21 July 2022, Thursday, 11:26 313

G7 partners and members of the Paris Club announce postponement of debt service payments for Ukraine

Editor: Roman Vaniyan

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On July 20, the group of creditors of Ukraine from the G7 countries and members of the Paris Club of Creditors (Group of Creditors) announced its intention to postpone the payment of the principal amount of the debt and interest until the end of 2023 with the possibility of extending the postponement by a year (until 2024).

This is stated in the notification of the Ministry of Finance, reports Ukrainian News Agency.

The group of creditors recognized the exemplary experience of Ukraine regarding debt service as of today.

The group of creditors also expressed its support for the consent requests announced today for both Ukraine's outstanding Eurobonds and GDP warrants, and urged holders of Eurobonds and warrants to agree to Ukraine's requests.

The group of creditors noted that by agreeing to the changed terms for Eurobonds and warrants, private investors would provide a significant demonstration of support for the government and people of Ukraine.

The group of creditors expressed their solidarity and support for Ukraine as it defends itself against Russia's unjustified, unprovoked and illegal war of aggression.

As reported by Ukrainian News Agency, the group of creditors of Ukraine includes Canada, France, Germany, Japan, Great Britain, and the United States of America.

The observer group includes Australia, Austria, Belgium, Brazil, Denmark, Finland, Ireland, Israel, Italy, Korea, the Netherlands, Norway, South Africa, Spain, Sweden, and Switzerland.

The international rating agency Fitch Ratings lowered the long-term issuer default rating (IDR) of the Naftogaz of Ukraine national joint-stock company from "CCC" to "C" after the company requested consent to postpone debt service on its Eurobonds, including those due on July 19 in 2022.