12:21 10.07.2015

Finance ministry says progress has been made in talks on foreign debt restructuring

2 min read
Finance ministry says progress has been made in talks on foreign debt restructuring

The Finance Ministry of Ukraine has said that progress has been made in the negotiations on Ukraine's foreign debt restructuring.

"The step that we made last week – the confidentiality arrangement – is important, but not enough. We are to hold further talks," Deputy Finance Minister for European Integration Artem Shevalev said at a briefing on Thursday.

He said that the International Monetary Fund (IMF) would be able to provide the second tranche to Ukraine even if a moratorium on foreign debt payments is announced.

"IMF would credit even if a moratorium is announced," he said.

Shevalev also said that if the moratorium on foreign debt payments is announced this would also apply to the eurobonds bought by Russia.

"The moratorium says that we have the right to announce a moratorium for securities that comply with the parameters of the deal on debt restructuring. Russia's bonds comply with the parameters of the deal. If the moratorium is announced, it would be imposed on all debt instruments," he added.

As reported, in early July, Ukraine and members of the ad hoc creditors committee reached an agreement on confidentiality arrangements that will allow negotiations on solutions to the issue to begin.

Debt restructuring is part of the international aid for Ukraine program, although the negotiations with creditors have not moved forward for over three months.

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