Ukraine seeks to complete bondholder talks by IMF review in June, say media reports

13:08, 16.02.2015 1 min read

The Finance Ministry of Ukraine Ukraine wants an agreement with bondholders on how to restructure its debt before the International Monetary Fund’s first bailout review in June, Bloomberg has reported referring to Finance Minister of Ukraine Natalie Jaresko.

According to the report, debt operations may include a variety of techniques for reducing debt service, including using the super-majority voting procedures embedded in the terms of the bonds to change their terms.

"It may also include exchange offers for new securities with different terms. We are considering a range of options which would help us achieve our objectives," Jaresko said.

The Ukrainian authorities and the IMF have agreed on a four-year Extended Fund Facility worth SDR 12.35 billion (about $17.5 billion, or EUR 15.5 billion).

IMF Managing Director Christine Lagarde said that a four-year international bailout package of $40 billion had been agreed for Ukraine, contingent on the country conducting reforms. The program will be backed by EU member states and private investors.