Ukraine on the financial front – the problem of Ukraine’s foreign public debt. OSW COMMENTARY NUMBER 178|05.08.2015

One of the key challenges that Ukraine is facing is the scale of its foreign debt (both public and private). As of 1st April it stood at US$ 126 billion, which is 109.8% of the country’s GDP. Approximately 45% of these financial obligations are short-term, meaning that they must be paid off within a year. Although the value of the debt has fallen by nearly US$ 10 billion since the end of 2014 (due to the private sector paying a part of the liabilities), the debt to GDP ratio has increased due to the recession and the depreciation of the hryvnia. The value of Ukraine’s foreign public debt is also on the rise (including state guarantees); since the beginning of 2015 it has risen from US$ 37.6 billion to US$ 43.6 billion. Ukraine does not currently have the resources to pay off its debt. In this situation a debt restructuring is necessary and this is one of the top priorities for the Ukrainian government as well as for the International Monetary Fund (IMF) and its assistance programme. Without this it will be much more difficult for Ukraine to overcome the economic crisis.

Report on democracy assistance from the European Union to the Middle East and North Africa. EUSpring Report, 18 May 2016

Since the Arab uprisings of 2011, European Union (EU) assistance has nominally targeted more resources to supporting democracy movements in the Middle East and North Africa (MENA) region. The EU has better equipped itself institutionally, financially and conceptually, by strengthening its bottom up grassroots approach to democracy support; resources earmarked for supporting civil society have been increased, the budget for the European Instrument for Democracy and Human Rights (EIDHR) has been beefed up, and the strengthened EU Delegations have be come more empowered to reach out to groups at the local grass roots level behind democracy activities; The European Endowment for Democracy (EED) was created with the mandate to support individuals and organizations in neighbouring countries that work for democracy. Whether this translates into a more effective strategy for democracy support, however, remains to be seen. In this report, Rosa Balfour, Francesca Fabbri and Richard Youngs present a detailed overview of the support given to civil society in the MENA region by the EU, with a special focus on the various financial instruments used.

Moving the EU from a Laggard to a Leader in Democracy Assistance: The Potential Role of the European Endowment for Democracy. CEPS Policy Brief No. 273, 15 June 2012

In their assessment of the proposed European Endowment for Democracy (EED), Hrant Kostanyan and Magdalena Nasieniak conclude that an instrument along the lines currently envisaged could and should take on the challenge to make the EU a truly committed, pro-active and effective leader of democracy assistance. A flexible and fast-track path of assessing needs and granting funds could become the most visible results of the EU’s assistance in this area, delivering almost immediate tangible results. They argue that the EED therefore needs to become an instrument free of nationally-driven decisions, European ‘turf wars’ and cumbersome bureaucracy.