Economy Ukraine’s Debts to Private Lenders Must Be Restructured – Prime Minister

Ukraine’s Debts to Private Lenders Must Be Restructured – Prime Minister

(L-R) Ukrainian Prime Minister Arseniy Yatsenyuk, Ukraine's Finance Minister Natalie Jaresko and Ukrainian Minister for Economy and Trade Aivaras Abromavicius.
(L-R) Ukrainian Prime Minister Arseniy Yatsenyuk, Ukraine’s Finance Minister Natalie Jaresko and Ukrainian Minister for Economy and Trade Aivaras Abromavicius.

Ukraine’s debts to private creditors must be restructured, Ukrainian Prime Minister Arseniy Yatsenyuk said 

On Wednesday, Yatsenyuk and Finance Minister Natalia Jaresko met with International Monetary Fund (IMF) Managing Director Christine Lagarde in Washington to discuss the current economic situation in Ukraine. The IMF is Ukraine’s largest lender.

“Our position remains unchanged – debts to private creditors must be restructured,” Yatsenyuk was quoted as saying on the Ukrainian government’s portal.

He also emphasized the importance of continuing reforms in Ukraine and expressed hope that 2016 will be the first year of economic growth in the country.

Kiev has received several aid packages from international financial institutions, including the IMF, which has pledged to transfer $17.5 billion to Ukraine over the next four years.

On May 28, Ukrainian President Petro Poroshenko signed a law that allows the country to impose a moratorium on foreign debt repayment until at least July 1, 2016.

On Wednesday, the Ukrainian finance minister said Kiev would have to impose a moratorium on certain debt repayments if an agreement with creditors was not reached during summer 2015.