The Ministry of Finance will sink almost UAH 24 billion of the debt of the State Food and Grain Corporation of Ukraine
29.09.2021 - 09:15
The debt of the State Food and Grain Corporation JSC (SFGCU) at the beginning of the year amounted to UAH 29.7 billion (USD 1.1 billion).
In 2021-2024 SFGCU is obliged to make payments on state-guaranteed loans in the amount of UAH 23.8 billion (USD 895.5 million), Finbalance reports.
According to the Ministry’s estimates, taking into account the unprofitable activities of the corporation, there is a high probability of occurrence of warranty claims on the obligations of the State Food and Grain Corporation in 2022 – by UAH 6.3 billion (USD 237 million), in 2023 – by UAH 6 billion (USD 225.7 million), in 2024 – UAH 5.7 billion (USD 214.4 million).
In 2021, the state budget determined the designed expenses for the fulfillment of the guarantee obligations by the state in the amount of UAH 4.9 billion (USD 184.3 million), for the obligations of the State Food and Grain Corporation of Ukraine – UAH 3.33 billion (USD 125,3 million).
Lost revenues of SFGCU in the first half of 2020 amounted to UAH 87.5 million (USD 3.2 million), and for the whole year – UAH 5.86 billion (USD 220.4 million).
In 2012, the Cabinet of Ministers provided guarantees to the State Property Fund of Ukraine for attracting loans in the amount of $3 billion from the Export-Import Bank of China (Eximbank of China) to finance projects in the agricultural sector. However, only one loan tranche of $1.5 billion was received, of which about $1 billion was placed on the deposit account of Ukreximbank.
At the same time, the corporation entered into a cooperation agreement with the China National Complete Engineering Corporation (CCEC). According to the document, SFGCU has undertaken to supply grain cargo in the amount of at least 4 million tons and not more than 6 million tons per year within 15 years, with an expected total volume of at least 80 million tons. It was also agreed that if SFGCU is unable to carry out the annual minimum volume of shipments under the contract, CCEC is entitled to inform the Eximbank of China about this so that it will adjust the amount of the loan provided in accordance with the actual indicator of the annual grain supply.
Earlier, USM reported that the State Food and Grain Corporation of Ukraine lost UAH 1 billion (USD 37.6 million) due to the sale of grain at reduced prices. As established by law enforcement agencies, the previous management of the corporation exported crops to non-resident companies at reduced prices. This, in turn, led to its losses in the amount of about UAH 1 billion (USD 37.6 million). The “scheme” was implemented from November 2020 to August 2021.
Read also: State Food and Grain Corporation of Ukraine is headed by Vasyl Kovalenko
