Ukraine's debt-to-GDP ratio projected at 95% in 2015

REUTERS

The NBU said that the growth of the national debt largely occurred in the first quarter, which was primarily related to hryvnia depreciation impact given the high share of obligations denominated in foreign currency.

External public and publicly guaranteed debt is expected to amount to 62% of GDP on an annual basis, according to the NBU estimates.

The regulator also notes that in addition to the fiscal deficit, public debt growth was due to oil and gas giant Naftogaz's financing needs (over 3% of GDP), as well as the financing needs of the Individuals' Deposit Guarantee Fund.