Ukraine to start negotiations on national debt restructuring in March – Finance Minister

In consultations with the creditors, which are scheduled to start after approval of the new IMF financing program, Ukraine hopes to reduce the payments on it by $15 billion in the coming years.

This was stated by Minister of Finance Natalia Jaresko, Censor.NET reports citing Interfax-Ukraine.

She clarified that the figure is placed in the estimate of the total amount of financial assistance to Ukraine in the next four years in the amount of $40 billion, which was previously named by IMF chief Christine Lagarde.

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The finance minister evaded the question what Ukraine will do in the event of Russia's refusal to restructure $3 billion in Eurobonds maturing in December 2015.

"We will start consultations with our external creditors only after we receive the go-ahead of the IMF Board of Directors (under EFF program - ed.). The consultations will be held with all our foreign creditors. We invite all our creditors to take part in our negotiations," Jaresko stressed.

She noted that during the negotiations Ukraine will practice a unified and "fair" approach to all its creditors, UNIAN writes.

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"Ukraine will begin negotiations with the holders of sovereign debt securities immediately after we sign an agreement with the IMF," the minister said, "I think that we will start the appropriate consultations in early March."

She noted that it is too early to talk about the details of the process. "But we will talk with all creditors on an equal footing," Jaresko said.

The size of the EFF program constitutes about $17.5 billion. According to Prime Minister Arsenii Yatseniuk, its approval will pave the way for assistance of other international financial institutions and partner countries to Ukraine, which will increase the amount of aid to $25 billion.

Источник: https://censor.net.ua/en/n324916