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Rada Empowers Cabinet Impose Moratorium On Foreign Debt Payment To Private Lenders

Draft law No.2898 as a whole received votes of 256 Members of Parliament, while 226 votes enough for approval.

The Verkhovna Rada has empowered the Cabinet of Ministers to impose moratoriums on payments to private holders of international debt obligations.

Draft law No.2898 as a whole received votes of 256 Members of Parliament, while 226 votes enough for approval.

The Government believes that the bill is aimed at safeguarding the nation's economic security, protection of public interests and the State's interests in connection with redemption and servicing of the public-sector, government-guaranteed and local debts.

The Cabinet is entitled to make decisions on temporary suspension of payments on all or some of the existing debt obligations.

Payments can be suspended for each debt obligation for a period until settlement of such transaction(s) and changing terms and conditions of respective borrowing for all creditors.

The following foreign debt obligations are listed for the deals to change borrowing conditions: Ukraine's Notes issued in 2005, 2006, 2007, 2010 (two issues), 2011 (two issues), 2012 (two issues) and 2013 (two issues) due in 2015, 2016, 2017, 2020, 2015, 2021, 2016, 2017, 2022, 2023 and 2015 respectively.

The bill also lists the Notes issued by Fininpro, the loans raised by State Motor Roads Agency Ukravtodor in 2005, 2006, 2009, 2010, 2011 due in 2015, 2016, 2017, 2015 and 2016 respectively, a loan taken by Yuzhnoye State Design Office (Dnipropetrovsk) in 2011 due in 2018, the 2009 loan to Ukrmedsnab due in 2020, and the Kyiv City Council's local loans raised in 2005 and 2011 and due in 2015 and 2016.

The law expires on July 1, 2016.

As Ukrainian News earlier reported, Prime Minister Arsenii Yatseniuk called on Ukraine's lenders to agree for the foreign debt restructuring proposals.

On April 4, the Cabinet of Ministers endorsed the list of Ukraine's external debt instruments involved in the deal for changing the borrowing conditions, and provided participants in the restructuring process with directions for taking steps.

The committee of Ukraine's biggest lenders, including Franklin Templeton Investment Funds (USA), on May 12 said it was disappointed with absence of progress in the talks on restructuring Ukrainian obligations.

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