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 $3 bln write-down and $8.5 bln restructuring of Ukraine's debt approved, - Yatseniuk

The eurobonds restructuring terms offered by the Ukrainian government have been supported by 75 percent of creditors.

This was stated by Prime Minister Arsenii Yatseniuk at a briefing on Thursday, Censor.NET reports citing lb.ua.

"All Ukraine's creditors, by a majority of 75 percent of the votes in creditor's committee, have agreed upon writing down $3 bln of Ukraine's state debt and restructuring another $8.5 bln the country owes. In the next four years we will not be settling the loan's body," he said.

Read more: Finance Minister Jaresko urges US and EU to double financial aid to Ukraine, - Financial Times

Aug. 27, talking about agreements with the creditors' committee, Yatseniuk said that "the point is that the Ukrainian government has written off nearly $4 bln."

"Despite the fact we are getting financial support from our Western partners, additional financial resources, at the same time we are settling debts and reducing the total amount of the state debt. Let me once again recall the numbers: two years ago we had $73 bln [owed by the state - ed.]. Today it is $70.5 bln," 112 Ukraine writes citing the PM.

According to Finance Minister Natalie Jaresko, new debt securities will be issued in mid-November.

"The new bonds to replace those existing will be issued in mid-November after the last meeting on the so-called Russian bonds. This will draw a line under a significant part of our work on debt restructuring," Jaresko said.

Read more: Minister Jaresko: IMF to continue support Ukraine even with Russia's loan unpaid

After the bonds are replaced, the new issue of VRI (Value Recovery Instrument) will not be possible, she added.
 
 
 
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