Arab Today, arab today ukraine criticises creditors over debt talks
Last Updated : GMT 04:23:09
Arab Today, arab today
Arab Today, arab today

Ukraine criticises creditors over debt talks

Arab Today, arab today

Arab Today, arab today Ukraine criticises creditors over debt talks

Man walks past currency exchange shop in eastern Ukrainian city of Donetsk
Kiev - AFP

Cash-strapped Ukraine said Tuesday its debt restructuring talks were moving slowly and criticised its creditors for a lack of willingness to engage in negotiations.

"The process is difficult and not fast," Finance Minister Natalie Jaresko told journalists.

"I hope our creditors understand (our problems) because we need to reach an agreement on the second tranche" of the bailout loan in June.

The IMF wants Ukraine to reach a deal with creditors that will achieve $15 billion in savings ($17 billion), giving the government more fiscal space to proceed with reforms, in order to get more money under its $17.5 billion four-year loan programme.

The Ukrainian finance ministry later issued a statement criticising the negotiators for its foreign debt holders, criticising "their lack of willingness to engage in negotiations".

It criticised the fact the creditors committee has in a highly unusual move refused to reveal its membership, with the one known committee member refusing to meet Jaresko and speed up talks.

The ministry also expressed concern "that instead of engaging directly in constructive negotiations, the committee chooses to communicate unconstructively through the media."

The finance ministry said it "is determined to negotiate with the debtholders in a process which fully respects the commonly accepted principles of transparency, responsiveness and good faith."

Ukraine's Western-oriented government has found itself under mounting economic pressure.

A pro-Russian rebellion and a cut in trade relations with Russia has pummelled the economy, which was already dragging due to years of corruption and mismanagement under pro-Moscow leaders.

The World Bank estimates Ukraine's recession will grow worse this year, with the economy contracting by 7.5 percent.

The crisis has sent the value of the national currency, the hryvna, plummeting in value. This has in turn sent the value of the country's debt, much of which was in dollars, skyrocketing in terms of the nation's economy.

At 40.6 percent of the national output in 2013, it is expected to hit a high 94 percent of the economy this year according to the IMF.

To continue lending to nations in difficulty the IMF insists that their debt level is sustainable.

Ukraine received the first $5 billion under the rescue programme in March.

The state-owned rail operator said Tuesday it could no longer make payments and called for a restructuring of $1.5 billion in debts.

 

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 ukraine criticises creditors over debt talks Arab Today, arab today ukraine criticises creditors over debt talks

 



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 ukraine criticises creditors over debt talks Arab Today, arab today ukraine criticises creditors over debt talks

 



Arab Today, arab today Designer Rania Adel reveals her new collection

GMT 17:59 2017 Monday ,12 June

Designer Rania Adel reveals her new collection
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 Mai Al-Jeddawi presents décor ideas for Ramadan
View News in Arabic - Business: قضايا ساخنة
Arab Today, arab today
Arab Today, arab today

GMT 09:49 2017 Tuesday ,02 May

Girl barred from Malaysia chess competition

GMT 08:48 2017 Saturday ,06 May

Climate science: Bad news gets worse

GMT 16:25 2017 Sunday ,04 June

“Suhoor” is basic meal for fasting

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons

GMT 23:13 2017 Sunday ,18 June

New ransomware virus attacking mobiles in Oman
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