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Russia, Ukraine to not discuss debts at meeting of IMF, World Bank

October 07, 5:14 UTC+3 WASHINGTON
According to the IMF documents, Kiev’s negotiations with commercial creditors resulted in agreement to write off about 20% of debt
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© Stanislav Krasilnikov/TASS

WASHINGTON, October 7. /TASS/. Representatives of Russia and Ukraine will not discuss Ukrainian sovereign debt to Russia at the meeting of the International Monetary Fund (IMF) and the World Bank, Deputy Finance Minister Sergei Storchak told TASS on the sidelines of the annual meeting of the International Monetary Fund (IMF) and the World Bank officials in Washington.

According to the IMF documents, Kiev’s negotiations with commercial creditors resulted in agreement to write off about 20% of debt. Storchak did not talk about a possible write-off of the sovereign debt to Russia, saying that it is a question of a negotiating position.

On Wednesday, September 14, the IMF Board of Directors after a long pause of more than a year, resumed its lending program to Ukraine.

Finance Minister Anton Siluanov said earlier that Russia will vote against granting Ukraine a tranche of the International Monetary Fund (IMF). At the same time, Russia hopes for a fair decision of the IMF on the issue. Siluanov added that Ukraine does not try to establish cooperation with the Russian side on the debt restructuring.

According to Siluanov, the IMF program providing financial aid to Ukraine had to take into account the repayment of its $3 bln debt to Russia, however, it was not the case. The IMF aid program to Ukraine till 2018 implies no repayment of the country’s debt to Russia, he said.

Siluanov also noted that the IMF might not have had the full information about the debt talks between Russia and Ukraine. "Probably the fund did not have the full information about the talks, though it seems strange as our negotiating position was open," he said.

In December 2013, the presidents of Russia and Ukraine, Vladimir Putin and Viktor Yanukovich, agreed that Moscow would issue a $15-billion credit to Kiev by offering Ukrainian securities. Under the program, bonds worth $3 billion were placed at the Irish Stock Exchange on December 20, 2013. Russia repurchased them by using the money from the National Welfare Fund.

Ukraine’s previous government set a moratorium on the payment of the state debt to Russia on December 18, 2015. The then Ukrainian Prime Minister Arseniy Yatsenyuk explained that the move had been prompted by Russia’s refusal to strike a debt restructuring deal with Ukraine on a par with private creditors.

Russia is a shareholder in the IMF capital, the Russian national quota in the Fund's capital is 2.7%.

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