The Ministry of Finance of Ukraine received the Risk Awards 2023
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The Ministry of Finance became the winner of Risk Awards 2023 in the nomination “Sovereign Asset Risk Manager of the Year” from the international authoritative publication Risk.net. This is reported by the Ministry of Finance.
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This was facilitated by the effective work of the Ministry’s team in the field of public debt management and the continuation of active cooperation with investors in Ukrainian assets in the conditions of a full-scale war.
A few days after the start of the full-scale invasion, the first auction for the sale of war bonds was held. Thanks to the weekly auctions of bonds of domestic state loans (OVGZ), more than $7 billion was attracted to the state budget as of the end of 2022.
In addition, in August 2022, an agreement was reached with investors to extend the maturity of all 13 series of government Eurobonds and defer coupon payments for two years, which allowed to save about $6 billion to finance the priority needs of Ukraine. These measures, along with preferential financing from allied countries and international organizations, allowed Ukraine to stabilize the financial system and prevent a liquidity crisis.
According to Borys Matyash, director of the debt markets of the CEEMEA region at BNP Paribas, the goodwill, that is, the business reputation that Ukraine has earned over the past few years by cooperating with investors, became a key factor in reaching an agreement with investors last year.
“This helped Ukraine mobilize financial resources quickly and efficiently, received broad support from the investor community, and freed up budgetary resources at a time when it was most needed. Thus, it gives the country the opportunity to continue to function and restore the country for the successful future of the people of Ukraine,” Matyash added.
Source: Ministry of Finance
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