Saturday, June 27, 2015

Noteholders committee calls on Ukraine to start talks without preconditions with Jaresko's participation

The Ad Hoc Committee of Creditors, which represents Ukraine's international commercial creditors, has said that Ukrainian Finance Minister Natalie Jaresko's statement that international creditors have ‘refused to contribute to Ukraine’ are inaccurate and the committee again asks for negotiations to be held urgently, without preconditions and with an emphasis on solutions, reads a statement drawn up by the committee, which was issued on Friday.

"The committee again requests that negotiations start as soon as possible, without preconditions and with an emphasis on solutions, and urges Minister Jaresko to join the important Washington meeting next week," reads the statement.

The creditors said that since May 9 the Finance Ministry has been in possession of a full, comprehensive restructuring proposal that meets all criteria of the IMF and offers nearly $16 billion of relief for Ukraine.

The committee is offering even greater support than the public sector, as private creditors would not receive any principal repayment before 2019, while the IMF will be repaid $4.4 billion between 2015 and 2018, and a total of $8.1 billion by 2020.


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