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Transcript of rks-gov.net - Republika e Kosovës · 2020. 7. 24. · 1 Republika e Kosovës Republika Kosova -...
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Republika e Kosovës Republika Kosova - Republic of Kosovo
Qeveria - Vlada - Government Ministria e Financave
Ministarstvo za Finansije – Ministry of Finance Thesari i Kosovës - Trezor Kosova - Treasury of Kosova
QUARTERLY DATA ON TOTAL DEBT
Second Quarter 2020
Debt Management Division
July 2020
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CONTENT
ABBREVIATIONS ................................................................................................................................... 3
INTRODUCTION ................................................................................................................................... 4
1. TOTAL DEBT .................................................................................................................................. 5
Total Debt Stock ...................................................................................................................................... 5
Total Debt trend ...................................................................................................................................... 5
Debt portfolio by currency ..................................................................................................................... 6
Debt portfolio by interest ....................................................................................................................... 6
Debt portfolio by currency and interest type in Q2 2020 ..................................................................... 7
2. INTERNATIONAL DEBT .............................................................................................................. 8
International Debt Stock ......................................................................................................................... 8
International Debt by creditors .............................................................................................................. 8
Composition of International Debt by creditor in Q2 2020.................................................................. 9
Withdrawals by creditors ....................................................................................................................... 9
International Debt Service by creditors ................................................................................................10
Composition of International Debt by currency and interest in Q2 2020 ..........................................10
International Loan Agreements in Q2 2020 .........................................................................................11
International debt stock and committed undisbursed debt ...............................................................11
3. DOMESTIC DEBT ..........................................................................................................................12
Domestic Debt Stock ..............................................................................................................................12
Government Securities Issued in Q2 2020 ............................................................................................12
Domestic Debt by instruments..............................................................................................................12
Domestic Debt by GS holders in Q2 2020 ............................................................................................13
Domestic Debt Service ...........................................................................................................................13
4. STATE GUARANTEES ..................................................................................................................13
5. RISK INDICATORS .......................................................................................................................14
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ABBREVIATIONS
IDA
EBRD
IsDB
IBRD
GDP
CBK
EIB
IMF
OFID
International Development Association
European Bank for Reconstruction and Development
Islamic Development Bank
International Bank for Reconstruction and Development
Gross Domestic Product
Central Bank of Kosovo
European Investment Bank
International Monetary Fund
OPEC Fund for International Development
DIFK
SFD
KfW
Deposit Insurance Fund of Kosovo
Saudi Fund for Development
German Bank for Reconstruction and Development
GS
MF
MH
MLSW
NATIXIS
Government Securities of the Republic of Kosovo
Ministry of Finance
Ministry of Health
Ministry of Labor and Social Welfare
French Republic Representative for investment
Imp. BO Project Implementing Budget Organization
SAR
SDR
RBI
R
Saudi Riyals
Special Drawing Rights
Raiffeisen Bank International AG in Austria
Revised Data
Q Quarter
RBI Raiffeisen Bank International AG në Austri
UniCredit UniCredit Bank in Austria
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INTRODUCTION
Pursuant to the 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, and for the best practices the Treasury publishes in the Ministry’s webpage the
report Quarterly Data on Total Debt, with the main public debt indicators. The Law on
Public Debt defines the Total Debt as the sum of State Debt and Municipal Debt. State Debt
can be direct debt or on-lend debt1. Whereas regarding the jurisdiction to which it is
subject to, Total Debt is divided into International Debt and Domestic Debt- where
Domestic Debt is subject to the local jurisdiction, and International Debt is subject to the
laws of a legal jurisdiction other than the Republic of Kosovo.
The report consists of five parts, in the first section showing the data for the General Debt,
in the second part the data on International Debt, in the third part the data on Domestic
Debt, the fourth section presents the data for State guarantees, and the last part represents
the risk indicators for the General Debt.
For debt denominated in currencies other than Euro, the foreign exchange rate in use is the
one from June 30, 20202. The values shown in the following tables are in millions of Euro,
unless otherwise stated in this document.
1 Debt which is contracted by Government, but with a special three-parties agreement can be on-lent to a public sector entity. 2 imf.org: 1SDR=1.2285 Euro; (dt. 30.06.2020) xe.com: 1USD=0.8901 Euro; 1SAR=0.2373 Euro (dt. 30.06.2020)
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1. TOTAL DEBT
Total Debt Stock
2015 2016 2017 2018 2019 (R) Q1 2020 Q2 2020
International Debt 371.17 373.77 422.15 416.43 409.10 399.31 429.61
Central Level 339.87 323.93 365.18 364.53 359.45 349.83 382.69
On-Lending 31.30 49.83 56.97 51.90 49.65 49.47 46.92
Municipalities 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Domestic Debt 377.78 478.97 574.27 676.62 791.94 791.98 884.51
Central Level 377.78 478.97 574.27 676.62 791.94 791.98 884.51
Municipalities 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Debt 748.95 852.74 996.42 1,093.05 1,201.05 1,191.28 1,314.12
State Guarantees (R) 10.00 20.00 44.00 43.70 42.68 42.17 42.17
Total Debt (% of GDP) (R)
13.07 14.38 16.22 16.90 17.46 16.53 18.17
Notes: International Debt also changes over the years and quarters as a result of exchange rate fluctuations. The GDP values for 2015-2018 are taken from the website of the Kosovo Agency of Statistics, for 2019 and 2020 the GDP values are taken from the Budget Law for the respective year.
Total Debt trend
13.07%14.38%
16.22%16.90% 17.46%
16.53%
18.17%
0%
2%
4%
6%
8%
10%
12%
14%
16%
18%
20%
0.00
200.00
400.00
600.00
800.00
1,000.00
1,200.00
1,400.00
2015 2016 2017 2018 2019 Q1 2020 Q2 2020
(% O
F G
DP
)
Mili
on
Euro
Total Debt Total Debt (% of GDP)
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Debt portfolio by currency
2015 2016 2017 2018 2019 (R) Q1 2020 Q2 2020
Total Debt 748.95 852.74 996.42 1,093.05 1,201.05 1,191.28 1,314.12
EUR 650.92 758.85 856.91 948.33 1,068.73 1,064.00 1,166.77
SDR* 98.03 93.89 139.51 144.46 128.99 125.26 145.34
SAR 0.00 0.00 0.00 0.25 2.08 1.36 1.37
USD 0.00 0.00 0.00 0.00 1.24 0.66 0.65
International Debt 371.17 373.77 422.15 416.43 409.10 399.31 429.61
EUR 273.14 279.88 282.64 271.71 276.79 272.03 282.25
SDR* 98.03 93.89 139.51 144.46 128.99 125.26 145.34
SAR 0.00 0.00 0.00 0.25 2.08 1.36 1.37
USD 0.00 0.00 0.00 0.00 1.24 0.66 0.65
Domestic Debt 377.78 478.97 574.27 676.62 791.94 791.98 884.51
EUR 377.78 478.97 574.27 676.62 791.94 791.98 884.51 *The position of the SDR3 represents the net value exposed, which means the amount exposed excluding Euro component.
Debt portfolio by interest
2015 2016 2017 2018 2019 (R) Q1 2020 Q2 2020
Total Debt 748.95 852.74 996.42 1,093.05 1,201.05 1,191.28 1,314.12
Fix 621.21 738.78 835.65 932.91 1,055.51 1,053.33 1,147.88
Variable 127.74 113.96 160.77 160.14 145.54 137.95 166.25
International Debt 371.17 373.77 422.15 416.43 409.10 399.31 429.61
Fix 243.43 259.81 261.38 256.29 263.57 261.35 263.36
Variable 127.74 113.96 160.77 160.14 145.54 137.95 166.25
Domestic Debt 377.78 478.97 574.27 676.62 791.94 791.98 884.51
Fix 377.78 478.97 574.27 676.62 791.94 791.98 884.51
3 SDR is a “basket” of currencies which consists of the following currencies: EUR, USD, GBP, JPY and CNY. The value of SDR is determined on the basis of an average which is drawn from the currency values mentioned above. This basket is reviewed every five years by the IMF Executive Board. With the review in November 2015, the Board decided to include Chinese renminbi as the fifth basket currency on October 1, 2016.
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Debt portfolio by currency and interest type in Q2 2020
EUR89%
SDR11%
SAR0%
USD0%
Fix87%
Variable13%
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2. INTERNATIONAL DEBT
International Debt Stock
2015 2016 2017 2018 2019 (R) Q1 2020 Q2 2020
International Debt 371.17 373.77 422.15 416.43 409.10 399.31 429.61
Central Government
339.87 323.93 365.18 364.53 359.45 349.83 382.69
On-lent Debt 31.30 49.83 56.97 51.90 49.65 49.47 46.92
International Debt (% of GDP)
6.39% 6.16% 6.75% 6.27% 5.74% 5.35% 5.76%
Notes: International Debt also changes over the years and quarters as a result of exchange rate fluctuations. The GDP values for 2015-2018 are taken from the website of the Kosovo Agency of Statistics, for 2019 and 2020 the GDP values are taken from the Budget Law for the respective year.
International Debt by creditors
Creditor 2015 2016 2017 2018 2019 (R) Q1 2020 Q2 2020
IBRD 180.99 169.65 158.32 146.98 135.64 129.97 129.97
IDA 28.86 36.02 41.12 49.51 60.53 63.55 66.09
IMF 127.74 113.96 160.77 160.14 132.60 124.91 153.13
KfW 30.62 47.64 54.81 48.91 42.79 42.79 39.65
UniCredit 2.96 6.49 7.04 7.04 13.26 14.51 16.81
IsDB 0.00 0.00 0.10 3.32 8.83 8.85 8.92
SFD 0.00 0.00 0.00 0.25 2.08 1.36 1.37
OFID 0.00 0.00 0.00 0.00 1.24 0.66 0.65
EBRD 0.00 0.00 0.00 0.28 4.11 4.19 4.19
RBI Austria 0.00 0.00 0.00 0.00 1.03 1.51 1.83
EIB 0.00 0.00 0.00 0.00 7.00 7.00 7.00
Total 371.17 373.77 422.15 416.43 409.10 399.31 429.61
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Composition of International Debt by creditor in Q2 2020
Withdrawals by creditors
Creditor 2015 2016 2017 2018 2019 (R) Q1 2020 Q2 2020
IDA 6.53 7.01 7.95 7.49 10.88 2.71 3.98
IMF 35.64 35.62 100.38 0.00 0.00 0.00 51.96
UniCredit 0.96 3.54 0.55 0.00 6.39 1.25 2.39
KfW 22.49 22.47 13.40 0.45 0.16 0.00 0.00
IsDB 0.00 0.00 0.10 3.21 5.51 0.02 0.07
SFD 0.00 0.00 0.00 0.26 2.12 0.13 0.04
OFID 0.00 0.00 0.00 0.00 1.53 0.00 0.00
EBRD 0.00 0.00 0.00 0.28 4.02 0.29 0.00
RBI Austria 0.00 0.00 0.00 0.00 1.03 0.49 0.32
EIB 0.00 0.00 0.00 0.00 7.00 0.00 0.00
Total 65.62 68.64 122.38 11.69 38.95 4.90 58.76
IBRD30%
IMF36%
IDA15%
KfW9%
UniCredit4%
IsDB2%
SFD0%
OFID0%
EBRD1%
RBI Austria1%
EIB2%
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International Debt Service by creditors
Creditor Debt
Service 2015 2016 2017 2018 2019 (R) Q1 2020 Q2 2020
IBRD Principal 11.34 11.34 11.34 11.34 11.34 5.67 0.00
Interest 7.98 7.50 7.03 6.55 6.07 2.86 0.00
IDA Principal 0.00 0.00 0.00 0.05 0.73 0.14 0.64
Interest 0.19 0.26 0.34 0.44 0.62 0.06 0.33
IMF Principal 16.21 49.21 41.06 4.29 30.40 8.74 20.91
Interest 1.41 1.77 2.59 3.06 3.12 0.59 0.70
UniCredit Principal 0.00 0.00 0.00 0.00 0.18 0.00 0.09
Interest 0.02 0.08 0.07 0.08 0.32 0.04 0.04
KfW Principal 1.33 5.45 6.24 6.35 6.28 0.00 3.14
Interest 0.91 1.68 1.98 1.89 1.63 0.00 0.72
EBRD Principal 0.00 0.00 0.00 0.00 0.19 0.20 0.00
Interest 0.00 0.00 0.00 0.28 0.42 0.93 0.00
SFD Principal 0.00 0.00 0.00 0.00 0.55 0.90 0.00
Interest 0.00 0.00 0.00 0.00 0.00 0.03 0.00
OFID Principal 0.00 0.00 0.00 0.00 0.61 0.60 0.00
Interest 0.00 0.00 0.00 0.00 0.02 0.02 0.00
EIB Principal 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest 0.00 0.00 0.00 0.00 0.00 0.00 0.04
RBI Austria Principal 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest 0.00 0.00 0.00 0.00 0.10 0.01 0.01
Total 39.38 77.29 70.63 34.32 62.58 20.79 26.61
Composition of International Debt by currency and interest in Q2 2020
SAR0%
SDR34%
EUR66%
USD0%
Fix61%
Variable39%
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International Loan Agreements in Q2 2020
Loan Name Creditor Imp. BO Direct
Loan/On-lent Loan
Agreem-ent Date
Agreem.Currency
Agreem. Amount
Status
Kosovo Emergency COVID-19 Project
IDA MH/
MLSW Direct Loan 29.06.20 EUR 46.00
Not ratified
Rapid Financing Instrument
IMF MF Direct Loan 10.04.20 SDR 41.30 Approved
Wastewater Treatment Plant in the Municipality of Gjilan
EIB Mun. of Gjilan
Direct Loan 03.06.20 EUR 11.00 Not
ratified
International debt stock and committed undisbursed debt
Creditor
Actual debt
Ratified (A)
Actual debt
disbursed (B)
Undisbu-rsed debt (C=A-B)
Outstan-ding debt (D=B-E)
Debt Repayme-
nt (E)
Undisbur-sed debt as % of
GDP
Disbursed outstandi-ng debt %
of GDP
IBRD 381.21 381.21 0.00 129.97 251.24 0.00 1.74
IDA 168.40 64.47 103.93 63.55 0.92 1.39 0.85
IMF 287.38 287.38 0.00 124.91 163.27 0.00 1.67
KfW 71.00 68.43 2.57 42.79 25.64 0.03 0.57
UniCredit 24.98 14.68 10.30 14.51 0.18 0.14 0.19
OFID, IsDB, SFD 48.07 13.53 34.54 10.86 2.66 0.46 0.15
EBRD 139.90 4.59 135.31 4.19 0.40 1.81 0.06
EIB 122.00 7.00 115.00 7.00 0.00 1.54 0.09
NATIXIS 66.00 0.00 66.00 0.00 0.00 0.88 0.00
RBI Austria 5.13 1.51 3.61 1.51 0.00 0.05 0.02
International Debt
1,364.08 900.64 463.44 429.61 469.08 6.21 5.76
Note: International Debt at the column 'D' changes also as a result of the fluctuation of foreign exchange rate in non-Euro denominated loans.
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3. DOMESTIC DEBT
Domestic Debt Stock
Domestic Debt (net) 2015 2016 2017 2018 2019 Q1 2020 Q2 2020
New Issuances 121.26 101.19 95.30 102.44 115.32 0.03 92.54
Debt Stock 377.78 478.97 574.27 676.62 791.94 791.98 884.51
Domestic Debt (% of GDP)
6.51% 7.89% 8.95% 10.19% 11.12% 10.61% 11.85%
Note: The GDP values for 2015-2018 were taken from the website of the Kosovo Agency of Statistics, for 2019 and 2020 the GDP values are taken from the Budget Law for the respective year.
Government Securities Issued in Q2 2020
Auction Instrument Auction
Date Maturity
Date
Weighted average yield
(%)
Coupon Rate (%)
Amount Issued
Nominal Net
KV003-20 3 years 14.04.20 15.04.23 1.04923% 1.00% 26.85 26.81
KVPP1-20 10 years 28.04.20 29.04.30 3.95000% 3.95% 50.00 50.00
KV004-20 2 years 29.04.20 30.04.22 1.13533% 1.10% 22.25 22.23
KV005-20 7 years* 08.05.20 12.05.27 3.14181% 3.10% 10.00 9.98
KV006-20 5 years 22.05.20 26.05.25 2.51730% 2.50% 23.27 23.25
KV007-20 3 years 09.06.20 10.06.23 1.78306% 1.70% 30.00 29.93 Notes: Rates are annually. *Settlement date 12.05.2020
Domestic Debt by instruments
Note: Securities - nominal value
-
50.00
100.00
150.00
200.00
250.00
300.00
350.00
400.00
2015 2016 2017 2018 2019 Q1 2020 Q2 2020
3 months 6 months 12 months 2 years 3 years 5 years 7 years 10 years
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Domestic Debt by GS holders in Q2 2020
Domestic Debt Service
Domestic Debt 2015 2016 2017 2018 2019 (R) Q1 2020 Q2 2020
Interest Payments 5.50 7.91 6.67 6.69 11.15 4.90 2.53
Principal Payments* 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Interest/Total Revenues (%)** 0.32 0.45 0.35 0.33 0.50 1.22 0.43 *Principal – Refinanced **Calculation of the annual indicators are based on the annual revenues while calculation of the quarterly indicators are based on the quarterly revenues
4. STATE GUARANTEES
2015 2016 2017
2018 (R)
2019 (R)
Q1 2020
Q1 2020
State Guarantees (R) 10.00 20.00 44.00 43.97 42.68 42.17 42.17
EBRD - Guarantee for Credit Line to DIFK
10.00 10.00 10.00 10.00 10.00 10.00 10.00
EBRD - Guarantee for Pristina Urban Transport
(R) 0.00 10.00 10.00 9.97 8.68 8.17 8.17
EBRD - Guarantee for Second Credit Line to DIFK
0.00 0.00 24.00 24.00 24.00 24.00 24.00
State Guarantees (% of GDP) (R) 0.17 0.33 0.70 0.65 0.60 0.56 0.56
Banks29%
Pension Funds44%
Public Instit.23%
Insurance Comp.Others
1%
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5. RISK INDICATORS
2015 2016 2017 2018 (R) 2019 (R) Q1 2020 Q2 2020
Total Debt/GDP % (R) 13.07 14.38 16.22 16.90 17.46 16.53 18.17
International Debt % 6.39 6.16 6.75 6.27 5.74 5.35 5.76
Domestic Debt % 6.51 7.89 8.95 10.19 11.12 10.61 11.85
Weighted Average Interest Rate %
2.58 2.09 1.88 2.09 2.16 2.10 2.19
International Debt % 2.97 2.96 2.84 2.96 2.70 2.46 2.35
Domestic Debt % 2.19 1.40 1.17 1.56 1.88 1.92 2.11
Average Time to Maturity for Total Debt
(years) 4.76 4.82 5.16 5.59 5.29 5.04 5.08
International Debt (years)
7.52 7.73 8.07 8.15 7.94 7.48 7.23
Domestic Debt (months)
11.73 15.46 20.18 27.33 29.37 29.68 36.02
Total Debt % 100.00 100.00 100.00 100.00 100.00 100.00 100.00
International Debt % 49.55 43.83 42.37 38.08 34.06 33.52 32.69
Domestic Debt % 50.44 56.17 57.63 61.92 65.94 66.48 67.31 Notes: Debt/GDP indicator also includes State Guarantees. The GDP values for 2015-2019 are taken from the website of the Kosovo Agency of Statistics, for 2019 and 2020 the GDP values are taken from the Budget Law for the respective year.