Bulgaria's Govt Debt Sees Negligible Increase in June 2011

Bulgaria's government debt structure by creditor as of June 30, 2011. Chart by Finance Ministry, Govt Debt Management Monthly Bulletin

Bulgaria's government debt amounted to EUR 5.33 B, or 13.8% of the GDP, at the end of June 2011, according to data from the latest government debt monthly bulletin of the Bulgarian Finance Ministry.

Thus, Bulgaria's debt has increased by around EUR 26.5 M in nominal terms compared to the end of the previous month, up 0.1 percentage points compared with the previous month.

According to the Finance Ministry's monthly financial bulletin, the increase "is due mainly to the increase in the amount of the domestic debt as a result of the new domestic financing via government securities."

Of the total EUR 5.33 B, Bulgaria's domestic government debt amounted to EUR 2.06 B, while the external government debt was EUR 3.27 B.

In the government debt structure at the end of June, domestic debt amounted to 38.6%, and external debt - 61.4 %.

At the end of June the currency structure of Bulgaria's government debt was as follows: 15.6% - in USD; 55.7% - in EUR; 26.1% - in BGN; 2.5% - in other currencies.

The debt payments Bulgaria's government made in June amounted to BGN 65.0 M.

As regards the currency composition of payments since the beginning of the year, the greatest is the BGN share (52.0%), followed by those in Euro - 36.5%, in US$  - 9.5% and in other currencies - 2.0%. Since early 2011 payments in BGN dominated the currency structure of debt payments (BGN 411.3 M), followed by payments in euro (recalculated in BGN: BGN 288.3 M). Debt payments in US dollars totalled BGN 75.3 M.

In the structure of the debt by type of instrument and creditor, domestic debt (government securities) occupied the largest share (38.6%), followed by global bonds (29.4%), government investment loans (15.3%) and obligations to the World Bank (13.8%).

By end-June Bulgaria's debt interest rate structure experienced changes: the share of debt with fixed interest rates reached 80.3% and that of debt with floating interest rates comprised 19.7%.

Bulgaria's government guaranteed debt in June was EUR 585.5 M. It has decreased by EUR 5.3 M in nominal terms compared to the end of the previous month, mainly due to the payments made during the month. At end-June domestic government guarantees amounted to EUR 1.4 M. The government guaranteed debt/GDP ratio is 1.5%.

You can download the June 2011 Government Debt Monthly Bulletin of the Bulgarian Finance Ministry HERE

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