Arab Today, arab today cashstrapped ukraine to start talks on debt restructuring
Last Updated : GMT 05:34:11
Arab Today, arab today
Arab Today, arab today

Cash-strapped Ukraine to start talks on debt restructuring

Arab Today, arab today

Arab Today, arab today Cash-strapped Ukraine to start talks on debt restructuring

Ukraine's GDP is expected
Kiev - AFP

Ukraine's government said Thursday it would begin negotiations with creditors on restructuring its debt, a day after the International Monetary Fund threw the cash-strapped country a lifeline.
Citing the need to "reduce pressure on the budget from the public debt", Finance Minister Natalie Jaresko said Ukraine "will start talks tomorrow with our creditors on a restructuring," her spokeswoman said.
Jaresko did not provide specifics, but analysts said the move would likely target bondholders rather than international lending institutions
"As far as I understand the finance ministry will enter negotiators with private creditors," Oleksandr Valchyshen, chief economist at Investment Capital Ukraine, told AFP.
Russia, in conflict with Kiev's pro-Western government which accuses Moscow of backing the insurgency in the east with troops, training and weaponry -- allegations Moscow denies -- owns $3 billion in Ukrainian bonds.
"It remains to be seen whether Russia would agree (to a restructuring)," Valchyshen said. "Probably they would try to block it."
Ukraine's debt is made up mainly of $17 billion in bonds, with up to $8 billion reportedly owned by Franklin Templeton, a US investment firm.
The government's move to renegotiate the terms of the debt comes a day after the IMF gave the final go-ahead for a $17.5-billion aid package to help Kiev stave off a threatened default.
Five billion dollars will be disbursed immediately, the fund said, adding that successful debt restructuring would be "a key consideration" for the payment of later tranches.
The aid, part of an international rescue package expected to reach $40 billion, aims to support "deep and wide-ranging policy reforms," according to IMF managing director Christine Lagarde.
Part of the money will go towards shoring up the national currency, the hryvnia, which lost over two-thirds of its dollar value against the dollar in the past year as government forces battled a pro-Russian rebellion in the east.
The currency's devaluation has nudged up the debt.
The IMF estimates that Ukraine's debt-to-GDP ratio will hit 94 percent this year and that external debt will reach 158 percent.
Last week, Ukraine's parliament adopted a package of reforms on which the IMF had conditioned its support.
The measures included a controversial cut to pensions for people who continue working after retiring and a threefold hike in gas prices for most households.
Ukraine is mired in a deep economic crisis, which has been exacerbated by the war in the east.
Gross domestic product is expected to fall 5.5 percent this year, following a 7.0-percent contraction in 2014.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today cashstrapped ukraine to start talks on debt restructuring Arab Today, arab today cashstrapped ukraine to start talks on debt restructuring

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today cashstrapped ukraine to start talks on debt restructuring Arab Today, arab today cashstrapped ukraine to start talks on debt restructuring

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Zainab Fadel Oglu designs “Shakerin” mosque

GMT 12:13 2017 Thursday ,11 May

Zainab Fadel Oglu designs “Shakerin” mosque
Arab Today, arab today Seeks to move past rift with Israel

GMT 08:00 2017 Monday ,08 May

Seeks to move past rift with Israel
View News in Arabic - Business: اقتصاد دولي
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Mozambique's gas boom dream under threat

GMT 16:29 2017 Monday ,08 May

Mozambique's gas boom dream under threat
Arab Today, arab today Prepares to give stargazers an eyeful

GMT 13:38 2017 Monday ,06 March

Prepares to give stargazers an eyeful
Arab Today, arab today Jaguar displays XF Sportbrake line

GMT 14:36 2017 Monday ,08 May

Jaguar displays XF Sportbrake line
Arab Today, arab today BMW sees forecasts in reach

GMT 09:04 2017 Thursday ,04 May

BMW sees forecasts in reach
Arab Today, arab today Climate science: Bad news gets worse

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday