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 Final step towards Ukraine's debt restructuring made, - Minister Jaresko

The government has approved the issue terms for new bonds which will be given to our sovereign creditors in exchange for the previous ones.

As reported by Censor.NET, Finance Minister Natalie Jaresko announced it on her Facebook page.

"When we started negotiations on the restructuring of Ukraine's international commercial debt eight months ago and announced our targets, almost no one believed we would get to this point," she wrote.

According to her, the negotiations were indeed extremely difficult but effective: "We reached an agreement with our creditors and thus saved USD 3 billion for Ukraine straight away and postponed payments of a further USD 8.5 billion until after 2018. We also agreed with our creditors to issue public derivatives - new tools providing benefits for the creditors for agreeing such a difficult deal which gives us all an incentive for Ukraine's strong economic growth."

Read more: With current tax legislation, Ukraine risks being left without IMF finance program, - Finance Minister Jaresko

Jaresko writes there is still a series of negotiations ahead on the loans of state-owned enterprises, secured with the state guarantees by Ukraine's previous governments.

"Today, our government has taken an important final step to complete the process of restructuring our sovereign bonds and sovereign-guaranteed Eurobonds. The government has approved the issue terms for new bonds which will be given to our sovereign creditors in exchange for the previous ones. With this, we finally complete all procedures for the restructuring of our debt - the largest part of our restructuring efforts - and turn this complicated page in our economic history. We did all this while avoiding default, which we were on the brink of. This restructuring agreement will help reduce the pressure on our currency reserves (worth billions of dollars), giving our currency and banking system more stability. All in all, this restructuring is another important step towards economic stability and the return to growth," Jaresko added.
 
 
 
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