The Minister of Finance of Ukraine recognized the problems in negotiations with creditors

Negotiations Ukrainian authorities with international lenders are “very difficult, more difficult than expected.” This recognition was made head of the Ministry of Finance of Ukraine Natalia Yaresko in an interview with the German newspaper Handelsblatt.

In Ukraine, the minister said that there “is not much time” to reach an agreement with creditors. However, she stressed that the possibility of defaulting in Kiev is not considered.

Yaresko also said that Ukraine has no choice but to spend “real radical reform.”

April 10 Committee of private creditors of Ukraine, which unites the owners of securities to $ 10 billion, has refused to write off the debts of Kiev. May 14, Deputy Finance Minister Sergei Storchak has confirmed that Russia, which has issued bonds for Ukraine $ 3 billion, and does not intend to restructure its debt.

At the same time Ukraine until 2019 should save on servicing the foreign debt of 15 billion dollars. This is one of the conditions for further financial support from the International Monetary Fund (IMF).

External public debt of Ukraine in March 2015 rose by 8.3 percent, or 2.4 billion dollars. Its size has reached 32.8 billion dollars. The National Bank forecast that the country’s total debt was 93 percent of GDP for the year.

18 May 2015

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