Over the recent weeks, the discussions on the macroeconomic outlook for Ukraine were high on the agenda taking into account high external and domestic risks. The FX payments on state debt are high for next several years, while the NBU was not able to increase international reserves to more safe level. The Government liquidity was also low with UAH 13 bn on government accounts at the NBU in the end of July down from peak of UAH 105 bn in November 2017. Even though the fiscal revenues improved in recent months, lower than planned deficit financing resulted in the under-execution of expenditures. This raised concerns on the possibility of the Government to finance key liabilities timely and in full. However, the hottest debates were about the future relations the IMF and the needed revision in gas pricing for households to continue cooperation.
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