Negotiations underway
Creditors want money: Ukraine threatened with bankruptcy
Ukraine is threatened with insolvency in a few weeks. In talks with a group of bond buyers, it was not possible to agree on a restructuring of international debt amounting to around 20 billion dollars (around 18.7 billion euros), according to reports on Monday. Time is pressing: A two-year payment freeze expires on August 1.
This was agreed with the international buyers of government bonds, as the country is economically devastated by the Russian war of aggression.
Ukrainian Finance Minister Sergei Marchenko said that talks would continue. He expects the government to reach an agreement by August. The war-torn country has been exploring plans to restructure its foreign debt with major investors since the end of 2023.
At the top of the list of priorities is access to international markets, as the finance minister knows: "Strong armies must be supported by strong economies in order to win wars."
However, both sides are reportedly still far apart. Representatives of bondholders said that the government's proposal was "well above market expectations". The proposal could "cause considerable damage to Ukraine's future investor base and its main goal of regaining access to the capital markets as soon as possible".
Plagued by debt even before the war began
Ukraine was already a critically indebted country before the war began in 2022. According to official figures from Kiev, the national debt has doubled since the start of the war.
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