Good news: Ukraine will not default
Creditors agreed for $3.8 bln debt cutoff, the repayment terms are postponed until 2019 - Yaresko
Creditors' Committee granted Ukraine a profitable debt restructuring scheme. Ukrainian Minister of Finance Natalia Yaresko stated that Ukraine managed to negotiate about $3.8 bln debt cutoff from the total amount of $ 19.3bln.
The six-month negotiations between Ukraine and the Creditors' Committee resulted into three main points. First of all, bondholders applied a “haircut” for 20% of Ukrainian debt, what is $4 bln. These funds will go for the most urgent needs of the country – social assistance and defense, stated Minister Yaresko. Hence the level of commercial debt decreased to $15.5bln. Second, the interest rate remains almost at the same level (7.5%). Third, the repayments of the rest $15.5 bln are postponed until 2019.
Such a beneficial offer for debt cutoff has not received any country since 2000.
Russia will not participate in the restructuring of Ukrainian debt.
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