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Poroshenko Approves Parameters Of Foreign Debt Restructuring

Ukrainian News learned this from the website of the Verkhovna Rada.

President Petro Poroshenko has signed the law approving the parameters of Ukraine's foreign debt restructuring.

Ukrainian News learned this from the website of the Verkhovna Rada.

The law mainly aims to ensure economic security of the state, protect public interests and interests of the state in view of making deals on the state debt on foreign borrowings and the government-guaranteed debt.

In view of making deals with the government, government-guaranteed and local debt, the law envisions the rules of taxation of incomes of taxpayers-borrowers on foreign debt transactions secured by the state.

Respectively in this case such subjects obtain revenues under accounting rules, the amount of such income will be excluded from the taxation.

The law envisions that incomes, received by nonresidents as a result of offering of state derivatives and payments on these securities, are not taxed.

In addition, the President has signed the law amending the Budget Code and foreseeing the issue of government derivatives.

The State represented by the Minister of Finance will have the right to issue government derivatives on the instructions of the Cabinet of Ministers.

The Cabinet is to set the issue terms and conditions for government derivatives.

The Finance Ministry will be servicing government derivatives out of the national budget for respective year.

The document establishes priority of Ukraine's payment obligations on foreign government borrowings and state-guaranteed debt, and also for corresponding city councils' local debts listed in the Annex to the Law on Particularities of Carrying Out Transactions in Public, State-Guaranteed Debt and Local Debt.

In addition, according to the parliament's website, Poroshenko has signed the law enabling the issue of government derivatives to be placed in international stock markets and acknowledging Ukraine's obligations to accomplish payments to holders of these papers in the event of achievement of certain indicators of Ukraine's GDP.

Approval of this law is part of the process of Ukraine's foreign debt restructuring with a writedown of 20%.

State derivatives issue will constitute part of the budgetary process and is beyond regulating by the National Commission for Securities and the Stock Market.

Corresponding decisions on placement of state derivatives and terms and conditions of their placement will be made in accordance with the Budget Code of Ukraine and other laws of Ukraine regulating such legal relations.

As Ukrainian News earlier reported, Ukraine has reached an agreement on writing-off of 20% or USD 3.8 billion of foreign debt out of the total USD 19.3 billion.

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