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KIEV, February 27, (ITAR-TASS). Ukraine’s external debt has reached $140 billion or 80% of the entire GDP, says a programme the new provisional government endorsed Thursday.
“Ukraine has found itself in the deepest economic, political and social crisis throughout the entire history of its independence (the former Soviet Republic declared itself independent in 1991 - Itar-Tass),” the document says.
“The aggregate external debt has reached $140 billion or about 80% of the Gross Domestic Product,” it says.
“The short-term debt stands at $65 billion, which is four times more than the country’s foreign exchange/gold reserve currently totaling a mere $ 15 billion.”
It points out an overly burdensome state budget deficit and says the national treasury has been emptied, in the wake of which the overdue payment orders are snowballing.