14:5222.06.2015
Date of talks on Ukraine's debt restructuring not agreed yet – creditors' committee
The date of the meeting of the Finance Ministry of Ukraine, the IMF and the Creditors' Committee on restructuring Ukraine's debt obligations hasn't been agreed yet, according to a letter released by the committee which Interfax-Ukraine has acquired.
"Arrangements are also being made for a meeting between the Committee, Ukraine and the IMF in Washington to take place as soon as possible. No date for this meeting has yet been agreed despite Ukraine's public statements to the contrary. We view it as vital that all parties sit down and negotiate a deal in good faith, without preconditions, as soon as possible," reads the letter.
The Committee's advisers are currently evaluating the restructuring proposal submitted by Ukraine on June 19, certain details of which had been briefed to the media before the advisers had received it. The proposal is based on IMF assumptions about the Ukrainian economy which have not yet been placed in the public domain and which are not scheduled to be made public until mid-July. In order to properly consider the proposal, the Committee and its advisers have urged Ukraine and the IMF to publish those assumptions as soon as possible.
In the meantime, the Committee said it still believes that the proposal submitted to Ukraine in May remains the best way forward for the country.
"It offers Ukraine debt relief worth $16 billion over the next four years, [which] would allow Ukraine ongoing access to global capital markets and meets all the criteria laid down by the IMF," reads the letter,
As reported, with the reference to Finance Minister Natalie Jaresko, Ukraine, the IMF and the committee of creditors were planning to hold talks on debt restructuring this week, and particular to discuss Ukraine's new proposal that was presented to creditors on June 19.
Jaresko said the meeting would be held in Washington and that the exact date hadn't been decided yet.
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