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Over 75% of the holders of Ukrainian eurobonds subject to restructuring have agreed to the terms of cancellation and prolongation of debt payments and agreed to write off $3 billion of debt, Ukrainian Prime Minister Arseniy Yatsenyuk said at a briefing on Thursday.
"For more than half a year, the government team headed by Finance Minister Natalie Jaresko has been dealing with the issue of restructuring and writing off of foreign debts. And we welcome the decision of the Ukrainian parliament, which supported the law on the restructuring of the country's foreign debts with a constitutional majority and supported the terms of debt restructuring," Yatsenyuk said.
"We have set several objectives, and one of them was to resolve the issue of $15 billion of debts that had to be paid over the next four years, which we have no money for. Therefore, the first goal was to write off up to $4 billion of a total debt, and the first part of this task was executed. The majority of Ukraine's creditors, which is more than 75% of the vote in the Committee of creditors, have decided to write off $3 billion and to restructure another debt amounting to $8.5 billion. Thus, within the next four years we will not be paying the principal of the loan, and we have reached a decision to write off $3 billion that we will not pay. The next thing on the agenda is further restructuring," he said.
Read alsoRussia takes no part in Ukraine’s debt restructuring, issue remains unresolvedYatsenyuk also reminded that Ukraine had restructured debts of two state-owned banks in the amount of $2.8 billion.
"Next on the agenda is Kyiv. And we welcome the process of restructuring Kyiv's debts. Ukrzaliznytsia also restructures debts worth $500 million. In addition, on the agenda is Ukravtodor, as well as Ukrmedpostavka and Yuzhnoe Design Bureau. This is another $0.7 billion," the prime minister said.
He stressed that the Ukrainian creditors had accepted the terms of write-offs and restructuring.