Following negotiations and the successful debt restructuring agreement between Ukraine and the Ad Hoc Creditors Committee on 27 August 2015, the Ministry of Finance would like to express its thanks to all bondholders, participants and authorities for their continued support during and after the negotiations as Ukraine continues towards recovery and economic growth.
Importantly, strong international support for this mutually beneficial deal has already come from Managing Director of the IMF Christine Lagarde; United States Secretary of the Treasury Jacob Lew; German Foreign Minister Frank Steinmeier; President of the European Commission Jean Claude Juncker; and President of the European Council Donald Tusk.
Appendix of Supportive Statements
August 27, 2015
“We welcome today’s agreement on the terms of the debt exchange offer between the Ukrainian government and the ad hoc Creditors’ Committee of holders of Ukraine’s sovereign and sovereign guaranteed debt. The announced parameters of the agreement will help restore debt sustainability and - together with the authorities' policy reform efforts - will substantively meet the objectives set under the IMF-supported program. Specifically, full implementation of the agreement will provide the targeted external debt service relief, reduce annual post-program gross financing needs as envisaged, and place public debt on a clearly downward path. It is therefore important that the agreement gains broad support by all concerned Eurobond holders.
“I am very pleased with today’s announcement and appreciate the positive attitude of both the ad hoc Creditor Committee and the Ukrainian government. Let me highlight in particular the hard work by the Finance Minister and her team that made this agreement possible.”
27 August 2015
“I am especially glad to see President Poroshenko on a day that started with good news for Ukraine: I very much welcome the deal that was reached between Ukraine and its creditors. In addition, the Contact Group for Ukraine has reached an agreement on a new ceasefire to start on 1 September. Both of these pieces of news are cause for optimism.”
27 August 2015
“We welcome the announcement that the Ukrainian authorities have reached agreement with the creditor committee on debt restructuring terms that are consistent with the objectives outlined in Ukraine’s IMF program. This agreement will help to improve Ukraine’s public finances, provide the authorities with breathing room to execute their ambitious reform agenda, and strengthen the groundwork for economic recovery and private sector-led growth. This progress builds upon the Ukrainian authorities’ significant efforts to improve the business climate, strengthen governance and competition, tackle corruption, repair the financial sector, and eliminate poorly targeted energy subsidies while protecting the most vulnerable members of society — efforts that are wholeheartedly supported by the United States.
“We commend the leadership of President Poroshenko, Prime Minister Yatsenyuk, and Finance Minister Jaresko, and we encourage creditors subject to this debt restructuring to move swiftly to complete the necessary steps to conclude this operation, which is critical to Ukraine’s future prosperity. A strong, stable Ukraine is in the interests of Ukraine’s citizens, Ukraine’s neighbors, its international partners, and investors. We all must work together to achieve that goal, and today’s agreement is an important step towards providing the people of Ukraine with economic opportunity and stability.”
27 August 2015
"I am pleased that the Ukrainian government has today reached an agreement with its creditors on a comprehensive restructuring of the Ukrainian government's foreign debt. This is a big and important step towards more economic stability. Together with the rescue package from the international community and the IMF is preparing this agreement the ground for a dedicated and ambitious continuation of the reform and modernization process in the state, economy and society. "
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