After a meeting with representatives of the IMF and the World Bank on March 23, the group of creditors of Ukraine (GCU) provided financial guarantees for a new IMF-supported EFF program for Ukraine, IMF Deputy Executive Director Vladyslav Rashkovan has said.

"The provision of financing assurances by the GCU entails an extension of the standstill from August 1, 2022 over the period of the IMF programme (2023-2027). An additional debt treatment to restore debt sustainability, once the situation is stabilized or at the latest by the end of the IMF programme (2027)," he pointed out the essence of the decision on Facebook.

The Group said it will extend the grace period provided that private external creditors deliver a debt treatment at least as favourable.

"Finally, the Group urges all other official bilateral creditors to swiftly reach an agreement with Ukraine on a debt treatment at least as favourable," the statement said.

The representative of Ukraine in the IMF said, in turn, on March 24, the Ukrainian authorities made a statement that after evaluating a number of alternative scenarios for the implementation of the necessary debt treatment, the government undertakes to take measures to manage Ukraine's public external debt.

"The goals will be (i) to restore Ukraine's debt sustainability; (ii) to preserve liquidity and reduce Ukraine's financing gap during the programme period," Rashkovan said.

"The Ukrainian authorities will assess a number of alternative scenarios for implementing the necessary debt treatment in order to maximize the efficiency and success of the process, being mindful of the objective to restore Ukraine's market access as early as practicable. The Ukrainian government has retained financial and legal advisors to support this process," the Ministry of Finance said on its website.

Negotiations with commercial creditors are expected to begin in early 2024, the ministry said.