подписаться на рассылку
26.5 26.9
28.3 28.7
  • 0
  • 0

Cabinet Ready To Impose Moratorium On Servicing Foreign Debts In Case Creditors Refuse To Restructure Them

The Cabinet of Ministers aims to find a solution that would satisfy all the parties, settle the problem of unacceptable debt burden and help restore economic growth of the country.

The Cabinet of Ministers says Ukraine is ready to introduce moratorium on servicing its foreign debts in case creditors refuse to restructure them, Minister of Finance Natalie Jaresko said in her address to citizens of Ukraine.

According to it, owners of sovereign commercial foreign obligations of Ukraine presented by the special committee of creditors are still refusing to contribute to restore Ukraine.

"Despite all complexity of our situation over three months they refused to conduct detailed negotiations on conditions of debt operation corresponding to three targeted indicators set by the IMF program, which have to be achieved to dampen excessive debt burden," the report said.

Instead Ukraine's creditors offered to use international reserves to redeem the foreign debt in order to avoid any financial losses in current situation.

Despite this the Ukrainian Government is seeking for opportunity to intensify negotiations with the special committee of creditors.

The Cabinet of Ministers aims to find a solution that would satisfy all the parties, settle the problem of unacceptable debt burden and help restore economic growth of the country.

However, the Cabinet of Ministers understands that creditors may not aim to reach the agreement and continue to block the settlement of the issue.

In that case the Government of Ukraine is ready to use respective legal right to stop payments on foreign obligations to protect economy of Ukraine and retain its financial resources unless acceptable agreement with creditors is reached.

As Ukrainian News earlier reported, on June 19, the Ministry of Finance presented renewed offer to Ukraine's creditors on restructure of the foreign debt.

The renewed offer includes writing-off of a part of the debt, suspension of the redemption deadline and decrease in the interest rate.

Minister of Finance Natalie Jaresko admits declaration of default by Ukraine in late July.

The International Monetary Fund has confirmed holding of a trilateral meeting with representatives of Ukraine and its creditors in Washington (the United States) on June 30.

To subscribe to our English newswire, please contact Ukrainian News Agency marketing and sales department by phone +38 (044) 494-31-61 or e-mail user@ukranews.com.

Больше новостей о: News in English


Архив
Новости