Ukraine reaches agreement with Sberbank of Russia on restructuring sovereign guaranteed loans

14:31, 13.01.2016 1 min read

The Ukrainian Finance Ministry has reached agreement with Sberbank of Russia on the principles for restructuring loans the Russian bank issued to Ukravtodor and Pivdenne State Design Bureau that were guaranteed by the state.

"The parties have agreed to work together to achieve a settlement of the transaction as soon as possible," the Finance Ministry said in a statement on Wednesday.

The Finance Ministry notes that the agreement with Sberbank is in line with Ukraine's IMF-supported EFF Program. "The Ministry is continuing to discuss the restructuring of other outstanding guaranteed loans within the perimeter of the debt operation," it said.

The Finance Ministry also "reiterates its readiness to continue negotiating in good faith" the restructuring of the $3 billion in bonds that came due in December 2015.