Washington DC, April 17, 2015.
The Ukrainian delegation to the IMF-World Bank Spring meetings, in the presence of IMF representatives, discussed with interested debt holders key elements of Ukraine's debt operation and the process ahead.
The delegation also presented in detail the three objectives of the debt operation as envisaged under Ukraine's EFF program with the IMF, namely:
* Providing adequate program financing (US$15.3bn during the program period 2015-2018),
* Ensuring public debt sustainability (public and publicly guaranteed debt/GDP ratio of under 71 percent by 2020), and
* Generating a strong sovereign capacity to repay in the post-program period (general government gross financing needs of no more than 10 percent of GDP on average in 2019-2025, not exceeding 12 percent of GDP in any particular year).
Participants at the meeting were reminded that the terms of the operation should be finalized by the first review of the EFF.
The Ministry of Finance and the NBU re-affirmed their support for the proposed three month maturity extension for Ukreximbank's Loan Participation Notes maturing in April 2015, enabling time to finalize with the Notes holders a re-profiling operation for a maximum of ten years, with no nominal haircut and without a reduction in coupon.
The Ukrainian delegation was made up of Natalie Jaresko, Finance Minister, Vitaly Lisovenko, Government Special Envoy for Debt, and Oleksandr Hrystenko, Chairman and CEO of Ukreximbank.
IMF representatives included Thanos Arvanitis, Deputy Director of the European Department and Nikolay Gueorguiev, Mission Chief for Ukraine.
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