Russia turns down Ukraine debt relief
- 9 years ago
Russia has refused to accept the same terms as Ukraine’s private sector creditors who have agreed to write down a chunk of the government’s outstanding 16 billion euros owed to them..
War-torn Ukraine has been struggling to satisfy the conditions of an International Monetary Fund bail-out, which requires it to secure relief on its mounting debt.
“Twenty percent of debt obligations of the country have been written off by our creditors, around 3.6 billion euros, and over the next four years Ukraine will not pay off any of the principal loans”, said Prime Minister Arseniy Yatsenyk.
The announcement comes as Ukraine’s economy continues its slow recovery after appearing sunk last winter. .
The deal should give the country some crucial breathing space.
““This kind of reduction of the obligations of Ukraine to pay back is very important”,
said Anna Derevyanko, Executive Director of the European Business Association. “Because then we see, there is more opportunities inside the c
War-torn Ukraine has been struggling to satisfy the conditions of an International Monetary Fund bail-out, which requires it to secure relief on its mounting debt.
“Twenty percent of debt obligations of the country have been written off by our creditors, around 3.6 billion euros, and over the next four years Ukraine will not pay off any of the principal loans”, said Prime Minister Arseniy Yatsenyk.
The announcement comes as Ukraine’s economy continues its slow recovery after appearing sunk last winter. .
The deal should give the country some crucial breathing space.
““This kind of reduction of the obligations of Ukraine to pay back is very important”,
said Anna Derevyanko, Executive Director of the European Business Association. “Because then we see, there is more opportunities inside the c