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Republika e Kosovës Republika Kosova – Republic of Kosovo
Qeveria – Vlada – Government
Ministria e Financave - Ministarstvo za Finansija - Ministry of Finance
Thesari i Kosovës – Trezor Kosova - Treasury of Kosova
QUARTELY DATA ON TOTAL DEBT
First Quarter 2016
Debt Management Division
April 2016
2
Content
Abbreviations ............................................................................................................................................ 3
INTRODUCTION ......................................................................................................................................... 4
1. TOTAL DEBT ....................................................................................................................................... 5
Total Debt Stock ........................................................................................................................................ 5
Total Debt trend ........................................................................................................................................ 5
Debt portfolio by currency ........................................................................................................................ 6
Debt portfolio by interest type ................................................................................................................. 6
Debt portfolio by currency and interest type – Q1 2016 .......................................................................... 6
2. INTERNATIONAL DEBT ...................................................................................................................... 7
International Debt Stock ........................................................................................................................... 7
International Debt by creditors ................................................................................................................ 7
Withdrawals by creditors .......................................................................................................................... 7
International Debt Service by creditors .................................................................................................... 8
Composition of International Debt by creditors – Q1 2016 ..................................................................... 8
Composition of International Debt by currency and interest – Q1 2016 ................................................. 9
International Loan Agreements – Q1 2016 ............................................................................................... 9
3. DOMESTIC DEBT .............................................................................................................................. 10
Domestic Debt Stock ............................................................................................................................... 10
Government Securities Issued – Q1 2016 ............................................................................................... 10
Domestic Debt by instruments ............................................................................................................... 11
Domestic Debt by Holders – Q1 2016 ..................................................................................................... 11
Domestic Debt Service ............................................................................................................................ 11
4. STATE GUARANTEES........................................................................................................................ 12
5. RISK INDICATORS ............................................................................................................................ 12
3
Abbreviations
CBK Central Bank of Kosovo
DIFK Deposit Insurance Fund of Kosovo
EBRD European Bank for Reconstruction and Development
EIB European Investment Bank
GDP Gross Domestic Product
GS Government Securities
IBRD International Bank for Reconstruction and Development
IDA International Development Association
IMF International Monetary Fund
Imp. BO Project Implementing Budget Organization
KfW German Agency for Reconstruction
Q Quarter(ly)
R Revised Data
SDR Special Drawing Rights
UniCredit UniCredit Bank in Austria
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INTRODUCTION
Pursuant to Law on Public Debt no. 03/L-175 and Regulation GRK - no. 22/2013 on Procedures
for Issuance and Management of State Debt, State Guarantees and Municipal Debt, the
Treasury publishes the report Quarterly Data on Total Debt. The Law on Public Debt defines the
Total Debt as a total of State Debt and Municipal Debt. State Debt may be direct debt or on-
lend debt1. Whereas regarding whose jurisdiction is subject to, Total Debt may be International
Debt, and Domestic Debt. Domestic Debt is subject to the local jurisdiction, while International
Debt is subject to the laws of a legal jurisdiction other than the Republic of Kosovo.
Report is composed of five parts, the first part includes data on the Total Debt, the second part
present data on International Debt, and the third part presents data on Domestic Debt, in the
fourth part are presented risk indicators, and in the last part are presented data on State
Guarantees.
1 Debt which is contracted by Government, but it has the right with a tripartite agreement to on-lend to a public sector entity.
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1. TOTAL DEBT
Total Debt Stock
2012 2013 2014 2015 Q1 2016
International Debt 336.60 323.76 326.35 371.17 389.47
Central Level 336.46 321.73 316.54 339.87 354.20
On-Lending 0.14 2.03 9.81 31.30 35.27
Municipalities 0.00 0.00 0.00 0.00 0.00
Domestic Debt 73.31 152.51 256.52 377.78 409.71
Central Level 73.31 152.51 256.52 377.78 409.71
Municipalities 0.00 0.00 0.00 0.00 0.00
Total Debt 409.92 476.27 582.87 748.95 799.18
State Guarantees 0.00 0.00 10.00 10.00 10.00
Total Debt (% of GDP) 8.44% 9.10% 10.63% 12.98% 13.58% Notes: International Debt also changes over the years and quarters as a result of exchange rate fluctuations. Amounts are in million EUR.
Total Debt trend
0%
2%
4%
6%
8%
10%
12%
14%
16%
0.00
100.00
200.00
300.00
400.00
500.00
600.00
700.00
800.00
900.00
2012 2013 2014 2015 Q1 2016
(% o
f G
DP
)
Mill
ion
EU
R
Total Debt Total Debt (% of GDP)
6
Debt portfolio by currency
2012 2013 2014 2015 Q1 2016
Total Debt 409.92 476.27 582.87 748.95 799.18
EUR 333.88 402.34 506.15 650.92 688.49
SDR* 76.04 73.93 76.73 98.03 110.70
International Debt 336.60 323.76 326.35 371.17 389.47
EUR 260.57 249.83 249.63 273.14 278.77
SDR* 76.04 73.93 76.73 98.03 110.70
Domestic Debt 73.31 152.51 256.52 377.78 409.71
EUR 73.31 152.51 256.52 377.78 409.71 Notes: Amounts are in million EUR. *It is net value exposed, which means the amount exposed excluding Euro component.
Debt portfolio by interest type
2012 2013 2014 2015 Q1 2016
Total Debt 409.92 476.27 582.87 748.95 799.18
Fix 296.86 370.54 481.14 621.21 652.32
Variable 113.05 105.73 101.73 127.74 146.86
International Debt 336.60 323.76 326.35 371.17 389.47
Fix 223.55 218.03 224.62 243.43 242.60
Variable 113.05 105.73 101.73 127.74 146.86
Domestic Debt 73.31 152.51 256.52 377.78 409.71
Fix 73.31 152.51 256.52 377.78 409.71
Note: Amounts are in million EUR.
Debt portfolio by currency and interest type – Q1 2016
86%
14%
EUR SDR
82%
18%
Fix Variable
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2. INTERNATIONAL DEBT
International Debt Stock
2012 2013 2014 2015 Q1 2016
International Debt 336.60 323.76 326.35 371.17 389.47
Central Government 336.46 321.73 316.54 339.87 354.20
On-lent Debt 0.14 2.03 9.81 31.30 35.27
International Debt (% of GDP) 6.93% 6.17% 5.85% 6.35% 6.54%
Note: Amounts are in million EUR.
International Debt by creditors
Creditor 2012 2013 2014 2015 Q1 2016
IBRD 215.00 203.66 192.33 180.99 175.32
IDA 8.41 12.37 20.84 28.86 29.97
IMF 113.05 105.73 101.73 127.74 146.86
UniCredit - - 2.00 2.96 2.96
KfW 0.14 2.00 9.46 30.62 34.36
Total 336.60 323.76 326.35 371.17 389.47
Note: Amounts are in million EUR.
Withdrawals by creditors
Creditor 2012 2013 2014 2015 Q1 2016
IDA 3.51 4.42 7.37 6.53 1.69
IMF 93.64 - - 35.64 35.62
UniCredit - - 2.00 0.96 -
KfW 0.08 1.86 7.46 22.49 3.99
Total 97.23 6.28 16.83 65.62 41.30
Note: Amounts are in million EUR.
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International Debt Service by creditors
Creditor Debt Service 2012 2013 2014 2015 Q1 2016
IBRD Principal 11.34 11.34 11.34 11.34 5.67
Interest 8.14 8.94 8.46 7.98 3.81
IDA Principal 0 0 0 0 0
Interest 0.03 0.07 0.1 0.19 0.05
IMF Principal 0 2.7 10.7 16.21 12.34
Interest 0.90 1.10 1.10 1.41 0.46
UniCredit Principal 0 0 0 0 0
Interest 0 0 0.07 0.02 0.01
KfW Principal 0 0 0 1.33 0
Interest 0.35 0.13 0.54 0.91 0
Total 20.76 24.28 32.37 39.38 22.34
Note: Amounts are in million EUR.
Composition of International Debt by creditors – Q1 2016
45%
38%
7%9%
1%
IBRD IMF IDA KfW UniCredit
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Composition of International Debt by currency and interest – Q1 2016
International Loan Agreements – Q1 2016
Loan Creditor Imp. BO Direct
Loan/ On-lent Loan
Agreement Date
Agreement Currency
Agreement Amount
Status
Energy Efficiency Measures in Public Buildings at the Municipality Level
KfW Municipalities
(Ferizaj, Prishtina, Gjakova, Gjilani)
On-Lent 22.01.2016 EUR 2.50 Not
Ratified
Note: Amounts are in million.
28%
72%
SDR EUR
62%
38%
Fix Variable
10
3. DOMESTIC DEBT
Domestic Debt Stock
Domestic Debt (net) 2012 2013 2014 2015 Q1 2016
New Issuances 73.31 79.20 104.01 25.53 31.93
Debt Stock 73.31 152.51 256.52 377.78 409.71
Domestic Debt (% of GDP) 1.51% 2.91% 4.59% 6.46% 6.88%
Note: Amounts are in million EUR
Government Securities Issued – Q1 2016
Auction Instrument Auction
Date Maturity
Date
Weighted average yield (%)
Coupon Rate (%)
Amount Issued
Nominal Net
KV001-16 3 month 12.01.16 13.04.16 0.41%
10.00 9.99
KV002-16 3 year 28.01.16 29.01.19 2.41% 2.40% 20.00 20.00
KV003-16 12 month 09.02.16 08.02.17 0.97%
25.00 24.76
KV004-16 5 year 25.02.16 26.02.21 3.51% 3.50% 15.00 15.00
KV005-16 12 month 15.03.16 15.03.17 0.71% 25.00 24.82
KV006-16 2 year 30.03.16 31.03.18 1.16% 1.10% 25.00 24.97
Notes: Rates are annually
Amounts are in million EUR.
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Domestic Debt by instruments
Note: Securities - nominal value
Domestic Debt by Holders – Q1 2016
Domestic Debt Service
Domestic Debt 2012 2013 2014 2015 Q1 2016
Interest Payments 0.66 1.19 2.50 5.50 2.27
Principal Payments 0 0 0 0 0
Interest/Total Revenues (%) 0.05 0.09 0.17 0.36 0.14
Note: Amounts are in million EUR
-
20.00
40.00
60.00
80.00
100.00
120.00
140.00
160.00
2012 2013 2014 2015 Q1 2016
3 month
6 month
12 month
2 year
3 year
5 year
53%
22%
15%
6% 4%
Banks Pension Funds Public Instit. Insurance Comp. Others
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4. STATE GUARANTEES
2014 2015 TM1 2016
State Guarantees 10.00 10.00 10.00
EBRD Guarantee for Credit Line to DIFK
10.00 10.00 10.00
State Guarantees (% of GDP) 0.18% 0.17% 0.17%
Note: Amounts are in million EUR
5. RISK INDICATORS
2012 2013 2014 2015 Q1 2016
Total Debt/GDP 8.44% 9.10% 10.63% 12.98% 13.58%
International Debt 6.93% 6.17% 5.85% 6.35% 6.54%
Domestic Debt 1.51% 2.91% 4.59% 6.46% 6.88%
Weighted Average Interest Rate 2.97% 2.62% 2.64% 2.58% 2.47%
International Debt 3.21% 3.15% 3.20% 2.97% 2.85%
Domestic Debt 1.89% 1.50% 1.92% 2.19% 2.10%
Average Time to Maturity (years) 11.51 9.24 5.20* 4.76 4.60
International Debt (years) 14.00 13.42 7.79 7.52 7.20
Domestic Debt (months) 1.53 4.28 8.13 11.73 15.27
% Total Debt 100% 100% 100% 100% 100%
International Debt 82.12% 67.98% 56.00% 49.55% 48.73%
Domestic Debt 17.88% 32.02% 44.00% 50.44% 51.27%
Notes: Debt/GDP indicator also includes State Guarantees.
*Change in Methodology – Previous calculations have been done based on the date of the last installment. From
now on, the base for calculation will be actual cash flows of every installment.
