Ministry of Finance gives opportunity to the ad hoc creditor committee to improve its proposal, reach settlement during last negotiating session next week

Ministry of Finance gives opportunity to the ad hoc creditor committee to improve its proposal, reach settlement during last negotiating session next week
05.08.2015 | 18:50 |	printer friendly

The Ministry of Finance of Ukraine, in the spirit of good faith and transparency, has accepted the request of the ad hoc creditors’ committee to postpone the meeting planned for Thursday this week to Monday or Tuesday next week in order to give the committee more time to prepare a revised and improved proposal.  The goal of the Ministry has always been to reach a negotiated settlement with its debtholders in line with the targets of the IMF-supported program. Ukraine has already reached such agreements with the debtholders of its state owned banks, Ukreximbank and Oschadbank.  However, given the legal and timing constraints of reaching and implementing any settlement, failure to reach an agreement at the sovereign level early next week would force Ukraine to implement alternative options for financing its IMF-supported program. Due to these constraints, it is also the last opportunity to reach a full agreement in advance of the September and October Eurobond amortizations and next IMF review now planned for September.