Jaresko to meet with Ukraine's creditors in San Mateo on Aug 12

The meeting will take place in the office of the largest holder of Ukrainian bonds, Franklin Templeton, the ministry's press service reported.

As UNIAN reported earlier, Ukraine has been conducting negotiations with the creditors on sovereign debt restructuring since March 2015, discussing extension of maturities and writing-off part of the debt's nominal value, as part of the program with the International Monetary Fund. The measures aim at saving $5.2 billion in debt repayment in 2015 and up to $15.3 billion in the next four years.

After 3.5 months of negotiations, state-run Ukreximbank and Oschadbank have recently agreed with holders of their 2015-2018 loan participation notes worth $1.5 billion and $1.3 billion, respectively, on the re-profiling of the debts. Principal debt repayment was postponed by seven years in exchange to an increase in coupon rates without writing off principal debt.

In June, Ukrainian Finance Minister Natalie Jaresko stated that if there were no progress in talks with the creditors, Ukraine would "theoretically" be in a position to declare a moratorium on sovereign debt repayment in late July, with such right being provided by a law, which came in force on June 17.

Later, Ukrainian officials and the ad hoc creditors' committee issued a joint statement reporting significant progress made in the negotiations and reaching confidentiality arrangements.

On July 24, the Ukrainian Finance Ministry effected $120 million interest payment that came due on that day.