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Ukraine creditor committee confirms no debt write-off

May 18, 2015, 19:22 UTC+3 LONDON
Russia does not plan to take part in the Ukrainian debt restructuring program and is waiting for repayment in December 2015
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© Stepan Petrenko/TASS

LONDON, May 18. /TASS /. The committee of Western investors - holders of Ukraine’s sovereign bonds confirmed on Monday it does not accept the idea to write off a debt portion but hailed the effort of the Ukraine’s Ministry of Finance to expedite debt restructuring negotiations.

"As previously announced, the Committee has provided the Ministry with a detailed proposal that the Committee believes meets the objectives of the Ministry without any principal debt reductions," the committee said in an emailed statement.

The exact membership of Ukraine creditor group has not yet been disclosed. It is known to comprise funds managed by BTG Pactual Europe, Franklin Advisers, TCW Investment Management Company, and T. Rowe Price Associates. They hold Ukraine bonds amounting to $8.9 bln.

Ukraine’s finance ministry invited international creditors to negotiate the debt restructuring. The IMF approved the anti-crisis program for Ukraine in March 2015. Ukraine received the first tranche of the IMF in March. The country needs to restructure its $15.3 bln debt to private investors in order to receive the second tranche.

Russia does not plan to take part in the restructuring program and is waiting for the debt repayment in December 2015.

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