Ukraine has a two-year grace period on its debt
Kyiv has received a two-year reprieve from its international creditors on its foreign debt, estimated at $20 billion, Prime Minister Denis Simihal announced amid a full Russian invasion of the country. “Investors in Ukraine’s foreign debt have agreed to defer payments until 2024. This allows Ukraine to maintain macro-financial stability and strengthen economic viability”On Wednesday evening Mr. Welcomed by Chmihal Twitter.
“We are grateful to the investors who accepted our plan. Thanks to our solidarity with Ukraine through the community of private investors and the official public sector, we can meet the needs of the Ukrainian people.For his part, Finance Minister Sergey Marchenko was quoted in a press release.
A group of Western creditors, including France, the United States, Germany, Japan and the United Kingdom, on July 20 accepted Kyiv’s request to postpone interest payments on Ukrainian debt, urging other bondholders to do the same.
Ukraine’s economy has slumped since the start of the war with Russia, which began on February 24, and could see its GDP fall by 45% this year, according to the latest World Bank estimates, as of June 1. According to calculations by the Bloomberg agency, Ukraine’s measures to postpone payment of its bonds could save at least $3 billion over two years.
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