63% 10.76% 11.21% 12.47% International Debt 6.93% 6.17% 5.85% 5.60% 5.62% 6.27% Domestic Debt 1.51% 2.91% 4.59% 4.99% 5.42% 6.02% Weighted Average Interest Rate 2.97% 2.62% 2.64% 2.60% 2.63% 2.59% International Debt 3.21% 3.15% 3.20% 3.12% 3.15% 2.95% Domestic Debt 1.89% 1.50% 1.92% 2.01% 2.10% 2.22% Average Time to Maturity (years) * International Debt (years) Domestic Debt (months) % Total Debt 100% 100% 100% 100% 100% 100% International Debt 82.12% 67.98% 56.00% 52.86% 50.93% 51.03% Domestic Debt 17.88% 32.02% 44.00% 47.14% 49.07% 48.97% 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