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Ukraine sets up Debt Management Agency

Ukraine sets up Debt Management Agency
Photo: Max Levin

The government is working to reduce the expenses of Ukrainians on public debt service. This will be the area of responsibility of the Debt Management Agency of Ukraine (DMA), which was created today at the government meeting, its press service has reported.

"In 2019 alone, the successful implementation by the Finance Ministry of a medium-term strategy for public debt management allowed us to save about 19bn hryvnyas in public debt service expenses. We expect even better results thanks to the launch of the Debt Management Agency, which will shortly and effectively use the tools for managing public debt," Prime Minister Oleksiy Honcharuk said.

The establishment of the DMA is an essential prerequisite for the implementation of the government's action plan for reducing taxpayers' debt service expenses, he noted.

The DMA will be a central executive body implementing state policy in the area of public debt management and government-guaranteed debt. It will be coordinated by the Cabinet of Ministers of Ukraine with the help of the finance minister.

A similar model is said to be run successfully in Austria, Belgium, the Netherlands, Germany, and Sweden.

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