In Re (#12 December 2014)

Raising International Money Locally

by Nazar A. Chernyavsky, Marta B. Lozenko

It is a perceived wisdom that external financing has been one of the main sources for supporting the Ukrainian economy at all times, including in times of hardship, as we have now. At the same time, all foreign funds, by and large, were coming to the state and private sector, while municipal borrowers have been lagging behind. According to the data of the Ministry of Finance of Ukraine, there were seven loan agreements executed by Ukrainian city councils in 2013 with foreign lenders and only one in 2012. Based on the publicly available information, the number of external local borrowings in 2014 would hardly reach the level of 2013...

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