09:44 30.06.2015

Kyiv willing to meet creditors without conditions after securing confidentiality agreement

2 min read
Kyiv willing to meet creditors without conditions after securing confidentiality agreement

Ukrainian Finance Minister Natalie Jaresko is willing to meet with representatives of the committee of the country's foreign commercial creditors without preliminary conditions if the committee enters into a confidentiality agreement, the Finance Ministry said in a statement.

Jaresko urged the committee of creditors to swiftly find a solution to the restructuring of Ukrainian debt jointly with the Ukrainian government.

"The minister once more calls on the committee to find a solution concerning the restructuring jointly with the government as soon as possible. If the committee concludes a confidentiality agreement, Jaresko is ready to meet with the committee without preconditions. Jaresko hopes to overcome current differences of opinion with the creditors and, in the final analysis, for a start to negotiations with the committee," the statement says.

The Finance Ministry regrets that the creditors committee has consistently refused to begin direct talks with Ukraine in accordance with standard confidentiality terms.

"Members of the committee used as a rationale for not meeting with Ukrainian representatives (notably Jaresko) concerns that receipt of confidential information would affect their commercial operations. That made it impossible to negotiate the terms of debt operations that would make it possible to achieve three quantitative goals contained in Ukraine's cooperation program with IMF," the statement says.

The committee's proposal is not in accord with the goal agreed with the IMF. "This proposal includes the call to withdraw $8 billion from the National Bank of Ukraine's international reserves in payment of commercial debts. The IMF decisively opposed that proposal in the statement of June 12, 2015," it says.

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