Ukraine, creditors agree to continue debt talks
Ukraine and its creditors have come to an agreement to keep negotiations on restructuring the Eastern European country’s debt out of the public eye in an effort to reach a deal as soon as possible, and end two months of deadlock over the issue.
The two sides met at the International Monetary Fund (IMF) headquarters in Washington on Wednesday, following which they said in a joint statement that, “The meeting provided a forum for a useful exchange of views on the Ukrainian macroeconomic setting and technical aspects of Ukraine’s envisaged debt operation.”
The agreement “will allow principal-to-principal negotiations on the substance of a possible solution to start next week.”
The talks will be held between Ukrainian Finance Minister Natalia Yaresko and creditors, represented by the Ad Hoc Committee of Ukraine’s Bondholders, led by Franklin Templeton.
“The parties have agreed to enter such negotiations in good faith, with no preconditions and with the objective of concluding an agreement on the terms of the debt operation as soon as possible,” the statement said.
Ian Hague, a founding partner at New York-based Firebird Management LLC, said, “The fact that the confidentiality agreement was made and the finance minister will participate in negotiations is a sign that shows that both sides are really serious.”
“It signals that the government and the creditors are closer to resolving the dispute,” he added.
The IMF conditioned its $17.5-billion bailout program for Ukraine in March on the country receiving $15.3 billion in debt relief over four years from bond restructuring.
The bondholders group, in return, say Ukraine can meet the debt-reduction targets required by the IMF by perhaps just lengthening the payment period rather than writing off some of the debt.
The IMF revised its forecast for the country’s 2015 economic contraction to 9 percent from 5.5 percent last quarter.
MP/HJL/GHN
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