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PM insists Ukraine’s debt before private creditors should be restructured

June 11, 2015, 8:59 UTC+3 KIEV
"The funds of private creditors should be restructured and this will be also their contribution to help the Ukrainian nation," Arseniy Yatsenyuk stressed
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Ukraine’s Prime Minister Arseniy Yatsenyuk

Ukraine’s Prime Minister Arseniy Yatsenyuk

© ITAR-TASS/Maxim Nikitin

KIEV, June 11. /TASS/. Ukraine’s government is still planning to have its foreign debt before private creditors restructured, Prime Minister Arseniy Yatsenyuk has said.

"Our position remains unchanged - the debt before private creditors should be restructured," the press service quoted him as saying after a meeting with the International Monetary Fund (IMF) chief Christine Lagarde in Washington.

Yatsenyuk said "a significant amount of funds received from the EU and the US is the contribution of states to assist Ukraine." "The funds of private creditors should be restructured and this will be also their contribution to help the Ukrainian nation," he stressed.

Ukraine spends 5% of GDP on servicing foreign debts, the same amount it allocates for national security and defence, Yatsenyuk said.

The Ukrainian side has informed private creditors of its conditions and proposals, he said, adding: "We expect that they will take up the position in favor of helping Ukraine."

Ukraine needs to restructure $15 billion of its external debt, including $3 billion before Russia. The country’s debt should be repaid in December 2015.

Russia expects Ukraine to pay interest under the loan on June 20, Russian Finance Minister Anton Siluanov said earlier this month.

The total amount of Russia’s investments into the economy of Ukraine, including loans of Russian banks, equals $20 billion and this is a "huge sum," Siluanov said.

"These are investments of our banks into Ukraine and investments of our subsidiaries - Ukrainian banks working there. Therefore we are definitely highly concerned of the fate of these money and operations of our companies doing business in Ukraine. Any country may have such concerns," the minister added.

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