Last chance to write off Ukrainian debts. Yaresko is ready to meet with creditors without preconditions
Minister of Finance of Ukraine Natalya Yaresko called on the Creditors Committee to find a common decision on restructuring with the Ukrainian government as soon as possible, and also added that she was ready to meet with creditors without preconditions after the adoption of a confidentiality agreement.
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This is stated in a statement published on the website of the Ministry of Finance of Ukraine.
“The Treasury Department regrets that over the past three months, members of the Special Committee of Creditors have consistently refused to enter into direct negotiations with Ukraine under standard confidentiality conditions. Committee members used their concerns that their receipt of confidential information would affect their trading operations as an excuse not to meet with Ukrainian representatives (in particular, Finance Minister Natalya Yaresko). This did not allow negotiations on the terms of the debt operation, which would allow achieving its three quantitative goals laid down in the cooperation program between Ukraine and the IMF,” the report says.
The statement also noted that “despite statements to the contrary, the Special Committee of Creditors' proposal does not comply with these three objectives agreed with the IMF. This proposal includes the withdrawal of $8 billion from the international reserves of the National Bank of Ukraine to pay external commercial debts. This move was strongly opposed by the IMF in its statement dated June 12, 2015.”
“Minister of Finance Natalya Yaresko has repeatedly stated her desire to meet with the Committee and begin direct negotiations with it. The Minister again calls on the Committee to find a common decision on restructuring with the Government of Ukraine as soon as possible. If the Committee enters into a confidentiality agreement, the Minister is willing to meet with the Committee without preconditions. The Minister hopes to overcome the current differences of opinion with creditors and, ultimately, to begin direct negotiations with the Committee,” the department said in a statement.
Jaresko noted that she is trying to negotiate with creditors to find a solution to debt restructuring.
Earlier, the Ukrainian media reported that a trilateral meeting with the participation of Ukraine, the International Monetary Fund and the Committee of Creditors regarding the restructuring of Ukrainian debt could take place tomorrow, June 30 or July 1.
Last Chance to Write Off Ukraine's Debts: Yaresko Ready to Meet with Creditors Without Preconditions