KIEV, Aug. 4 ??“ Ukraine's total state debt in H2 2006 may increase by $800 million and by the end of 2006 may amount to $15.4 billion, Alfa-Bank reported in a research report.

"We expect approximately $800 million in growth due to the possible entry the Finance Ministry to the foreign credit markets in Q4 2006 (in case of lowering of insurance risks), issuing domestic state bonds in order to refinance the existing debt," the report reads.