Kyiv to restructure $101.2 mln in foreign debt to be repaid in 2021-2022
Kyiv City Council has voted for the restructuring of $101.2 million in municipal foreign debt with repayment due in 2021-2022.
This decision was supported by 69 council members.
"This draft decision is final in the process of restructuring of the foreign debt, which began in 2015. The city's foreign debt in 2015 was partially restructured with the participation of the state in the amount of $351 million, and a $101.2 million debt still exists. We've been holding uneasy talks in the past three years, and we have eventually reached final understanding, achieved the signing of the agreements that enable us to complete this procedure and move within the legal framework to servicing and repayment of this debt," First Deputy Director of Kyiv City Council's finance department Oleksandr Koren said while debates on the draft of the decision.
According to him, the interest rate on the restructured debt will be 7.5% (7.75% in 2015), and the repayment will take place in 2021-2022 in four equal installments.